regulatory reform. The analysis ascribes the crisis not only to problems in subprime mortgage lending and securitization, but … financial institutions. The first part of the paper provides an in-depth analysis of developments in subprime mortgage lending …. Among systemic flaws, the paper discusses governance problems in mortgage origination and securitization as well as banking …

to near zero just before the outbreak of the "subprime mortgage crisis". We find that the decline in saving outside of … the 2000s. Related to the subprime mortgage boom and property bubble, increased spending by lower-income households …