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Product details
File Size: 1713 KB
Print Length: 228 pages
Publisher: University of Chicago Press; First Edition, Enlarged edition (May 20, 2015)
Publication Date: May 20, 2015
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B00XJDAB0O
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I found the early chapters of the book to be well written and insightful. Essentially, the authors documented the rapid expansion of private debt to unsustainable levels, as the public chased home appreciation, caused by easy credit. The authors went on to avert that the collapse in housing prices had a greater adverse effect on the wealth and spending habits of the poorer cohorts of our society. They asserted further that the efforts of the government and the FED to mitigate the effects of the Great Recession where ineffective since they did not address the major cause, that being, the over leveraged private sector. They assigned most of the blame to lenders while leveling much milder criticism on the government, FED, Fannie and Freddie, and the American public.The final third of the book described the authors' solution to the problem. The authors assert that creditors did not absorb their fair share of the losses as a result of the collapse of housing. Their solution was a new mortgage contract they named a "shared-responsibility mortgage" (SRM) which essentially places the lender in a partial equity position. The lender could absorb future losses through reduction of mortgage principal if the underlining property fell in value and additional profits if the home appreciates. All the subtracting would result from changes in various indices that the authors claim can be developed. The additions would be recognized at the time of sale. (What happens if the owner does not sell his home? Is he presented with a bill by the mortgage holder at the time the mortgage is paid off? What happens if the owner dies does the note holder have a claim against the estate)?The authors were heavy on the positive macroeconomic effects of such a program and light on detail. The complexity of these products would be well beyond the ken of the vast majority of the American public, who couldn't understand the workings of a simple ARM, according to the media. I can not image the required regulations, new federal agencies, political demagoguery, and potential fraud by lenders and homeowners of such a complex product.The debt orgy that we experienced in the first decade of this century would not have happened a generation ago. Prior to the GSE's and securitization, lender's where much more prudent dispensing credit since they anticipated holding the mortgage until redemption. A far simpler solution would be to require lenders to maintain an significant stake in any mortgage orginated by their institution. Adam Smith and Nassim Taleb would understand!
This book was a useful read for me because it laid out the relationship between excessive mortgage debt, the collapse in demand and the depth of the great recession. They also make some interesting assertions about the impact of collapsing house prices on wealth inequality; the minor role played in the recession of a systemic threat to the banking system (as opposed to a liquidity crsis); and therefore the umipactful wealth transfer from taxpayers to bankers, and bank shareholders and lenders. In general, such assertions are interesting but sloppy. As happens so often in these popularizing books, the writers spin a coherent logic but forget that logic and the real world are two different animals. As a result, empirical tests seem very thin. Countervailing explanations are not fairly considered before rejection. For example, isn't it possible that the taxpayer bailouts of the banking industry saved the banking system? Can't that explain the lack of impact on recession? I wouldn't say they are absolutely wrong so much as they don't give the lay person the tools to fairly evaluate their assertions. Finally, their preventitive for a future housing price based recession adresses the moral hazard of mortgage forgiveness. But other than that it seems wholly unrealistic. They fail to address any issues relating to regulatory capture and excessive regulation.
Amir and Atif have collaborated on a tour de force describing the foundation of the Great Recession, which they’ve published 6-8 years after the key events. Contemporaneously with the same events, Richard Bowen with Citigroup was also aware of an Imminent Collapse, and was doing everything he could to protect the company he was managing. Bowen’s efforts to insulate his company from the storm were in direct opposition to the overwhelming desire of the other key managers to continue their alchemical reports and become personally wealthy. Bowen (www.richardmbowen.com) was quickly discharged. Citigroup, much too big to fail, paid moderate fines and has suffered a bit. Three hundred fifty-two other banks, be they forever nameless, have failed outright since 2008, at this writing.When one enters a casino with the roulette wheels all painted red, it is hard to resist the impulse to play. When one notes that the Gaming Commissioner and the County Sheriff also have seats at the table, RED becomes an even more attractive position. The National Bedtime Story has focused the blame for This Great Recession on your neighbor’s avarice for granite countertops. That problem is now solved. We continue to print money; maybe we’ll start calling them Continental Dollars.I’m currently taking a position as a judicial activist, focusing on this same bad economic period, and these same bad actors. I’m using Amir and Atif’s House of Debt as a key educational resource to my juries, along with Jennifer Taub’s Other People’s Houses, and Michael Lewis’ The Big Short. Something must be done.
What an amazing read! The basic premise is that household debt is the culprit behind so many of the recessions and economic downturn that we've seen last century. And the research supports it.The formula is simple: as households incur more debts, the whole economy gets closer to a downturn. While the sub-prime mortgages really hurt us, so many of the middle class who own only 20 to 30% of their homes were painfully affected. The ones who are able to withstand such downturns are ones who own most of their capital (like 80% of their homes and other properties).The solution is simple:- From a consumer standpoint, try to avoid debt. If you have to, make sure you not only afford it, but also have buffer so you're not stretched.- From a system standpoint, new options have to exist where it's more focused on equity and less on debt.All in all, it was one of the best books that I read about the economic meltdown of 2008.
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