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Subprime Rescue Plans: Backdoor Bank Bailouts

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Author Info
Dean Baker

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Abstract

This report analyzes recent proposals suggesting that the government buy up or guarantee bad mortgage debt in an attempt to slow the increasing number of foreclosures the nation has seen in the wake of the housing market's meltdown. The study, which focuses on the plan put forth by the Office of Thrift Supervision, shows that banks and mortgage holders end up being the true beneficiaries of such plans at the expense of taxpayers and with few gains for the majority of homeowners currently facing foreclosure.

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File URL: http://www.cepr.net/documents/publications/bailout_2008_03.pdf
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Publisher Info
Paper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2008-07.

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Length: 9 pages
Date of creation: Mar 2008
Date of revision:
Handle: RePEc:epo:papers:2008-07

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Related research
Keywords: foreclosure; mortgage; subprime;

Find related papers by JEL classification:
G - Financial Economics
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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This page was last updated on 2009-11-14.

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