Busted: Life Inside the Great Mortgage Meltdown PDF Download

Author: Edmund L. Andrews
Publisher: W. W. Norton & Company
ISBN: 0393071286
Category : Business & Economics
Languages : en
Pages : 236

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Book Description
The fiasco that sank millions of Americans, including one journalist, who thought he knew better. A veteran New York Times economics reporter, Ed Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. Yet, at the promise of a second chance at love, he succumbed to the temptation of subprime lending and became part of the economic catastrophe he was covering. In surprisingly short order, he amassed a staggering amount of debt and reached the edge of bankruptcy. In Busted, Andrew bluntly recounts his misadventures in mortgages and goes one step further to describe the brokers, lenders, Wall Street players, and Washington policymakers who helped bring that money to his door. The result is a penetrating and often acerbic look at the binge and bust that nearly bankrupted the United States. Enabled by know-nothing complacency in Washington, Wall Street wizards used "collateralized debt obligations," "conduits," and other inscrutable financial "innovations" to put American home financing into hyperdrive. Millions of Americans abandoned the safety of thirty-year, fixed-rate mortgages and loaded up on debt. While regulators insisted that the markets knew best, Wall Street firms fragmented and repackaged unsound loans into securities that the rating agencies stamped with triple-A seals of approval. Andrews describes a remarkably democratic debacle that made fools out of people up and down the financial food chain. From a confessional meeting with Alan Greenspan to a trek through the McMansion bubble of the OC, he maps the arc of the Frankenstein loans that brought the American economy to the brink. With on-the-ground reporting from the frothiest quarters of the crisis, Andrews locates what is likely to be the high-water mark in America's long-term embrace of higher borrowing, higher risk-taking, and the fervent belief in the possibility of easy profits.

Author: Adam J. Levitin
Publisher: Harvard University Press
ISBN: 0674979656
Category : Business & Economics
Languages : en
Pages : 401

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Book Description
The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits. The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share. The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class. Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures. Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.

Author: Peter J. Wallison
Publisher: Encounter Books
ISBN: 159403866X
Category : Business & Economics
Languages : en
Pages : 331

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Book Description
The 2008 financial crisis—like the Great Depression—was a world-historical event. What caused it will be debated for years, if not generations. The conventional narrative is that the financial crisis was caused by Wall Street greed and insufficient regulation of the financial system. That narrative produced the Dodd-Frank Act, the most comprehensive financial-system regulation since the New Deal. There is evidence, however, that the Dodd-Frank Act has slowed the recovery from the recession. If insufficient regulation caused the financial crisis, then the Dodd-Frank Act will never be modified or repealed; proponents will argue that doing so will cause another crisis. A competing narrative about what caused the financial crisis has received little attention. This view, which is accepted by almost all Republicans in Congress and most conservatives, contends that the crisis was caused by government housing policies. This book extensively documents this view. For example, it shows that in June 2008, before the crisis, 58 percent of all US mortgages were subprime or other low-quality mortgages. Of these, 76 percent were on the books of government agencies such as Fannie Mae and Freddie Mac. When these mortgages defaulted in 2007 and 2008, they drove down housing prices and weakened banks and other mortgage holders, causing the crisis. After this book is published, no one will be able to claim that the financial crisis was caused by insufficient regulation, or defend Dodd-Frank, without coming to terms with the data this book contains.

Author: Meredith Maran
Publisher: Bantam Books
ISBN:
Category : Biography & Autobiography
Languages : en
Pages : 360

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Book Description
"Like the heart-to-heart conversations you share with your funniest, most honest, most unshockable woman friend, What It's Like to Live Now reveals the intimate details of a singular life as it is lived by a member of a singular generation." "In 1968 Meredith Maran was expelled from the elite Bronx High School of Science for leading protests against the Vietnam War. She was an active member of the generation that pledged to change the world, end injustice, and stay young forever. Today (despite all expectations to the contrary) she is forty-three, with an ex-husband, a lover, two teenage sons, and a mortgage on her dream house at the edge of the Oakland ghetto." "One thing hasn't changed: Meredith is still asking big questions. How do you justify your decision to stay in the inner city when your son wants to carry a knife to junior high to protect himself? How do you create a happy healthy family when nothing in your childhood taught you how - and your new life partner is a woman? How do you keep your heart open when breast cancer and AIDS are attacking your closest friends? And how do you stay true to your hopes for a better world when there's a living to be made and a homeless man at the front gate?" "Happily, Meredith Maran navigates these dilemmas without ever losing her subversive sense of humor. Whether she is challenging the nutritionally correct with her death-by-chocolate birthday cake or agonizing over what kind of nightgown to pack for her first weekend with a woman lover, her eye for life's contradictions is hilariously accurate." "What Its Like to Live Now is a poignant exploration of the gap between the dreams of the sixties and the realities of the nineties - and a reminder that even as youthful idealism goes gray at the temples, life can be lived with love, commitment, and integrity. Reflected in the mirror Meredith Maran holds up to her choices and experiences, you are certain to catch a glimpse of your own."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved

