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7 of 7 people found the following review helpful
5.0 out of 5 stars If only Greenspan had listened, February 13, 2010
By 
Trader Bill (Minneapolis, MN) - See all my reviews
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This review is from: Subprime Mortgages: America's Latest Boom and Bust (Urban Institute Press) (Paperback)
I met Ed Gramlich when he was a Fed Governor and was giving a speech at a conference in London. I was impressed by his warmth and candor in a chance meeting before he spoke.

He was very concerned then about mortgages and derivatives and tried to convince Greenspan about monitoring and auditing mortgage companies...sadly it fell on deaf ears. He later resigned from the Fed due to his being diagnosed with cancer and devoted the final months of his life to this book in hopes of stopping what turned into the greatest financial debacle of our time and possibly ever due to the global economy.

It is written honestly and as a thesis, not as propaganda...something that is rare in today's world.
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12 of 13 people found the following review helpful
5.0 out of 5 stars Balanced Review, June 18, 2008
By 
This review is from: Subprime Mortgages: America's Latest Boom and Bust (Urban Institute Press) (Paperback)
"Subprime Mortgages" is a short, balanced, academic review of a major current topic. Gramlich points out that subprime mortgages have increased home ownership from about 64% to 69%, particularly benefiting minorities and those with lower incomes. They have also led to improved loan application processing.

The bad side includes bringing potential abuses from new, largely unregulated mortgage sources, a 10X increase in default rates (some believe their default rate will reach 20X that of "regular" mortgages), and enormous losses in financial markets around the world. (Gramlich failed to mention the likely damage to American financial market credibility.)

Gramlich also points out that 45% of low-income home owners and 57% of renters are now spending over half their disposable income on housing - a too great load by most standards.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Concise and To the Point, June 22, 2010
By 
Mark G (Detroit, MI) - See all my reviews
This review is from: Subprime Mortgages: America's Latest Boom and Bust (Urban Institute Press) (Paperback)
I enjoyed reading the late Prof. Gramlich's last book. Prof. Gramlich brings an insightful overview of the subprime market by actually defining it and separating the abuses that occur in an unregulated area involving the subprime mortgage banking area from the purposes of subprime mortages.

It is a must read for those that want a strong foundational understanding of subprime mortgages, and to apply that knowledge gain from Prof. Gramlich's book, to what happened with real estate CDOs and their impact on the current financial crisis with Wall Street and the large commercial banks in this country.
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