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首页> 外文期刊>Journal of housing and the built environment >From risk-limited to risk-loving mortgage markets: origins of the U.S. subprime crisis and prospects for reform
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From risk-limited to risk-loving mortgage markets: origins of the U.S. subprime crisis and prospects for reform

机译：从风险有限到爱好风险的抵押贷款市场：美国次贷危机的起源和改革前景

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This paper examines the origins of the U.S. subprime crisis that reached clear national scale in early 2007, but it does so with somewhat more historical perspective than has been done in many places. It describes the shift during the latter decades of the twentieth century of the U.S. mortgage market from a risk-limited market to a risk-loving one and demonstrates that this shift was the result of what often appeared to be fairly obscure federal policy decisions. It also points out that the 2007 subprime crisis was preceded by an earlier, "first" subprime crisis in the late 1990s that had severe effects on many minority neighborhoods in the U.S., but that had much smaller effects on financial markets. The later crisis was partly the result of policymakers failing to respond to the earlier and quite severe problems in the subprime market. Finally, proposals since late 2008 to increase regulation of the U.S. mortgage market are described, and the evolution of those proposals toward actual legislation and regulatory impact is discussed.
机译：本文研究了2007年初在全国范围内达到明确规模的美国次贷危机的根源，但它的历史角度要比许多地方要大得多。它描述了20世纪后半叶美国抵押贷款市场从风险受限市场到偏爱风险的市场的转变，并证明了这种转变是联邦政策决策通常显得晦涩难懂的结果。该报告还指出，2007年的次贷危机是在1990年代后期发生的较早的“第一次”次贷危机之前，对美国许多少数民族社区造成了严重影响，但对金融市场的影响却小得多。后来的危机部分是政策制定者未能应对次级抵押贷款市场中较早且相当严重的问题的结果。最后，说明了自2008年底以来旨在加强对美国抵押贷款市场监管的提案，并讨论了这些提案向实际立法和监管影响的演变。

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