Author: Ryan Dezember
Publisher: Macmillan + ORM
ISBN: 1250241812
Category : Political Science
Languages : en
Pages : 189

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Book Description
Winner of the Bruss Real Estate Book Award His assignment was to write about a real-estate frenzy lighting up the Redneck Riviera. So Ryan Dezember settled in and bought a home nearby himself. Then the market crashed, and he became one of the millions of Americans who suddenly owed more on their homes than they were worth. A flood of foreclosures made it impossible to sell. It didn't help that his quaint neighborhood fell into disrepair and drug-induced despair. He had no choice but to become a reluctant and wildly unprofitable landlord to move on. Meanwhile, his reporting showed how the speculative mania that caused the crash opened the U.S. housing market to a much larger breed of investors. In this deeply personal story, Dezember shows how decisions on Wall Street and in Washington played out on his street in a corner of the Sunbelt that was convulsed by the foreclosure crisis. Readers will witness the housing market collapse from Dezember’s perch as a newspaper reporter. First he’s in the boom-to-bust South where a hot-air balloonist named Bob Shallow becomes one of the world’s top selling real-estate agents arranging condo flips, developers flop in spectacular fashion and the law catches up with a beach-town mayor on the take. Later he’s in New York, among financiers like Blackstone’s Stephen Schwarzman who are building rental empires out of foreclosures, staking claim to the bastion of middle-class wealth: the single-family home. Through it all, Dezember is an underwater homeowner caught up in the mess. A cautionary tale of Wall Street's push to turn homes into assets, Underwater is a powerful, incisive story that chronicles the crash and its aftermath from a fresh perspective—the forgotten, middle-class homeowner.

Author: Christopher K. Odinet
Publisher: Cambridge University Press
ISBN: 1108311032
Category : Law
Languages : en
Pages : 231

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Book Description
In Foreclosed, Christopher K. Odinet gives voice to the stories of homeowners that have been neglected, particularly those facing foreclosure and deep financial distress. The book reveals the powerful and often invisible mortgage servicing industry, the tremendous discretionary power it wields over the housing lives of most Americans, and the servicing problems that still persist today. In doing so, it unveils a quiet and dangerous market shift in mortgage servicing - namely, an ongoing move toward a shadow banking sector where regulation is weak - that threatens the stability of our housing finance system. Ultimately, the book demonstrates how the law does not afford homeowners the protection most think and how regulation of these mortgage middlemen remains weak. Foreclosed should be read by anyone concerned with the state of housing and home ownership in the United States.

Author: Madeleine Wickham
Publisher: Macmillan
ISBN: 1429950293
Category : Fiction
Languages : en
Pages : 306

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From the author of the sensational bestselling Sophie Kinsella novels and the New York Times bestsellers The Wedding Girl and Sleeping Arrangements, comes a wicked comedy of adultery, angst, and modern marriage The asking price for this house includes a stunning renovation of hearts and dreams....Liz and Jonathan Chambers were stuck with two mortgages, mounting debts, and a miserable adolescent daughter. Then realtor Marcus Witherstone came into their lives—and it seemed he would solve all their problems. He knew the perfect tenants from London who would rent their old house: a glamorous PR girl, Ginny, and her almost-famous husband, Piers. But soon Liz is lost in blissful dreams of Marcus, Jonathan is left to run their business, and neither of them has time to notice that their teenage daughter is developing an unhealthy passion for the tenants, Piers and Ginny. Everyone is tangled up with everyone else, and in the most awkward possible way. As events close in, they all begin to realize that some deceptions are just a bit too close to home. A Desirable Residence is sure to continue the phenomenal success of the Sophie Kinsella/Madeleine Wickham franchise.

