For lawyers counseling borrowers or lenders in the context of a commercial real estate loan, this is a practical and effective guide to the basic concepts of real estate finance.
Author: R. Wilson Freyermuth
Publisher: American Bar Association
ISBN: STANFORD:36105062236869
Category: Law
Page: 226
View: 808
For lawyers counseling borrowers or lenders in the context of a commercial real estate loan, this is a practical and effective guide to the basic concepts of real estate finance. It takes as its framework a detailed analysis of a commercial form mortgage document that addresses all important aspects of a mortgage transaction. Thanks to this structured format, Anatomy of a Mortgage is a valuable resource both for attorneys handling their first such transaction to more seasoned mortgage attorneys seeking a useful and comprehensive reference.With the structural features of the banking industry in view, the rest of the story falls into place.
Author: Neil Fligstein
Publisher: Harvard University Press
ISBN: 9780674259010
Category: Business & Economics
Page: 336
View: 230
A comprehensive account of the rise and fall of the mortgage-securitization industry, which explains the complex roots of the 2008 financial crisis. More than a decade after the 2008 financial crisis plunged the world economy into recession, we still lack an adequate explanation for why it happened. Existing accounts identify a number of culprits—financial instruments, traders, regulators, capital flows—yet fail to grasp how the various puzzle pieces came together. The key, Neil Fligstein argues, is the convergence of major US banks on an identical business model: extracting money from the securitization of mortgages. But how, and why, did this convergence come about? The Banks Did It carefully takes the reader through the development of a banking industry dependent on mortgage securitization. Fligstein documents how banks, with help from the government, created the market for mortgage securities. The largest banks—Countrywide Financial, Bear Stearns, Citibank, and Washington Mutual—soon came to participate in every aspect of this market. Each firm originated mortgages, issued mortgage-backed securities, sold those securities, and, in many cases, acted as their own best customers by purchasing the same securities. Entirely reliant on the throughput of mortgages, these firms were unable to alter course even when it became clear that the market had turned on them in the mid-2000s. With the structural features of the banking industry in view, the rest of the story falls into place. Fligstein explains how the crisis was produced, where it spread, why regulators missed the warning signs, and how banks’ dependence on mortgage securitization resulted in predatory lending and securities fraud. An illuminating account of the transformation of the American financial system, The Banks Did It offers important lessons for anyone with a stake in avoiding the next crisis.We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—a?ect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits.
Author: Viral V. Acharya
Publisher: International Monetary Fund
ISBN: 9781513545158
Category: Business & Economics
Page: 57
View: 492
We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—a?ect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Supervisory loan level data suggest that mortgage credit is reallocated from low-to high-income borrowers and from urban to rural counties. This reallocation weakens the feedback loop between credit and house prices and slows down house price growth in “hot” housing markets. Consistent with constrained lenders adjusting their portfolio choice, more-a?ected banks drive this reallocation and substitute their risk-taking into holdings of securities and corporate credit.This clear and concise text by one of the foremost authorities on bank regulation features: comprehensive coverage of all of the fundamental law, policy, and practical issues raised by the crisis and the government's response to it the core ...
Author: Michael P. Malloy
Publisher: Aspen Publishers
ISBN: STANFORD:36105134527584
Category: Law
Page: 281
View: 146
Anatomy of a Meltdown: A Dual Financial Biography of the Subprime Mortgage Crisis, traces the course of two financial icons, Lehman Brothers and WaMuâ "one operating in the investment sector, the other in the consumer financial services sectorâ "on their path to financial ruin. Illuminating the nature and severity of the subprime mortgage crisis, author Michael P. Malloy presents a clear and cogent analysis of the global economic meltdown, the steps necessary to restore the financial markets, and measures that must be taken to avoid similar crises in the future. This clear and concise text by one of the foremost authorities on bank regulation features: comprehensive coverage of all of the fundamental law, policy, and practical issues raised by the crisis and the government's response to it the core of key cases preserved in timely and salient excerpts a balanced policy perspective step-by-step, highly readable analysis of the practical and policy implications of the subprime mortgage crisis the author's cutting-edge web log that offers continuously updated supplemental material generous use of examples throughout the text effective use of visual aids to illustrate concepts and spark class discussion Anatomy of a Meltdown: A Dual Financial Biography of the Subprime Mortgage Crisis, by Michael P. Malloy tells the story of the financial meltdown that swept through American and international markets, threatening to plunge the United States into depression as Wall Street and the global economy faced near-total collapse.Looking back to the 1930s provides the opportunity to examine one severe mortgage crisis as we live through another.
Author: Kenneth A. Snowden
Publisher:
ISBN: OCLC:695891801
Category: Depressions
Page: 31
View: 815
Looking back to the 1930s provides the opportunity to examine one severe mortgage crisis as we live through another. This paper examines the development of the residential mortgage market during the 1920s, the institutional disruptions that occurred in the 1930s and the policy response of federal and state governments. The crisis reshaped the structure and development of the residential mortgage market and led to a postwar system in which portfolio lenders dominated both local and interregional markets. Some pre-1930 innovations--mortgage insurance and high-leverage, affordable loans--were written into federal programs and became part of the new system. But early experiments and proposals for securitization did not survive the 1930s and the implementation of this innovation was delayed for forty years.Millions of Americans lost their jobs; millions of families lost their homes; and good businesses shut down. These events cast the United States into an economic recession so deep that the country has yet to fully recover.
Author: United States Senate
Publisher: Lulu.com
ISBN: 9781304122216
Category:
Page:
View: 709
1.4.1.1 The Overall Structure ofthe Mortgage Market Mortgages are originated by many different agents. Depository institutions (commercial banks, ...
Author: Marc Jarsulic
Publisher: Palgrave Macmillan
ISBN: 9781137295316
Category: Business & Economics
Page: 220
View: 864
An in-depth look at the origins and development of the current financial crisis, from an economist and Washington insider.The author explains how a wide array of financial institutions - including mortgage banks, commercial banks, and investment banks - created a credit bubble that supported nonprime mortgage lending and helped to inflate house prices.The near-collapse is shown to be the result of multiple regulatory failures and reckless decisions by financial firms that were less sophisticated than they appeared. The author concludes that significant changes in financial market regulation, especially with respect to firms that are "too big to fail," will be needed to prevent future crises and the damage they cause.This book offers a clear synthesis and original analysis of the various factors that led to the financial crisis of 2007-2010, and is intended as a supplementary course text for undergraduate and postgraduate students in finance or finance ...
Author: Nashwa Saleh
Publisher: Anthem Press
ISBN: 9780857289612
Category: Business & Economics
Page: 191
View: 697
How did the US financial crisis snowball into USD 15 trillion global losses? This book offers a clear synthesis and original analysis of the various factors that led to the financial crisis of 2007-2010, and is intended as a supplementary course text for undergraduate and postgraduate students in finance or finance-related courses.