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Journal articles on the topic '2008-2009 Subprime mortgage loans'

Author: Grafiati

Published: 4 June 2021

Last updated: 8 February 2022

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1

Petersen, M. A., M. C. Senosi, J. Mukuddem-Petersen, M. P. Mulaudzi, and I. M. Schoeman. "Did Bank Capital Regulation Exacerbate the Subprime Mortgage Crisis?" Discrete Dynamics in Nature and Society 2009 (2009): 1–34. http://dx.doi.org/10.1155/2009/742968.

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This contribution is the second in a series of papers on discrete-time modeling of bank capital regulation and its connection with the subprime mortgage crisis (SMC). The latter was caused by, amongst other things, the downturn in the U.S. housing market, risky lending and borrowing practices, inaccurate credit ratings, credit default swap contracts as well as excessive individual and corporate debt levels. The Basel II Capital Accord's primary tenet is that banks should be given more freedom to decide how much risk exposure to permit; a practice brought into question by the SMC. For instance,

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2

Pezzuto, Ivo. "Miraculous financial engineering or toxic finance? The genesis of the U.S. subprime mortgage loans crisis and its consequences on the global financial markets and real economy." Journal of Governance and Regulation 1, no. 3 (2012): 114–25. http://dx.doi.org/10.22495/jgr_v1_i3_c1_p5.

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In the fall of 2008, the U.S. subprime mortgage loans defaults have turned into Wall Street’s biggest crisis since the Great Depression. As hundreds of billions in mortgage-related investments went bad, banks became suspicious of one another’s potential undisclosed credit losses and preferred to reduce their exposure in the interbank markets, thus causing interbank interest rates and credit default swaps increases, a liquidity shortage problem and a worsened credit crunch condition to consumers and businesses. Massive cash injections into money markets and interest rates reductions have been a

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3

Gierczyńska, Kornelia, and Andrzej Wojciechowski. "The consequences of subprime crisis for the Polish economy." Equilibrium 2, no. 1 (2009): 9–16. http://dx.doi.org/10.12775/equil.2009.001.

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In march 2008 the situation on the mortgage market was called a crisis. Many companies collapsed, including New Century Financial Corporation – the biggest credit company in the United States. After few months this virus infected other countries including Poland. The purpose of this article is to show the background of the subprime mortgage crisis and the possible outcomes for the Polish economy. The first part is trying to find out what are the causes and course of this financial breakdown. That part is mainly focused on subprime loans and its significance to this crisis. After that paper con

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4

Çelik, İsmail Erkan. "The Relationship Between Accounting Practices and Effects of Financial Crisis in Turkey: A Case Study on an Oil Company." EMAJ: Emerging Markets Journal 6, no. 1 (2016): 47–58. http://dx.doi.org/10.5195/emaj.2016.96.

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Many reasons lie at the base of all financial crises from the past to the present. If we take into consideration the 2008 subprime mortgage crisis, the only reason cannot be mortgage loans. But the mortgage issue continued to advance and created several other problems. Definitely, the source of mortgage loans problem also had many roots. One of the reasons was the lack of correct use of accounting principles and auditing. This is a strong proof and indicator that, there are many accounting based reasons behind the occurrence of the financial crises. Many examples can be given showing moving aw

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5

Schiltz, Elizabeth R. "The Paradox of the Global and the Local in the Financial Crisis of 2008: Applying the Lessons of Caritas in Veritate to the Regulation of Consumer Credit in the United States and the European Union." Journal of Law and Religion 26, no. 1 (2010): 173–212. http://dx.doi.org/10.1017/s0748081400000941.

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In his recent encyclical Caritas in Veritate, Pope Benedict XVI grapples with one of the most vexing paradoxes concerning the current global economic crisis. There is no question that it is a global financial crisis. The collapse of the subprime mortgage loan market in the U.S. in 2007 prefigured similar collapses of real estate bubbles in other parts of the world. The collapse of these real estate bubbles exposed the degree of interconnectedness among financial institutions across the globe created by the worldwide market for the derivate investment products created on the backs of the underl

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6

Pezzuto, Ivo. "Predictable and avoidable: What’s next?" Journal of Governance and Regulation 3, no. 3 (2014): 134–50. http://dx.doi.org/10.22495/jgr_v3_i3_c1_p7.

