Anatomy of a Train Wreck:
Causes of the Mortgage Meltdown
by Stan J. Liebowitz
We are experiencing one of the worst financial panics of the post WWII era and the increase in mortgage defaults has been the primary driver for these financial difficulties. But why did the mortgage market melt down so badly? Why were there so many defaults when the economy was not particularly weak? And why weren’t the securities based upon these mortgages considered anywhere as risky as they actually turned out to be?
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Sunday, 19 October 2008
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