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Subprime Nation: American Power, Global Capital, and the Housing Bubble (Cornell Studies in Money) by Herman M. Schwartz is a nonfiction available to read on EtoBox.

What is Subprime Nation: American Power, Global Capital, and the Housing Bubble (Cornell Studies in Money) about?

In his exceedingly timely and innovative look at the ramifications of the collapse of the U.S. housing market, Herman M. Schwartz makes the case that worldwide, U.S. growth and power over the last twenty years has depended in large part on domestic housing markets. Mortgage-based securities attracted a cascade of overseas capital into the U.S. economy. High levels of private home ownership, particularly in the United States and the United Kingdom, have helped pull in a disproportionately large share of world capital flows.As events since mid-2008 have made clear, mortgage lenders became ever more eager to extend housing loans, for the more mortgage packages they securitized, the higher their profits. As a result, they were dangerously inventive in creating new mortgage products, notably adjustable-rate and subprime mortgages, to attract new, mainly first-time, buyers into the housing market. However, mortgage-based instruments work only when confidence in the mortgage system is maintained. Regulatory failures in the American S&L sector, the accounting crisis that led to the extinction of Arthur Andersen, and the subprime crisis that destroyed Lehman Brothers and Merrill Lynch and d

Who reads Subprime Nation: American Power, Global Capital, and the Housing Bubble (Cornell Studies in Money)?

Author

Herman M. Schwartz

Publisher

Cornell University Press

Published

2009

Language

EN

ISBN

9780801475672

Category

nonfiction

Subjects

Finance, Economics, Language Learning