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The author of this paper (Dr. Ivo Pezzuto) has been one of the first authors to write back in 2008 about the alleged "subprime mortgage loans fraud" which has triggered the 2008 financial crisis, in combination with multiple other complex, highly interrelated, and concurrent factors. The author has been also one of the first authors to report in that same working paper of 2008 (available on SSRN and titled "Miraculous Financial Engineering or Toxic Finance? The Genesis of the U.S. Subprime Mortgage Loans Crisis and its Consequences on the Global Financial Markets and Real Economy") the high pr

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7

Yale, Gordon, Hugh Grove, and Maclyn Clouse. "Risk management lessons learned: countrywide report." Corporate Ownership and Control 11, no. 1 (2013): 33–46. http://dx.doi.org/10.22495/cocv11i1conf1p4.

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International and U.S. banks should benefit from studying Countrywide Financial Corporation’s business practices leading up to the 2008 financial crisis in order to develop lessons learned for improved risk management and corporate governance by both boards of directors and management. Especially for U.S. banks, the 2010 Dodd-Frank Act now requires all U.S. banks supervised by the Federal Reserve Bank to have risk management committees with at least one “risk management expert” on the committee. However, the $6.2 billion “London whale” loss at JPMorgan Chase in 2012 has motivated large institu

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8

Mayer, Christopher, Karen Pence, and Shane M. Sherlund. "The Rise in Mortgage Defaults." Journal of Economic Perspectives 23, no. 1 (2009): 27–50. http://dx.doi.org/10.1257/jep.23.1.27.

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The first hints of trouble in the mortgage market surfaced in mid-2005, and conditions subsequently began to deteriorate rapidly. Mortgage defaults and delinquencies are particularly concentrated among borrowers whose mortgages are classified as “subprime” or “near-prime.” The main factors underlying the rise in mortgage defaults appear to be declines in house prices and deteriorated underwriting standards, in particular an increase in loan-to-value ratios and in the share of mortgages with little or no documentation of income. Contrary to popular perception, the growth in unconventional mortg

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9

Antoniades, Adonis. "Liquidity Risk and the Credit Crunch of 2007–2008: Evidence from Micro-Level Data on Mortgage Loan Applications." Journal of Financial and Quantitative Analysis 51, no. 6 (2016): 1795–822. http://dx.doi.org/10.1017/s0022109016000740.

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Recent empirical studies have shown that during the financial crisis of 2007–2008, banks that were more heavily exposed to liquidity risk contracted their supply of credit more sharply. I contribute to the identification of this effect by relying on the use of micro-level data on U.S. mortgage loan applications, which allows me to identify liquidity risk as an important determinant of the contraction of credit in the mortgage market but as separate from the precipitous fall in credit demand, disruptions in the securitization and subprime markets, shifts in asset risk, and changing risk aversio

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10

Li, Haoyang. "The Influence of Covid-19 on Subprime in the U.S." E3S Web of Conferences 235 (2021): 01063. http://dx.doi.org/10.1051/e3sconf/202123501063.

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Subprime lending in the United States was a major concern after the 2008 financial crisis. While Covid-19 is sweeping the world, how will the US government and financial institutions deal with the potential crisis of subprime mortgage will be discussed in this study. Financial market institutions and the US government should both change their strategies to deal with the crisis. In addition to controlling the spread of the epidemic, the US government should temporarily lower the minimum wage and provide a series of quantitative financial subsidies. Financial institutions should also update loan

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11

Fouche, C. H., J. Mukuddem-Petersen, M. A. Petersen, and M. C. Senosi. "Bank Valuation and Its Connections with the Subprime Mortgage Crisis and Basel II Capital Accord." Discrete Dynamics in Nature and Society 2008 (2008): 1–44. http://dx.doi.org/10.1155/2008/740845.

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The ongoing subprime mortgage crisis (SMC) and implementation of Basel II Capital Accord regulation have resulted in issues related to bank valuation and profitability becoming more topical. Profit is a major indicator of financial crises for households, companies, and financial institutions. An SMC-related example of this is the U.S. bank, Wachovia Corp., which reported major losses in the first quarter of 2007 and eventually was bought by Citigroup in September 2008. A first objective of this paper is to value a bank subject to Basel II based on premiums for market, credit, and operational r

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12

Sharma, Shalendra D. "The Arab world amidst the global financial crisis of 2008–2009." Contemporary Arab Affairs 3, no. 1 (2010): 38–52. http://dx.doi.org/10.1080/17550910903541835.