Author: Matthew Desmond
Publisher: Crown
ISBN: 0553447459
Category : Social Science
Languages : en
Pages : 450

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Book Description
NEW YORK TIMES BESTSELLER • WINNER OF THE PULITZER PRIZE • NAMED ONE OF TIME’S TEN BEST NONFICTION BOOKS OF THE DECADE • One of the most acclaimed books of our time, this modern classic “has set a new standard for reporting on poverty” (Barbara Ehrenreich, The New York Times Book Review). In Evicted, Princeton sociologist and MacArthur “Genius” Matthew Desmond follows eight families in Milwaukee as they each struggle to keep a roof over their heads. Hailed as “wrenching and revelatory” (The Nation), “vivid and unsettling” (New York Review of Books), Evicted transforms our understanding of poverty and economic exploitation while providing fresh ideas for solving one of twenty-first-century America’s most devastating problems. Its unforgettable scenes of hope and loss remind us of the centrality of home, without which nothing else is possible. NAMED ONE OF THE BEST BOOKS OF THE YEAR BY President Barack Obama • The New York Times Book Review • The Boston Globe • The Washington Post • NPR • Entertainment Weekly • The New Yorker • Bloomberg • Esquire • BuzzFeed • Fortune • San Francisco Chronicle • Milwaukee Journal Sentinel • St. Louis Post-Dispatch • Politico • The Week • Chicago Public Library • BookPage • Kirkus Reviews • Library Journal • Publishers Weekly • Booklist • Shelf Awareness WINNER OF: The National Book Critics Circle Award for Nonfiction • The PEN/John Kenneth Galbraith Award for Nonfiction • The Andrew Carnegie Medal for Excellence in Nonfiction • The Hillman Prize for Book Journalism • The PEN/New England Award • The Chicago Tribune Heartland Prize FINALIST FOR THE LOS ANGELES TIMES BOOK PRIZE AND THE KIRKUS PRIZE “Evicted stands among the very best of the social justice books.”—Ann Patchett, author of Bel Canto and Commonwealth “Gripping and moving—tragic, too.”—Jesmyn Ward, author of Salvage the Bones “Evicted is that rare work that has something genuinely new to say about poverty.”—San Francisco Chronicle

Author: David Dayen
Publisher: New Press, The
ISBN: 1620971593
Category : Business & Economics
Languages : en
Pages : 302

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Book Description
In the depths of the Great Recession, a cancer nurse, a car dealership worker, and an insurance fraud specialist helped uncover the largest consumer crime in American history—a scandal that implicated dozens of major executives on Wall Street. They called it foreclosure fraud: millions of families were kicked out of their homes based on false evidence by mortgage companies that had no legal right to foreclose. Lisa Epstein, Michael Redman, and Lynn Szymoniak did not work in government or law enforcement. They had no history of anticorporate activism. Instead they were all foreclosure victims, and while struggling with their shame and isolation they committed a revolutionary act: closely reading their mortgage documents, discovering the deceit behind them, and building a movement to expose it. Fiscal Times columnist David Dayen recounts how these ordinary Floridians challenged the most powerful institutions in America armed only with the truth—and for a brief moment they brought the corrupt financial industry to its knees.

Author: Michael Jones
Publisher: Rupel J Jones Publishing
ISBN: 9780692661406
Category :
Languages : en
Pages : 226

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Book Description
Hopelessly in a funk with no apparent way out, mortgage industry veteran, Mark Stiles, grasped desperately to the only thing that could help: CHANGE. For the past few years, Mark has been stuck in a life of mediocrity - unfulfilled and simply getting by..... Slowly, but surely, both his personal and professional lives have derailed and are on a one-way track to disaster. Now, after a chance encounter with an old friend and colleague in the business, Mark is presented with a challenging opportunity that can radically change his life. A change that could not only allow him to achieve his dreams and provide an abundant life for his family, but a change that could inject long-forgotten purpose, meaning and fulfillment back into his career and very soul. Whether you're a mortgage veteran or a newbie to the residential mortgage scene, this book is possibly the answer to your problems! It not only provides solutions to the issues you've faced with loan files, but it outlines a proven, strategic framework for re-structuring your life to reach all the goals you've set for yourself and achieve unlimited success. The only question is: are you prepared to hit the Reset button and change?