Privatized Gains and Socialized Losses

Colin Read
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Colin Read: SUNY College

Chapter 11 in The Fear Factor, 2009, pp 93-104 from Palgrave Macmillan

Abstract: Abstract Before the subprime crisis, mortgage markets had been operating efficiently for generations. Originally facilitated by local banks, mortgage societies, and savings and loans, these markets matched long-term and nicely collateralized borrowers with lenders that were equally interested in long-term lending. Risk was low because the approximately 60% of households who purchased homes strived toward and prized this American dream. Times have changed.

Keywords: Moral Hazard; Hedge Fund; European Central Bank; Credit Default Swap; Investment Bank (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-25086-4_12

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DOI: 10.1057/9780230250864_12

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