Talk:Subprime mortgage crisis

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Revision as of 08:57, 25 October 2008 by imported>J. Noel Chiappa (Text clarification?)
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 Definition:  financial crisis arising from defaults on the United States mortgage markets. [d] [e]
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Useful article

This press report from 1999 may be of help: http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1 Martin Baldwin-Edwards 08:52, 6 October 2008 (CDT)

I also found this (pdf download) a good source too. The growth of the mortgage bond market in the 80s is described in Michael Lewis' "Liar's Poker" (Chapter 5). J. Noel Chiappa 13:57, 25 October 2008 (UTC)

Text clarification

At one the article says:

Bank mortgages came to account for a substantial proportion of a market that had previously been dominated by the government-sponsored agencies (Fannie Mae and Freddie Mac)

But I'm a little unclear on exactly what's meant here. Does it mean that banks were turning mortgages they held into securities without going through FNMA/FHLMC (either directly themselves, or by selling them to investment banks which did the repackaging), whereas prior to that most such securitization had been performed by FNMA/FHLMC? J. Noel Chiappa 13:57, 25 October 2008 (UTC)

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