Over the past decade, a new mortgage market offering loans at low interest rates and for little or no money down has given low-income people an opportunity to p

Although banking and sovereign debt crises are not unusual, the crisis that has unfolded across the world since 2007 has been unique in both its scale and scope

Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market partic

“The obvious place to start is the financial crisis and the clearest guide to it that I’ve read is Financial Shock by Mark Zandi. ... it is an impressively