Other People's Houses: How Decades Of Bailouts, Captive Regulators, And Toxic Bankers Made Home…

Paperback | May 26, 2015

byJennifer S. Taub

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The clearest explanation yet of how the financial crisis of 2008 developed and why it could happen again

In the wake of the financial meltdown in 2008, many claimed that it had been inevitable, that no one saw it coming, and that subprime borrowers were to blame. This accessible, thoroughly researched book is Jennifer Taub’s response to such unfounded claims. Drawing on wide-ranging experience as a corporate lawyer, investment firm counsel, and scholar of business law and financial market regulation, Taub chronicles how government officials helped bankers inflate the toxic-mortgage-backed housing bubble, then after the bubble burst ignored the plight of millions of homeowners suddenly facing foreclosure.
 
Focusing new light on the similarities between the savings and loan debacle of the 1980s and the financial crisis in 2008, Taub reveals that in both cases the same reckless banks, operating under different names, received government bailouts, while the same lax regulators overlooked fraud and abuse. Furthermore, in 2013 the situation is essentially unchanged. The author asserts that the 2008 crisis was not just similar to the S&L scandal, it was a severe relapse of the same underlying disease. And despite modest regulatory reforms, the disease remains uncured: top banks remain too big to manage, too big to regulate, and too big to fail.

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From the Publisher

The clearest explanation yet of how the financial crisis of 2008 developed and why it could happen again In the wake of the financial meltdown in 2008, many claimed that it had been inevitable, that no one saw it coming, and that subprime borrowers were to blame. This accessible, thoroughly researched book is Jennifer Taub’s response t...

Jennifer Taub is a professor at Vermont Law School and formerly an associate general counsel at Fidelity Investments. She lives in Northampton, MA.
Format:PaperbackDimensions:424 pages, 9.25 × 6.13 × 1.13 inPublished:May 26, 2015Publisher:Yale University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0300212704

ISBN - 13:9780300212709

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“A must-read for those wanting to understand what happened to the American Dream of homeownership and building wealth by paying off one’s mortgage. . . . Taub tells a riveting story.”—Steven Pressman, Dollars & Sense