本书第5章房地产的过去与未来
book zf ai/iire oJ Cii/？ita/ism.Data showing that in 2005and 2006more subprime mortgage loans were made to middle and upper income borrowers than to lower and moderate income borrowers are from page 71oY Civil Rights and the Mortgage C’risis，published by the U.S.Commission on Civil Rights in 2009.The fact that the dollar volume of subprime loans made to more affluent borrowers was nearly double that of less affluent borrowers is from page 72of the same publication.The fact that other institutions purchased more subprime loans than Fannie Mae and Freddie Mac is shown on pages 102and 103of Clvil Rights and the Mortgage Crisis.Professor Lawrence J.White’s remarks about the protected status of Moody’s，Fitch，and Standard 8c Poor’s are from page 2of the January 2005Financial Sen？es Outlook，published by the American Enterprise Institute.
The proposition that regulators did not have evidence of potential problems in the housing market in 2005was discussed on page 154o？Financial Sho？t ，by Mark Zandi.The conclusion that the full extent of the housing market collapse cannot be determined until some time after the housing market bottoms out was on page 160of an article titled “A Crisis of Politics，Not Economics：Complexity，Ignorance，and Policy Failure”in Critical Review，Vol.21，combined numbers 2and 3（2009）.Disagreements among experts as to the value of “toxic”assets，including Treasury secretary Timothy Geithner’s claim that many banks believe their assets to be more valuable than they really are，were noted on pages 160and 161of the same article.Barney Frank’s proposed legislation to further increase the FHAs loan limits was reported on page B6of the November 20，2009issue of the /Veui Work Z"imri，in an article tided “F.H.A.Extends Easy Loans to Wealthier Areas，”which began on page A1.The fact that a 1.4percent decline in home prices beginning in 2006led to a wave of foreclosures was noted on page 23of Meltdown，by Thomas E.Woods，Jr.
The fact that about 23percent of American homeowners owe more on their mortgages than their properties are worth was reported on the front page of the November 24，2009issue of the Wall Street journal，under the headline “1in 4Borrowers Under Water.”The fact that about 588，000borrowers defaulted on their mortgages in 2008，even though they could afford the payments，was reported on the same page.The factunder the titleUpturn in Housing May Be Reversing.”That lending money to home buyers had been a highly profitable and low risk endeavor for banks for nearly a century was stated on page 1o？Financial Shocli by Mark Zandi.The comment from the official at Standard 8c Poor"s about the historic stability of the mortgage market is quoted from page 171of an article titled “A Crisis of Politics，Not Economics：Complexity，Ignorance，and Policy Failure”in Critical Review？，Vol.21，combined numbers 2and 3（2009）.
The billion dollar losses suffered by executives at Lehman Brothers and at Bear Steams as a result of receiving compensation in the form of their banks’stock，which became devalued due to the .banks’subprime investments，were noted on page 150of that same article.The account of Lehman Brothers CEO Richard Fuld being “raked over the coals”in Congressional hearings is from page B6of the July 31，2009issue of the /Veui Worn Z’imei，in a story beginning on page B1under the headline “It May Be Outrageous，but Wall Street Pay Didn’t Cause This Crisis.“The angry e-mails that were sent to Moody’s after it downgraded some of its ratings on subprime investment vehicles were discussed on page 136of an article tided “A Crisis of Politics，Not Economics：Complexity，Ignorance，and Policy Failure”in the journal Critical Review，Yol.21，combined numbers 2and 3（2009）.Adam Smith"s remarks about politicians can be found on page 435of his T’3e fFeii/tb nJ/Vnituiis，Modern Library edition.
The quote from the Soviet economists about the interconnected nature of prices is from page 172of Z’6e Turning Point，by Nikolai Shmelev and Vladimir Popov.Hillary Clinton’s calls for a tripling of the number of Section 8housing vouchers and more public housing were reported on page BE of the October 31，2000issue of the New York Times，under the tide “Lazio Sought to Make a Legislative Mark in Housing.”Senator Hillary Clinton’s proposal to assist homeowners facin.g foreclosure was reported in an article from the August 18，2007/Veu？Purt Z’imei on the Web，under the headline “Waking Up to the Real Estate Nightmare.”That a higher share of homeowners than renters had housing costs exceeding 50percent of household income in 2006was shown on page 28of 7’3e State ofthe 1"？Iation’s Housing 2008，published by the Joint Center for Housing Studies of Harvard University in 2008.Information about policy changesthat more than 14percent of FHA-insured loans were at least one month past due in the third quarter of 2009was reported on page B6of the November 20，2009issue of the her Yoni Times，in an article beginning on page B1with the headline “Mortgage Delinquencies Soar.”
The fact that one in four people with mortgages in Florida is behind in payments is from page B6of the same article.The declining capital reserves of the FHA were reported on page A6of the November 13，2009issue of the Wall Street Journal under the headline “Housing Agency Reserves Fall Far Below Minimum.”The decline in the F？IC’s deposit-insurance fund was reported on page A2of the September 30，2009issue of the Wall Street Journal，’in an article titled “Bank-Bailout Fund Faces Years in Red as Failures Jolt System.”The fact that the FDIC’s deposit-insurance fund had fallen to below one-fifth of its statutory minimum is from page 89of the September 26，2009issue of The Economist，in an article tided “Fiscal Iceberg.