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Sustained economic recovery will remain elusive in America, post-crash, until principal is reduced on some 10-13 million underwater home mortgage loans across the nation. Yet in the case of privately securitized loans, these write-downs are all but impossible to carry out on the requisite scale...
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This paper, commissioned by the Seattle City Council, takes the measure of Seattle's post-bubble negative equity and foreclosure problems, estimates numbers of underwater loans that have benefitted by existing federal, state and local programs, and recommends several options that the City has...
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Since the global financial dramas of 2008-09, authorities on financial regulation have come increasingly to counsel the inclusion of macroprudential policy instruments in the standard ‘toolkit' of finance-regulatory measures employed by financial supervisors. The hallmark of this perspective...
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Eight years out from the Great Crash of 2008-09, the recovering American and global economies continue to recover at best slowly. The “Great Delevering” that many prescribed or predicted as a prerequisite to real recovery has to some extent occurred, yet this levering-down has, ironically,...
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I propose here a critical amendment to Treasury Secretary Paulson's proposed "bailout" plan for troubled financial institutions. If we channel the plan through FHA and its recently re-federalized GSE siblings, I argue, we shall neatly avoid all objections currently raised to the plan - those...
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