Booms and Busts: the Case of Subprime Mortgages

Booms and Busts: the Case of Subprime Mortgages

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Booms a busts have played a prominent role in Amer. economic history. In the 19th cent., the U.S. benefited from the canal boom, the railroad boom, the minerals boom, a a financial boom. The 20th cent. brought another financial boom, a postwar boom, a a dot-com boom. Each of these cases featured initial discoveries or breakthroughs, widespread adoption, widespread investment, a then a collapse a many investors lost a lot of money. When the dust cleared, there was financial carnage a many investors learned to be more careful the next time. This article describes why the subprime lending market, despite its problems, is a promising development that has permitted low-income a minority borrowers to participate in credit markets.Years of Military Servicea€”Persons who indicated in question 17a that they had served on active duty (civilian veterans) or were now on active duty were asked to report the total number of years of active-duty service in question 17c. The data anbsp;...

Title:Booms and Busts: the Case of Subprime Mortgages
Author:Edward M. Gramlich
Publisher:DIANE Publishing - 2008-05-01


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