Changes in the U.S. Financial System and the Subprime Crisis

Levy Economics Institute Working Paper No. 530

21 Pages Posted: 23 Apr 2008

See all articles by Jan A. Kregel

Jan A. Kregel

Bard College - The Levy Economics Institute

Date Written: April 22, 2008

Abstract

This paper traces the evolution of housing finance in the United States from the deregulation of the financial system in the 1970s to the breakdown of the savings and loan industry and the development of GSE (government-sponsored enterprise) securitization and the private financial system. The paper provides a background to the forces that have produced the present system of residential housing finance, the reasons for the current crisis in mortgage financing, and the impact of the crisis on the overall financial system.

Keywords: Financial Instability, Mortgage Finance, Subprime Mortgages, U.S. Financial System

JEL Classification: E12, E32, E58, E63

Suggested Citation

Kregel, Jan A., Changes in the U.S. Financial System and the Subprime Crisis (April 22, 2008). Levy Economics Institute Working Paper No. 530. Available at SSRN: https://ssrn.com/abstract=1123937 or http://dx.doi.org/10.2139/ssrn.1123937

Jan A. Kregel (Contact Author)

Bard College - The Levy Economics Institute ( email )

Blithewood
Annandale-on-Hudson, NY 12504
United States
845-758-7700 (Phone)
845-758-1149 (Fax)

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