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Ten myths about subprime mortgages

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  • Yuliya Demyanyk

Abstract

On close inspection many of the most popular explanations for the subprime crisis turn out to be myths. Empirical research shows that the causes of the subprime mortgage crisis and its magnitude were more complicated than mortgage interest rate resets, declining underwriting standards, or declining home values. Nor were its causes unlike other crises of the past. The subprime crisis was building for years before showing any signs and was fed by lending, securitization, leveraging, and housing booms.

Suggested Citation

  • Yuliya Demyanyk, 2009. "Ten myths about subprime mortgages," Economic Commentary, Federal Reserve Bank of Cleveland, issue May.
    • Handle: RePEc:fip:fedcec:y:2009:i:may
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    File URL: https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/economic-commentary-archives/2009-economic-commentaries/ec-20090509-ten-myths-about-subprime-mortgages.aspx
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    Cited by:

    1. Pavlo Illiashenko, 2017. "Behavioral Finance: Household Investment and Borrowing Decisions," Visnyk of the National Bank of Ukraine, National Bank of Ukraine, issue 242, pages 28-48.

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    Keywords

    Subprime mortgage;

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