Changes in the U.S. Financial System and the Subprime Crisis
AbstractThis paper traces the evolution of housing finance in the United States from the deregulation of the financial system in the 1970s to the breakdown of the savings and loan industry and the development of GSE (government-sponsored enterprise) securitization and the private financial system. The paper provides a background to the forces that have produced the present system of residential housing finance, the reasons for the current crisis in mortgage financing, and the impact of the crisis on the overall financial system.
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Bibliographic InfoPaper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number wp_530.
Date of creation: Apr 2008
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-04-29 (All new papers)
- NEP-HIS-2008-04-29 (Business, Economic & Financial History)
- NEP-PKE-2008-04-29 (Post Keynesian Economics)
- NEP-URE-2008-04-29 (Urban & Real Estate Economics)
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