Successful home ownership requires the availability of appropriate mortgage products. In the years leading up to the collapse of the housing market, home buyers frequently accepted mortgages that were not only wrong for them but catastrophic for the economy as a whole. When the housing market bubble burst, so did a cornerstone of the American dream for many families. Restoring the promise of this dream requires an unflinching inspection of lending institutions and the right tools to repair the structures that support solid home purchases. The American Mortgage System: Crisis and Reform focuses on the causes of the housing market collapse and proposes solutions to prevent another rash of foreclosures.Edited by two leaders in the field of real estate and finance, Susan M. Wachter and Marvin M. Smith, The American Mortgage System examines key elements of the mortgage meltdown. The volume's contributors address the influence of the Community Reinvestment Act, which is often blamed for the crisis. They uncover how the government-sponsored enterprises Fannie Mae and Freddie Mac invested outside the housing market with disastrous results. They present surprising information about low-income borrowers and the strengths of local banks. This collection of thoughtful studies includes extensive analysis of loan practices and the creation of unstable mortgage securities, presenting data largely unavailable until now. More than a critique, The American Mortgage System offers solutions to the problems facing the future of American home ownership, including identifying asset price bubbles, calculating risk, and preventing discrimination in lending.Measured yet timely and by turns provocative, The American Mortgage System provides a careful assessment of a troubled but indispensable part of the economic and social structure of the United States. This book is a sound investment for economists, urban planners, and all who shape public policy.

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Yes, you can access The American Mortgage System by Susan M. Wachter, Marvin M. Smith, Susan M. Wachter, Marvin M. Smith in PDF and/or ePUB format, as well as other popular books in Business & Real Estate. We have over one million books available in our catalogue for you to explore.

Information

Publisher

University of Pennsylvania Press

Year

2011

ISBN

9780812204308

Topic

Business

Subtopic

Real Estate

Index

Business

Cover
Contents
Introduction
PART I: CRISIS: ORIGINS AND SOLUTIONS
PART II: COMMUNITY IMPACT
PART III: REFORMING THE FINANCIAL ARCHITECTURE
List of Contributors
Index
Acknowledgments