Imperfect information and the housing finance crisis: A descriptive overview

Richard Green ()

Journal of Housing Economics, 2008, vol. 17, issue 4, pages 262-271

Abstract: We now know that the subprime market presented consumers with sub-optimal choices that they took, and that it contained many market imperfections. The interesting question, then, is what were the sources of imperfections. In the spirit of providing an introduction for this special issue of the Journal of Housing Economics, this paper g discusses possible sources of market failure. Market imperfections in the Mortgage Finance System are classic: asymmetric information and agency problems. But we argue that the asymmetries and agency problems were not one-sided, but rather involved a multiple set of problems that need to be addressed.

Keywords: Mortage; Subprime; Crisis (search for similar items in EconPapers)
Date: 2008

Downloads: (external link)
http://www.sciencedirect.com/science/article/B6WJR ... 5347219ea9d08082f8ce
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:eee:jhouse:v:17:y:2008:i:4:p:262-271

Access Statistics for this article

Journal of Housing Economics is edited by H. O. Pollakowski

More articles in Journal of Housing Economics from Elsevier
Series data maintained by Heidi Boesdal ().