UID:
edoccha_9959165292902883
Format:
1 online resource (494 p.)
ISBN:
1-280-69920-5
,
9786613676177
,
1-78093-005-4
Content:
This book examines the role of Fannie Mae, Freddie Mac and other key players in the American mortgage market, in precipitating the current global financial crisis. From President Clinton''s announcement of the ''National Home Ownership Strategy'' in 1995 to its collapse in 2008, this book deftly explains the aims and consequences of extending mortgage lending to people who could not afford home ownership. Bankers, investment banks, rating agencies and derivatives have all been awarded their share of the blame, while politicians, regulators and government agencies have successfully avoided th
Note:
Description based upon print version of record.
,
Cover; Contents; Acknowledgements; List of Abbreviations; Introduction; Turning the dream into reality; Using federal agencies and Government Sponsored Enterprises (GSEs); The Community Reinvestment Act, 1977; Fannie, Freddie and the Housing and Urban Development Department; Timeline; 1 The Seeds are Sown; Introduction; The Clinton era; Racial discrimination and home ownership; Changing the underwriting standards; Using the Community Reinvestment Act (CRA); The implications of the Riegle-Neal Interstate Banking and Branching Act, 1994; The "surge" in mergers and acquisitions
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The importance of CRA ratingsPerformance and profitability of CRA-related lending; The CRA and the subprime crisis; The CRA and community groups; 2 Two More Tools in the Tool-Kit; The Federal Housing Administration (FHA); Changes in FHA requirements; Seller down-payment program; Congressional efforts to remove the down-payment requirement; Lender perspectives on the FHA's declining market share; The human cost of increasing home ownership; The true costs of FHA's mortgage insurance; The FHA to the rescue?; Can the FHA rescue the mortgage market?; The Federal Home Loan Bank (FHLB) System
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Origins of the systemChanges following the 1989 Act; Emerging concerns about the system and the Gramm-Leach-Bliley Act; Lenders see the benefits of the system; A chance to play the system; The regulatory structure; Problems at Seattle and Chicago; Another risky federal agency; FHA and FHLB contributions to the total subprime and Alt-A exposure; 3 The Role of the Housing and Urban Development Department (HUD); Introduction; The role of HUD during the Clinton administration; Preparing the ground; The partnership program; Handling the risks of affordable housing
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Targets, not risks, were the order of the dayMore targets; HUD during the Bush administration; A Blueprint for the American Dream; Federal help with the costs of home ownership; Alphonso Jackson takes over at a difficult time; HUD's shortcomings in its oversight role; The Inspector General attacks the FHA's continuing failings; Conclusion; 4 Mortgage Data; Sources of mortgage data; The Home Mortgage Disclosure Act, 1975 and the American Housing Survey; First American Loan Performance (LP); Lender Processing Services (LPS); The National Delinquency Survey (NDS)
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A brief history of the Home Mortgage Disclosure ActThe purpose of the Home Mortgage Disclosure Act; Gaps in the HMDA data; Borrower's income; Loan-to-value ratios and the price of the loan; Credit scores; Type of mortgage; Price of the mortgage; Application of reporting requirements; HMDA and the identification of subprime lenders; Phases of the HMDA; Phases one and two; Phase three; Recent developments; Subprime mortgages; 5 The ""Mission Regulator"" for Fannie Mae and Freddie Mac; A brief introduction; Setting the housing goals; A cautious approach at first
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Defining the affordable housing goals
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English
Additional Edition:
ISBN 1-78093-523-4
Additional Edition:
ISBN 1-78093-002-X
Language:
English
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