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Privatized Gains and Socialized Losses

In: The Fear Factor

Author

Listed:
  • Colin Read

    (SUNY College)

Abstract

Before the subprime crisis, mortgage markets had been operating efficiently for generations. Originally facilitated by local banks, mortgage societies, and savings and loans, these markets matched long-term and nicely collateralized borrowers with lenders that were equally interested in long-term lending. Risk was low because the approximately 60% of households who purchased homes strived toward and prized this American dream. Times have changed.

Suggested Citation

  • Colin Read, 2009. "Privatized Gains and Socialized Losses," Palgrave Macmillan Books, in: The Fear Factor, chapter 11, pages 93-104, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-25086-4_12
    DOI: 10.1057/9780230250864_12
    as

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