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When the problems in the United States housing sector mushroomed into a global financial crisis by September 2008, it was assumed that Arab countries would remain immune: the oil-rich Gulf Cooperation Council (GCC) countries because of their massive financial reserves, and the resource-poor countries because of their limited linkages to the global economic system – in particular, the global financial markets. However, this assumption has proven to be false. The US subprime mortgage collapse not only pushed the advanced economies into recession, but also it shattered global economic confidence,

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13

Rahmawati, Riski Dian, Dinar Melani Hutajulu, and Yenny Aulia Rachman. "Analisis Pengaruh Variabel Makroekonomi Terhadap IHSG Setelah Terjadinya Krisis Subprime Mortgage." CICES 6, no. 2 (2020): 154–68. http://dx.doi.org/10.33050/cices.v6i2.1139.

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In the 2008 Indonesia returned to the financial crisis driven by the US Subprime Mortgage Crisis. And this has impact on Indonesian economy, so that 2009 was a start of domestic economic recovery. The purpose of this study is to find out the long term significant influence over the inflation variables, the Exchange Rate and BI Rate for IHSG after Subrime Mortgage Crisis in the period during 2009 to 2019 on quarterly payment time. This research is a quantitative research type, with sample of 44 each variable and using ECM method. From the test, it showed that inflation variable has no effect fo

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14

Santoso, Yohanes William. "Penyebab Krisis Finansial Global tahun 2008: Kegagalan Financial Development dalam Mendorong Pertumbuhan dan Stabilitas Ekonomi." Jurnal Hubungan Internasional 11, no. 1 (2018): 155. http://dx.doi.org/10.20473/jhi.v11i1.5853.

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The Global Financial Crisis has raised questions for economists on the causes of the issue and how to prevent similar case in the future. One of the causes of the crisis was a large and rapid increase of credit accumulation in the United States (US) on the period of 2000 to 2007. While according to the theory of Financial Development, credit is one of the indicator that shows the ongoing national financial system. Credit includes the access get credit and the ability of financial institution to lend credit. Both can be seen in the United States, proved by the ease of access to home loans and i

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15

Lim, Charvin, and Siwi Nugraheni. "Loan-to-Value Ratio and Housing Price Cycle: Empirical Evidence From Indonesia." Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan 18, no. 2 (2017): 225. http://dx.doi.org/10.23917/jep.v18i2.4846.

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The subprime mortgage crisis in 2007-2009 which led to a global recession has highlighted the importance of regulating credit for housing market. The urgency arises not only to manage non-performing ratio, but further to manage price in the housing market which is a potent source of financial imbalance. Loan-to-value (LTV) regulation is imposed in order to dampen the housing price cycle, preventing the occurrence of bubble issue. This study tries to capture the influence of LTV implementation on housing price and assesses its effectiveness in the national scope. Error correction model is used

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16

Quirk, Patrick. "Cover Me: The Economy Is on Fire (The German Pfandbrief)." German Law Journal 11, no. 12 (2010): 1323–46. http://dx.doi.org/10.1017/s2071832200020265.

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This article examines the German Pfandbrief (“covered bond”) as an example of the banking practice of “originate to hold” by which mortgage debts are retained on the balance sheet of the originator and not sold on to a third party such as an investor or hedge fund. The global financial crisis (GFC) of 2008-2009 will be forever linked to the process known as “securitization” and the distribution of mortgage-backed securities throughout willing and later remorseful financial markets. But this is not the only model. As a member of the Executive Board of the European Central Bank (ECB) noted in Ju

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17

Kouretas, Georgios, and Prodromos Vlamis. "The Greek crisis: Causes and implications." Panoeconomicus 57, no. 4 (2010): 391–404. http://dx.doi.org/10.2298/pan1004391k.

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This paper presents and critically discusses the origins and causes of the Greek fiscal crisis and its implications for the euro currency as well as the SEE economies. In the aftermath of the 2007-2009 financial crisis the enormous increase in sovereign debt has emerged as an important negative outcome, since public debt was dramatically increased in an effort by the US and the European governments to reduce the accumulated growth of private debt in the years preceding the recent financial turmoil. Although Greece is the country member of the eurozone that has been in the middle of this ongoin

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18

Hastuti, Dwi, Muhammad Edhie Purnawan, and Sunargo Sunargo. "Pengaruh variabel-variabel di sektor riil dan perbankan terhadap Shock Credit Default Swap (CDS) di Indonesia." e-Journal Perdagangan Industri dan Moneter 7, no. 3 (2019): 185–204. http://dx.doi.org/10.22437/pim.v7i3.13071.

