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Other People's Houses: How Decades of Bailouts, Captive Regulators, and Toxic Bankers Made Home Mortgages a Thrilling Business

by Jennifer S Taub Yale University Press
Pub Date:
05/2015
ISBN:
9780300212709
Format:
Pbk 424 pages
Price:
AU$84.99 NZ$86.95
Product Status: In Stock Now
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In the wake of the financial meltdown in 2008, many claimed that it had been inevitable, that no one saw it coming, and that subprime borrowers were to blame. This accessible, thoroughly researched book is Jennifer Taub’s response to such unfounded claims. Drawing on wide-ranging experience as a corporate lawyer, investment firm counsel, and scholar of business law and financial market regulation, Taub chronicles how government officials helped bankers inflate the toxic-mortgage-backed housing bubble, then after the bubble burst ignored the plight of millions of homeowners suddenly facing foreclosure.

Focusing new light on the similarities between the savings and loan debacle of the 1980s and the financial crisis in 2008, Taub reveals that in both cases the same reckless banks, operating under different names, received government bailouts, while the same lax regulators overlooked fraud and abuse. Furthermore, in 2013 the situation is essentially unchanged. The author asserts that the 2008 crisis was not just similar to the S&L scandal, it was a severe relapse of the same underlying disease. And despite modest regulatory reforms, the disease remains uncured: top banks remain too big to manage, too big to regulate, and too big to fail.
and ldquo;Shines a pitiless light on the subprime mortgage meltdown that kicked off the Great Recession . . . . Meticulously argued and guaranteed to raise the blood pressure of the average American taxpayer. and rdquo; and mdash;Kirkus Reviews Kirkus Reviews and ldquo;Provides a concise, clear, and compelling account. and rdquo; and mdash;Glenn C. Altschuler, Huffington Post Glenn C. Altschuler Huffington Post 'Over the years I and rsquo;ve read a tall stack of books about the financial crisis. Other People and rsquo;s Houses, by Vermont Law School professor Jennifer Taub, provides the clearest, beginning-to-end explanation I and rsquo;ve seen of what went wrong. And Taub and rsquo;s beginning is a surprise: A 1993 Supreme Court decision about how bankruptcy law applies to mortgages.' and mdash;Pat Regnier, Money magazine Pat Regnier Money Magazine and ldquo; reminds us that the nation and rsquo;s economic troubles were entirely preventable.pinpoints the key decisions and mdash;primarily by presidents, cabinet secretaries, key members of Congress, and government bank regulators and mdash;that allowed banks to engage in an orgy of speculation . . . They knew what they were doing and what the consequences might be. and rdquo; and mdash;Peter Dreier, The American Prospect Peter Dreier The American Prospect
Jennifer Taub is an associate professor at Vermont Law School, where she teaches courses on contracts, corporations, securities regulation, and white-collar crime. Formerly she was an associate general counsel at Fidelity Investments. She frequently speaks and writes about the financial crisis of 2008. She lives in Northampton, MA.