第142章 参考文献(4)

press release issued by Standard 8c Poor’s titled “Home Price Declines Worsen asWe Enter the Fourth Quarter of 2008According to the S&P/Case-Shi1ler Home Price Indices.”That California was home to 16of the 25metropolitan areas with the steepest home-price declines was reported on page A13of a story beginning on the front page of the October 22，2008issue of the Wall Street Journal，under the headline “California Home Sales Revive，But Not Without Intense Pain.”The$100，000price decline in California homes from 2007to 2008was reported on page 63of Stiztr oJt6e California Housing Market 2008-2009，published by the California Association of Realtors.The dramatic home price increases in San Diego from 2000to 2005were reported on page 40of the October 16，2006issue of Newsreel：，under the headline “The Worrying Housing Bust，”while the home price declines from 2006to 2008were reported on page C1of the December 31，2008issue of the San Diego Union-Tribune，under the headline “Home Prices Down26.70/o from Year Ago.”The extent of home price declines in the United States asmeasured by various indices was shown on pages 8and 9of 7’3e State oJt3e /Vizfiniii Housing 2008，published by the Joint Center for Housing Studies of Harvard University in 2008.That there were great disparities in the severity of home price declines among different metropolitan areas was shown on page 8of the same report.The low rate of decline of home prices in Dallas during the housing bust，and its affordability during the boom years，were reported on page A2of the December 31，2008issue of the Wall Street Journal，under the headline “Home Prices Declined at Record Pace in October，”and pages Al and C9of the December 29，2005issue of the 7Veui WorZ Z’imei，in an article titled ”Twenty Years Later，Buying a House Is Less of a Bite.”The quote from Alan Greenspan about “local bubbles’in housing markets in the United States is from a front-page story in the May 23，2005issue of the Wall Street ，fournal，under the headline ”As Prices Rise，Homeowners Go Deep in Debt to Buy Real Estate.”That 55percent of borrowers who financed a home purchase with an option ARM owed more than the value of their home，and that 28percent of such mortgages were delinquent or in foreclosure was reported on page C1of the January 30，2009issue of the thrill SfreetJonriiiz/，in an article titled “Option ARMs See Rising Defaults.”The decline in the proportionadjustable-rate loans，interest-only loans，and payment——option loans was shown onpage 19of Z’Ze State ofthe N"ationt Housing 2008，published by the Joint Center for Housing Studies of Harvard University in 2008.Federal Reserve Board Chairman Ben Bernanke’s testimony is from page 12of Hearing Before the Committee on memorial Srr init：U.S.House ofRef？resentatives，One Hundred Tenth Congress，first session，September 20，2007.The statement that minority homeowners took out a disproportionate share ofsubprime loans is from page C4of the December 20，2006issue of the 7Veui Won 7’imei，under the headline ”Study Predicts Foreclosure for 1in 5Subprime Loans.”The high rate of foreclosures among minority homeowners during the housing bust was reported on page 15of “Subprime Mortgages，Foreclosures，and Urban Neighborhoods，”Working Paper 2009——1，published by the Federal Reserve Bank of Atlanta in February 2009；page A12of the January 8，2008issue of the Next York Times，under the headline “Baltimore Is Suing Bank Over Foreclosure Crisis”；page B3of the May 4，2008issue of the Orlando Sentinel，in an article tided “Foreclosure Crisis Hits Hard in Black Communities”；pages A1and A10of the January 5，2009issue of the Wall Street Journal，in a story titled “Housing Push for Hispanics Spawns Wave of Foreclosures"；page A1of the November 4，2007issue of the Atlanta Journal-Constitution，under the tide “Black Adantans Frequently Snared by Subprime Loans”；and page B1of the April 26，2007issue of USA Today，under the headline “In 2005，Half of Minorities Purchased Their Homes with Subprime Loans.’The high number of foreclosed properties owned by speculators in the San Francisco Bay Area，Las Vegas，Arizona，and Florida was reported on pages A1and A10of the December 16，2007issue of the Sun "riiucisro Chronicle，in an article titled “Foreclosures：How Megaflipping Flopped.”The remarks of Holman Jenkins are from page AIS of the February 18，2009issue of the Wall Street Journal，under the headline “How Democracy Ruined the Bailout.”The fact that five states——California，Florida，Arizona，Nevada and Illinois——accounted for nearly 60percent of foreclosures in the first quarter of 2009was reported on page B1in an article tided “Foreclosures Take a Big Jump”in the April 16，2009issue of t7Szf 7’odiiy .The German bank that had to be bailed out by regulators due to losses on U.S.subprime mortgages was mentioned on page A18of the Octoberissue of the University of Colorado Law？