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The rapid development of the global financial market today is getting faster and integrated with the existence of advanced technology. Along with economic issues in various worlds, directly related to the global economic crisis that occurred in 2008-2009 greatly influenced the development of credit default swaps (CDS) in developing countries such as Indonesia. The increase in the value of the credit default swap, which carries a high risk of default, will further impact investor confidence and weaken the exchange rate. This is reflected in the shocks of the global crisis and the subprime mortg

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19

Jerôme, Bruno, and Véronique Jerôme-Speziari. "Forecasting the 2012 US Presidential Election: Lessons from a State-by-State Political Economy Model." PS: Political Science & Politics 45, no. 04 (2012): 663–68. http://dx.doi.org/10.1017/s1049096512000972.

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Since 2008, the economic fallout from the subprime mortgage crisis has led to the defeat of a number of incumbents in the world's major democracies. For instance, in the former EU-15, eight countries (including France) have ousted their incumbents in favor of new leaders. The United States is no exception, and the 2012 US presidential election will see Barack Obama running for a second term during difficult economic times. After hitting a high of 10% in October 2009, the nation's unemployment rate decreased to 8.2% in May 2012. Nonetheless, this is still 0.7 percentage point higher than what R

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20

Nielsen, Richard P. "High-Leverage Finance Capitalism, the Economic Crisis, Structurally Related Ethics Issues, and Potential Reforms." Business Ethics Quarterly 20, no. 2 (2010): 299–330. http://dx.doi.org/10.5840/beq201020222.

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ABSTRACT:In this updated and revised version of his 2008 Society for Business Ethics presidential address, Richard Nielsen documents the characteristics and extent of the 2007–2009 economic crisis and analyzes how the ethics issues of the economic crisis are structurally related to a relatively new form of capitalism, high-leverage finance capitalism. Four types of high-leverage finance capitalism are considered: hedge funds; private equity-leveraged buyouts; high-leverage, subprime mortgage banking; and high-leverage banking. The structurally related problems with the four types of high-lever

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21

Dibra, Rezart. "Corporate Governance Failure: The Case Of Enron And Parmalat." European Scientific Journal, ESJ 12, no. 16 (2016): 283. http://dx.doi.org/10.19044/esj.2016.v12n16p283.

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Corporate governance is a central and dynamic aspect of business. The term governance is derived from the latin word gubernare, meaning to steer. It usually applies to the steering of a ship. Thus, this implies that corporate governance involves the function of direction rather than control. Corporate governance has come to the forefront of academic research due to the vital role it plays in the overall health of economic systems. Corporate governance was long ignored as a matter of potential importance for the development of a nation’s economy. The wave of U.S. corporate fraud in the 1990s wa

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22

Tee, Kienpin, and Marilyn Wiley. "Backdating of executive stock options: comparing financial and nonfinancial industries." Journal of Financial Crime 25, no. 2 (2018): 518–26. http://dx.doi.org/10.1108/jfc-01-2017-0001.

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Purpose The 2008-2009 subprime mortgage crisis in the USA caused bankruptcies and closures of many financial institutions. Yet many CEOs of US financial institutions were awarded huge bonuses and pay packages despite the economic collapse, suggesting that their incomes were not in conjunction with those of the shareholders, indicating a serious agency problem. This issue raises the question as to whether stock option backdating, another example of an agency problem, was as prevalent as slack lending policies among these financial institutions. This paper aims to compare the relative magnitude

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23

Brent, William, Lynne Kelly, Debby Lindsey-Taliefero, and Russell Price. "Determinants Of Mortgage Delinquency." Journal of Business & Economics Research (JBER) 9, no. 2 (2011). http://dx.doi.org/10.19030/jber.v9i2.1815.

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<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">This paper examines mortgage delinquency rates for loans in each state and Washington, DC from 2004 through 2009 in order to gain insight into the key factors that drive residential mortgage delinquency.<span style="mso-spacerun: yes;">&nbsp; </span>Models are estimated for 30-day, 60-day, 90-day, 90+ day, and all delinquency rates.<span style="mso-spacerun: yes;">&nbsp; </span&gt

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24

Stowell, David P., and Stephen Carlson. "A Tale of Two Hedge Funds: Magnetar and Peloton." Kellogg School of Management Cases, January 20, 2017, 1–23. http://dx.doi.org/10.1108/case.kellogg.2016.000006.

