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Money for Nothing and Checks for Free: Recent Developments in U.S. Subprime Mortgage Markets

Money for Nothing and Checks for Free: Recent Developments in U.S. Subprime Mortgage Markets by Paul S. Mills
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After a number of warning signs, the U.S. "subprime mortgage crisis" became a headline issue in February 2007. Notwithstanding the bankruptcy of numerous mortgage companies, historically high delinquencies and foreclosures, and a significant tightening in subprime lending standards, the impact thus far on core U.S. financial institutions has been limited. This paper reviews the history and structure of the subprime market. The results suggest that new origination and funding technology appear to have made the financial system more stable at the expense of undermining the effectiveness of consumer protection regulation. Potential solutions to the management of this trade-off are then explored.
International Monetary Fund; July 2007
18 pages; ISBN 9781452761213
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Title: Money for Nothing and Checks for Free: Recent Developments in U.S. Subprime Mortgage Markets
Author: Paul S. Mills; John Kiff
 
ISBNs
1451912056
9781451867527
9781451912050
9781452761213