The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps by Kathleen C. Engel

The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps

byKathleen C. Engel, Patricia A. McCoy

Paperback | June 15, 2016

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The subprime crisis shook the American economy to its core. How did it happen? Where was the government? Did anyone see the crisis coming? Will the new financial reforms avoid a repeat performance?In this lively new book, Kathleen C. Engel and Patricia A. McCoy answer these questions as they tell the story behind the subprime crisis. The authors, experts in the law and the economics of financial regulation and consumer lending, offer a sharply reasoned, but accessible account of the actionsthat produced the greatest economic collapse since the Great Depression. The Subprime Virus reveals how consumer abuses in a once obscure corner of the home mortgage market led to the near meltdown of the world's financial system. The authors also delve into the roles of federal banking andsecurities regulators, who knew of lenders' hazardous mortgages and of Wall Street's addiction to high stakes financing, but did nothing until the crisis erupted. This is the first book to offer a comprehensive description of the government's failure to act and to analyze the financial reformlegislation of 2010.Blending expert analysis, vivid examples, and clear prose, Engel and McCoy offer an informed portrait of the political and financial failures that led to the crisis. Equally important, they show how we can draw lessons from the crisis to inform the building of a new, more stable, prosperous, andjust financial order.

About The Author

Kathleen Engel, the Associate Dean for Intellectual Life and Professor of Law at Suffolk University Law School, is a national authority on mortgage finance and regulation, subprime and predatory lending, and housing discrimination. Professor Engel's research on financial services markets and the laws that regulate them regularly catche...

Details & Specs

Title:The Subprime Virus: Reckless Credit, Regulatory Failure, and Next StepsFormat:PaperbackDimensions:370 pages, 9.21 × 6.14 × 0.68 inPublished:June 15, 2016Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199398283

ISBN - 13:9780199398287

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"Kathleen Engel and Patricia McCoy deserve tremendous credit for being amongst the first to identify the problems of subprime lending and the risks inherent in financing ever growing numbers of low quality mortgages through asset securitization. Nearly a decade ago, they were prescient inforeseeing the toxic potential of combining predatory lending with capital market financing. In this insightful new volume, McCoy and Engel retrace the battles they waged against unscrupulous lending practices and the unwillingness of regulatory authorities to heed their warnings. In so doing, theylay bear the roots of the subprime crisis and offer a host of sensible reform proposals. This time, one can only hope, public authorities will listen." --Howell E. Jackson, James S. Reid Jr. Professor of Law, Harvard Law School