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Hedge fund Magnetar Capital had returned 25 percent in 2007 with a strategy that posed significantly lower risk to investors than the S&P 500. Magnetar had made more than $1 billion in profit by noticing that the equity tranche of CDOs and CDO-derivative instruments were relatively mispriced. It took advantage of this anomaly by purchasing CDO equity and buying credit default swap (CDS) protection on tranches that were considered less risky. Now it was the job of Alec Litowitz, chairman and chief investment officer, to provide guidance to his team as they planned next year's strategy, eval

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25

Dewar, Robert D. "Washington Mutual (B): From Forty-Six to Sixteen." Kellogg School of Management Cases, January 20, 2017, 1–11. http://dx.doi.org/10.1108/case.kellogg.2016.000404.

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In 2004 Washington Mutual (WaMu) was touted by the business press as one of the most customer-focused, innovative, community-friendly, employee-loyal, and shareholder-enriching retail banks in the United States. Its stock reached $46.18 in May 2006, an almost 60% increase since 2001. CEO Kerry Killinger was lionized. By late 2008, however, WaMu's stock had plummeted to 16 cents as it became infamous as the largest bank failure in U.S. history. Relying on publicly available published sources, the case documents eroding focus on customers, excessive risks in subprime mortgages, alleged unethical

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26

Hill, Claire A. "Why Did Rating Agencies Do Such A Bad Job Rating Subprime Securities?" University of Pittsburgh Law Review 71, no. 3 (2009). http://dx.doi.org/10.5195/lawreview.2009.148.

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As of February 2008, Moody’s had downgraded at least one tranche of 94.2% of the subprime RMBS issues it rated in 2006, including 100% of the 2006 RMBS backed by second-lien loans and 76.9% of the issues rated in 2007. Overall, Moody’s has downgraded 53.7% and 39.2% of all of its 2006 and 2007 subprime tranches, respectively. As of March 2008, S&P had downgraded 44.3% of the subprime tranches it rated between the first quarter of 2005 and the third quarter of 2007. This included 87.2% of securities backed by second-lien mortgages. As of December 2007, Fitch had downgraded approximately 34%

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27

Filloy, Joseph. "Misplaced Populist Rage: Congressional Missteps With Executive Compensation Limitations In The Bailout Legislation." University of Pittsburgh Law Review 71, no. 2 (2009). http://dx.doi.org/10.5195/lawreview.2009.139.

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Starting in the summer of 2008, the United States and most other economies of the world began to feel the effects of the subprime mortgage crisis. In response, the federal government enacted The Emergency Economic Stabilization Act of 2008 (EESA) and The American Recovery and Reinvestment Act of 2009 (ARRA) to help restore stability to the U.S. economy. Ultimately this legislation, commonly referred to as “the bailout bill(s),” would result in substantial outlays of taxpayer money to financial institutions deemed systemically significant, or “too big to fail.”

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28

D’Acunto, Francesco, and Alberto G. Rossi. "Regressive Mortgage Credit Redistribution in the Post-Crisis Era." Review of Financial Studies, February 15, 2021. http://dx.doi.org/10.1093/rfs/hhab008.

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Abstract We document four secular trends about U.S. mortgage origination by traditional and FinTech lenders after the 2008-2009 financial crisis. First, since 2011, the overall number, size, and approval rate of small and medium-sized loans have been decreasing over time, relative to large loans. Second, the largest lenders redistribute their lending the most. Third, this loan-size redistribution of credit increases in the size of the lender. Fourth, the effects are stronger for mortgages further away from the conforming loan limit(s) in both directions. We argue that the supply of credit driv

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29

Stowell, David P., and Evan Meagher. "Investment Banking in 2008 (A): Rise and Fall of the Bear." Kellogg School of Management Cases, January 20, 2017, 1–25. http://dx.doi.org/10.1108/case.kellogg.2016.000160.

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Gary Parr, deputy chairman of Lazard Freres & Co. and Kellogg class of 1980, could not believe his ears. “You can't mean that,” he said, reacting to the lowered bid given by Doug Braunstein, JP Morgan head of investment banking, for Parr's client, legendary investment bank Bear Stearns. Less than eighteen months after trading at an all-time high of $172.61 a share, Bear now had little choice but to accept Morgan's humiliating $2-per-share, Federal Reserve-sanctioned bailout offer. “I'll have to get back to you.” Hanging up the phone, Parr leaned back and gave an exhausted sigh. Rumors had

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