By Aaron Clarey
“Behind the Housing Crash – Confessions from an Insider” is the authoritative publication at the housing challenge. it truly is an disclose written by way of Aaron Clarey, a credits analyst who labored at a number of banks within the dual towns and observed first hand the unethical, if now not, unlawful dealings that led as much as the housing bubble and next crash. tales of commission-addicted bankers, bribed appraisers, FBI investigations, IRS raids, offshore financial institution debts and extra regale the reader with a blood-boiling tale of corruption, incompetence and unlimited greed. notwithstanding, the publication is going past exposing these accountable for the housing crash, and does an exemplary activity of explaining, in transparent and easy language, the economics in the back of the housing main issue and the implications for us all. while you are trying to find an exceptional reveal at the banking undefined, a proof why your home is worthy $100,000 lower than it used to be earlier than, or are only curious as to what occurred, glance no additional. this can be the publication to learn.
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Extra info for Behind the Housing Crash: Confessions from an Insider
These are your local “neighborhood” banks that serve smaller, more rural communities, rarely touching loans in excess of $2 million. Financing “Ma and Pa” type shops they certainly serve a market, but big players they are not. And then at the bottom of the totem pole are the credit unions. Firms that usually don’t do commercial loans, but if they do, they basically live off the crumbs that fall from upper echelons of banks above them. The problem this poses to the credit unions is if somebody is approaching the credit union for a commercial loan, chances are it’s already been passed up by all those banks above it.
As mentioned before, in response to the collapse of the technology bubble and the terrorist attacks of 9–11, both the federal government and the Federal Reserve sprung into action to stave off what could have been a horrible recession. The federal government under the insistence of President Bush pursued a very aggressive expansionary fiscal policy, lowering taxes and increasing government spending on a level not seen since LBJ. 5% to 1%. In what could be described as a Batman and Robin dynamic duo roundly defeating their enemies, Messieurs Bush and Greenspan managed to literally stop dead cold the forces of a terrorist attack and stock market collapse from throwing the economy into a severe recession.
This financial incentive only reinforced the Thin Skinned mantra to not “upset” or even “slightly peeve” real estate developers, making them the darling princesses of the Thin Skinned Economy. From 2001–2005 real estate developers were the bread, butter, wine and scotch of the banks’ profitability – bringing in multi-million dollar deals and for a significant amount of time paying them back. You had to worship the ground they walked on and do everything in your power to make them happy. But what they didn’t realize is markets do inexorably move towards equilibrium or balance.
Behind the Housing Crash: Confessions from an Insider by Aaron Clarey