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Article: Subprime Mortgages: America's Latest Boom and Bust.(Book review)
- Article from:
- Business Economics
- Article date:
- January 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 The National Association for Business Economists. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Edward M. Gramlich, 2007. Urban Institute Press. Pp. 120, $26.50 paperback.
Business Economics (2009) 44, 57-58. doi:10.1057/be.2008.4
For more than a year, in the United States and abroad, mortgage markets have been in turmoil. Foreclosure rates have risen, Wall Street firms have become distressed, government-sponsored enterprises have required unprecedented support, and the world's banking systems have teetered on the brink of collapse. In Subprime Mortgages: America's Latest Boom and Bust, Edward Gramlich explains the origins of the crisis and outlines strategies for avoiding a repetition.
Mortgage markets ought to be well behaved. ...