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Who really drove the economy into the ditch? /
This is an opinionated book with an attitude. However, the author, a CPA and MBA, presents economic information in a conversational tone and meticulously backs up his views with references, charts, and quotes. Joseph N. Fried has published several books with Algora, explaining financial controversie...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
New York :
Algora Pub.,
[2012]
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Preface: Who Really Drove the Economy Into the Ditch?; Part One: Two governmental policies caused the crisis; Chapter 1: The Rosetta stone of the subprime lending crisis; The origin of no-down payment loans; Lender, Thou Shalt be flexible; "The government was screaming" for subprime; The deadly role of Fannie and Freddie; Alarms were ringing years before the crisis; Chapter 2: Garbage in, garbage out; Say "goodbye" to sensible underwriting standards; F & F pushed the new automated systems with gusto; Automation and subprime don't mix; Push enough subprime and some will slip through
- Risky, risk-based pricingFannie and Freddie misconstrued the warning signs; Conclusion; Chapter 3: Appraise a house without leaving your seat; Lending on the basis of Zillow estimates; The many problems of the Automated Valuation Models; Needed for appraisals: A Full Monty; Epilogue; Chapter 4: A liberal pincer creates a thousand points of blight; The sound of silence; It gets worse: Down payments are "gifted"; What did F & F think of down payment corruption assistance?; The real reason we lack affordable homes; Summary; Chapter 5: Fannie and Freddie fudge their delinquency stats
- Once a crook, always a crookLike Sinatra, they did it their way; What were the real delinquency rates?; More creative accounting; Smoke and mirrors; Epilogue; Chapter 6: Fannie and Freddie's junk loan orgy; Paul's Principle, explained; What are subprime loans?; The junk loan orgy; F & F paid top dollar for subprime; Purchases of subprime were leveraged; The Fannie and Freddie apologists and their logic errors; Ed Pinto: A man completely vindicated; Chapter 7: More subprime promotion by Fannie and Freddie; Fannie and Freddie promoted brokers over banks; They got cozy with subprime aggregators
- They were cheerleaders for subprimeF & F designed the subprime loans of private lenders; Fannie and Freddie misled the market about subprime; F & F redefined "conforming" to include subprime; The GSEs fought predatory lending laws; A brief history of F & F, subprime, and politics; Chapter 8: The Community Reinvestment Act (or Dr. Jekyll and Mr. Hyde); What is the Community Reinvestment Act and how did it change?; The government refuses to produce reliable CRA data; What is the best estimate of CRA's impact on the crisis?; What torture teaches us about the CRA
- Chapter 9: Fed policy is a secondary cause of the crisisThe deflation argument; Exactly when did the housing bubble start?; Can the U.S. Federal reserve cause a world-wide bubble?; Fed policy doesn't affect long-term rates?; The two bubble factors: monetary policy and subprime; Epilogue: Transcripts show a clueless Federal Reserve; Part Two: Resistance to subprime broke down; Chapter 10: Securitization
- Who needs it?; A brief history of securitization; Was our 40-year securitization experiment a success?; Mechanics of mortgage loan securitization