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In the lead up to the financial crash of 2007, federal housing policy made a mockery of society’s ‘subprime virtues’

Avramenko, Richard and Boyd, Richard (2013) In the lead up to the financial crash of 2007, federal housing policy made a mockery of society’s ‘subprime virtues’. LSE American Politics and Policy (08 Oct 2013). Blog Entry.

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Abstract

The effects of the subprime mortgage crisis which began in 2007 are still being felt today, with the U.S. now only slowly returning to pre-crisis growth levels. Richard Avramenko and Richard Boyd write that our society is based on what they term ‘subprime virtues’, such as moderation, truth-telling, frugality and commitment, and that federal housing policy in the lead up to the crisis encouraged nearly the opposite behavior. They argue that modest reforms towards better housing policies, such as mortgage tax credits and stricter penalties for mortgage fraud would go some way towards fostering society’s ‘subprime virtues’.

Item Type: Online resource (Blog Entry)
Official URL: http://blogs.lse.ac.uk/usappblog/
Additional Information: © 2013 The Author; Online
Divisions: LSE
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
Sets: Collections > LSE American Politics and Policy (USAPP) Blog
Date Deposited: 25 Jul 2014 13:06
Last Modified: 07 Sep 2019 23:19
URI: http://eprints.lse.ac.uk/id/eprint/58277

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