LEADER 05299nam 2200889 a 450 001 9910781244303321 005 20230721010255.0 010 $a0-8014-7714-X 010 $a0-8014-5758-0 010 $a0-8014-5882-X 024 7 $a10.7591/9780801458828 035 $a(CKB)2550000000036183 035 $a(OCoLC)732957151 035 $a(CaPaEBR)ebrary10468054 035 $a(SSID)ssj0000536777 035 $a(PQKBManifestationID)11339778 035 $a(PQKBTitleCode)TC0000536777 035 $a(PQKBWorkID)10550904 035 $a(PQKB)10452151 035 $a(MiAaPQ)EBC3138175 035 $a(OCoLC)966926222 035 $a(MdBmJHUP)muse51859 035 $a(DE-B1597)478636 035 $a(OCoLC)1013962986 035 $a(OCoLC)1029831788 035 $a(OCoLC)1032695119 035 $a(OCoLC)1037982702 035 $a(OCoLC)1041998635 035 $a(OCoLC)1046605923 035 $a(OCoLC)1047002862 035 $a(OCoLC)1049623833 035 $a(OCoLC)1054881700 035 $a(OCoLC)979747744 035 $a(DE-B1597)9780801458828 035 $a(Au-PeEL)EBL3138175 035 $a(CaPaEBR)ebr10468054 035 $a(CaONFJC)MIL759693 035 $a(OCoLC)615337854 035 $a(EXLCZ)992550000000036183 100 $a20081203d2009 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aForeclosed$b[electronic resource] $ehigh-risk lending, deregulation, and the undermining of America's mortgage market : with a new preface /$fDan Immergluck 210 $aIthaca $cCornell University Press$d2009 215 $a1 online resource (280 p.) 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-336-28407-2 311 $a0-8014-4772-0 320 $aIncludes bibliographical references and index. 327 $aU.S. mortgage market development and federal policy to the early 1990s -- Mortgage market disparities and the dual regulatory system in the twentieth century -- The high-risk revolution -- Mortgage market breakdown : the contributions of transactional failures, conflicts of interest, and global capital surpluses -- The economic and social costs of high-risk mortgage lending -- High-risk lending and public policy, 1995-2008 -- Policies for fair, affordable, and sustainable mortgage markets. 330 $aIn 2007 and 2008, the United States has observed, with some horror, the explosion and collapse of entire segments of the housing market, especially those driven by subprime and alternative or "exotic" home mortgage lending. Foreclosed explains the rise of high-risk lending and why these newer types of loans-and their associated regulatory infrastructure-failed in substantial ways. Dan Immergluck narrates the boom in subprime and exotic loans, recounting how financial innovations and deregulation facilitated excessive risk-taking, and how these loans have harmed different populations and communities. Immergluck, who has been working, researching, and writing on issues tied to housing finance and neighborhood change for almost twenty years, has an intimate knowledge of the promotion of home ownership and the history of mortgages in the United States. The changes to the mortgage market over the past fifteen years-including the securitization of mortgages and the failure of regulators to maintain control over a much riskier array of mortgage products-led, he finds, inexorably to the current crisis. After describing the development of generally stable and risk-limiting mortgage markets throughout much of the twentieth century, Foreclosed details how federal policy-makers failed to regulate the new high-risk lending markets that arose in the late 1990's and early 2000's. The book also examines federal, state, and local efforts to deal with the mortgage and foreclosure crisis of 2007 and 2008. Immergluck draws upon his wealth of experience to provide an overarching set of principles and a detailed set of policy recommendations for "righting the ship" of U.S. housing finance in ways that will promote affordable yet sustainable home ownership as an option for a broad set of households and communities. The 2011 edition features a new preface by the author addressing the ongoing global economic crisis and the impact of U.S. financial reform efforts on the mortgage system. 606 $aMortgage loans$zUnited States 606 $aMortgage loans$xGovernment policy$zUnited States 606 $aSubprime mortgage loans$zUnited States 606 $aForeclosure$zUnited States 606 $aFinancial services industry$xDeregulation$zUnited States 606 $aHousing$xFinance$xGovernment policy$zUnited States 606 $aFinancial crises$zUnited States 615 0$aMortgage loans 615 0$aMortgage loans$xGovernment policy 615 0$aSubprime mortgage loans 615 0$aForeclosure 615 0$aFinancial services industry$xDeregulation 615 0$aHousing$xFinance$xGovernment policy 615 0$aFinancial crises 676 $a332.1/753 700 $aImmergluck$b Daniel$0852210 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910781244303321 996 $aForeclosed$93731569 997 $aUNINA