The Political, Regulatory and Market Failures That Caused the US Financial Crisis

This paper discusses the key regulatory, market and political failures that led to the 2008-2009 United States financial crisis. While Congress was fixing the Savings and Loan crisis, it failed to give the regulator of Fannie Mae and Freddie Mac no...

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Bibliographic Details
Main Author:	Tarr, David G.
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCESS TO CREDIT ACCOUNTING ACCOUNTING STANDARDS AFFORDABLE HOUSING ASSET MANAGER ASSET MANAGERS ASYMMETRIC INFORMATION BACKED SECURITIES BAILOUT BAILOUTS BALANCE SHEET BALANCE SHEETS BANK HOLDING BANK LENDING BANK POLICY BANK SUPERVISION BANKING REGULATION BANKING SUPERVISION BANKING SYSTEM BANKRUPTCIES BANKRUPTCY BARRIER TO HOMEOWNERSHIP BASIS POINTS BOND BONDHOLDERS BORROWER BORROWING BROKERS CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CASH FLOW CASH FLOWS CLEARING CORPORATION COLLATERAL COLLATERAL POOLS COLLECTIVE ACTION COMMERCIAL BANKS COMMERCIAL LOANS COMMERCIAL MORTGAGE COMMUNITY LENDING COMMUNITY REINVESTMENT CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSUMER EXPENDITURES CONSUMER LOANS CONVENTIONAL MORTGAGES CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT HISTORY CREDIT MARKETS CREDIT NEEDS CREDIT OFFICER CREDIT QUALITY CREDIT RATING CREDIT RATING AGENCIES CREDIT RATINGS CURRENCY DEBT DEBT INSTRUMENT DEBT OBLIGATIONS DEBTS DEDUCTIBLE DEFAULT RATE DEFAULTS DEFICITS DEPOSIT DEVELOPING COUNTRIES DOWN PAYMENT DOWN PAYMENTS EFFICIENT MARKET EXCHANGE COMMISSION FAIR VALUE FAIR VALUES FAMILIES FEDERAL BUDGET FEDERAL DEPOSIT INSURANCE FEDERAL HOUSING FEDERAL HOUSING ENTERPRISES FEDERAL INCOME TAX FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEREGULATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL OBLIGATIONS FINANCIAL REGULATORS FINANCIAL SAFETY FINANCIAL SERVICES FINANCIAL SYSTEM FIRST TIME HOME BUYERS FIXED RATE FRAUD FREE LOANS GLOBAL BANKING GLOBALIZATION GOVERNMENT GUARANTEES GOVERNMENT POLICIES HOLDINGS HOME BUYERS HOME EQUITY HOME EQUITY LOAN HOME MORTGAGE HOME MORTGAGES HOME OWNERSHIP HOMEOWNER HOMEOWNERS HOMEOWNERSHIP HOUSEHOLDS HOUSING FINANCE ILLIQUID MARKETS IMPLICIT GOVERNMENT GUARANTEE IMPLICIT GOVERNMENT GUARANTEES INCOME TAX INCOME TAXES INSTRUMENT INSURANCE COMPANIES INSURANCE CORPORATION INTEREST PAYMENTS INTEREST RATE INTEREST RATE POLICIES INTEREST RATE RISK INTEREST RATES INTERNATIONAL BANK INTERNATIONAL FINANCE INVESTING INVESTMENT BANKING INVESTMENT BANKS INVESTMENT FUNDS LENDERS LIQUIDITY LIQUIDITY CRISIS LIQUIDITY PROBLEMS LOAN LOAN GUARANTEES LOAN PERFORMANCE LOW INTEREST RATE LOW INTEREST RATES LOW-INCOME FAMILIES MARK TO MARKET MARK TO MARKET ACCOUNTING MARKET FAILURE MARKET FAILURES MARKET MAKER MARKET PARTICIPANTS MARKET PRICE MARKET STABILITY MARKET VALUE MARKET VALUES MINIMUM CAPITAL REQUIREMENTS MONETARY FUND MONETARY POLICY MONEY MANAGERS MONEY SUPPLY MORAL HAZARD MORTGAGE MORTGAGE BROKERS MORTGAGE INDUSTRY MORTGAGE INTEREST MORTGAGE INTEREST RATES MORTGAGE MARKET MORTGAGE RATES MUTUAL FUND MUTUAL FUNDS NO CREDIT HISTORY ORIGINAL CONTRACTS PENSION PENSION FUNDS POLITICAL ECONOMY PORTFOLIO PORTFOLIOS POTENTIAL INVESTORS PRICE STABILITY PRINCIPAL-AGENT PROBLEM PRIVATE BANKS PRIVATE ENTERPRISES PRIVATE FINANCIAL INSTITUTIONS PRIVATE FINANCIAL MARKET PRUDENTIAL REGULATION PRUDENTIAL SUPERVISION PUBLIC FUNDS PUBLIC POLICY RATE OF RETURN RATES OF INTEREST REGULATORY STANDARDS REINVESTMENT RESERVES RESIDENTIAL MORTGAGES RETURN RETURNS RISKY ASSETS RISKY LOANS RISKY SECURITIES SAFETY NET SAVINGS SAVINGS ACCOUNTS SECONDARY MARKET SECONDARY MARKETS SOLVENCY SOURCE OF INCOME SUBORDINATED BONDS SUBORDINATED DEBT SUPERVISORY AUTHORITY SUPERVISORY POWER SUPERVISORY POWERS TAX TAX CREDIT TAX POLICIES TAX RETURNS TRADING TRANCHE TRANCHES TREASURY UNDERLYING MORTGAGE URBAN AREAS URBAN DEVELOPMENT VALUATION
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100527154732 http://hdl.handle.net/10986/3810

Internet

http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100527154732
http://hdl.handle.net/10986/3810

The Political, Regulatory and Market Failures That Caused the US Financial Crisis

Internet

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