Review in an article tided “The Law 8cEconomics of Subprime Lending.”The more than five-fold increase in the value of subprime mortgages from 1995to 2003was shown on page 20of the same article.The stability of the mortgage credit market in the early years of the twenty-first century was noted on page 154of Jiiiiiziciii/S6uck，by Mark Zandi.The foreclosure rates of subprime mortgages from 2005to 2008are shown on page 64of C"iui/Rights and the Mortgage Christs published by the U.S.Commission on Civil Rights in September 2009.Collateralized debt obligations were described on page 39of an article tided “Triple-A Failure”in the April 27，2008issue oY her York Times Magazine.The statement that the purchase of mortgage-backed securities was “a leap in the dark”is from page 13of a special report （with its own separate page numbers）titled “Greed——and Fear”within the January 24，2009issue of The Economist.The decision by Moody’s to revise its model for evaluating subprime mortgages is quoted from page 41of an article titled “Triple-A Failure”in the April 27，2008issue of /Veui York Times Magazine.The process of gaining the highest rating for mortgage-backed securities by “shopping”them to the three major rating agencies was mentioned on page 54of the Winter 2009issue of the University o]Colorado Law Re ies，in an article titled “The Law 8c Economics of Subprime Lending.”The quote from Professor Stanley Liebowitz is from page 24of the February 2009issue of The American Sf？ectator，under the headline "The True Origins of This Financial Crisis.“The increase in the ratio of homes sold in California costing less than half a million dollars from 2007to 2008was reported on page 4of State of the California Housing MarHt 2008——2009，published by the California Association of Realtors.The amount of a down payment as a percentage of the sales price of California homes in 2006compared with 2008was reported on page 14of the same report.The decline of zero down payment mortgages in California from 2007to 2008was reported on page 15of the same report.The declining share of interest-only adjustable rate mortgages in California from 2007to 2008was shown on page 16of the same report.That fixed-rate mortgages rose from 55percent of all mortgages in California in 2005to more than 90percent of the state’s mortgages in 2008was shown on page 61of the same report.Themortgages nationally from 2004to 2007is from page 161of the Financial ServicesFact Boom，2009，published by the Insurance Information Institute.The dramatic decline in the value of subprime mortgages from 2006to 2007is shown on page 19of the report 7’3e State ofthe haircut Housing2008，published by the Joint Center for Housing Studies of Harvard University in 2008.The declining use of subprime mortgages by various American racial and ethnic groups after 2006is shown on page 61of Ci I Rights and the Mortgage Crisi’s.The increased selectivity of lenders and mortgage insurers in the wake of the housing bust is discussed on pages B1and BE of the January 24，2009issue of the New Yorli Times，under the title “Costs and Tighter Rules Thwart Refinancings.”That half of all banks tightened lending standards on prime mortgages in 2009was discussed on page A4of a story beginning on the front page of the May 5，2009issue of the /Vew York Times，under the headline “Where Housing Crashed Early，Glimmers of Recovery Emerge.”The fact that in May 2009，the personal saving rate rose to 6.9percent，its highest level since December 1993，was noted on page B7of the June 27，2009issue of the 7Vesc York Z’imei，in an article tided “As Incomes Rebound，Savings Hits Highest Rate in 15Years.“That holders of subprime mortgage bonds in Atlanta began dumping foreclosed homes on the market in 2009was discussed on page Cl of the July 9，2009issue of the Wall Street Journal，under the headline “Subprime Resurfaces as Housing-Market Woe.”The fact that these foreclosed homes were selling for a fraction of the value of their original loan amount is from the same page.The high volume of mortgage loans insured by the Federal Housing Administration （FHA）and the high rate of delinquency of its loans were discussed on page A16of the May 4，2009issue of the Wall Street Journal，under the title “The Next Housing Bust.”The near doubling of the FHA’s loan ceiling in 2008to $719，000，its low down payment requirements，and other risks in its underwriting standards were described on the same page.Continuing government pressures on banks to continue to make risky loans to meet the requirements of the Community Reinvestment Act，even after the financial crisis，are mentioned on pages 172and 173o？lrcliitects ofRuin by Peter Schweizer.Accusations by members of the Senate Banking Committee of greed on Wall Street，and their criticisms of lax regulatory oversight were reportedissue of the Loszlngeles Times in an article tided ”Economic Crisis：Lawmakers Give Banks a Scolding.“Senator Christopher Dodd’s criticism of the Bush Administration is quoted from page A15of the September 12，2008issue of the Washington Post，under the headline “Where Was Sen.Dodd？”Senator Dodd’s remarks about Alan Greenspan can be found on page 124of the September 17，2007issue o？Fortune，in an article titled “Oh，the People You’ll Blame！”Senator Christopher Dodd’s favorable comments about Fannie Mae and Freddie Mac are from his opening statement from the February 7，2008hearing “Reforming the Regulation of the Government Sponsored Enterprises.”（Senator Dodd’s remarks as prepared were released in a press release by the U.S.Senate Banking Committee.）Republican Senator Robert Bennett of Utah likewise depicted Fannie Mae and Freddie Mac as enterprises that “emerge as the heroes because they’re the only ones with money left."Senator Bennett’s remarks are from page 3of the Washington section of the March 7，2008issue of the zlmerican Banter，under the title “GSE Reform Hearing Turns to Broader Debate Over Bailout.”Details on the costs of the bailout of Fannie Mae and Freddie Mac can be found on page A14of the January 29，2009issue of the Wall Street Journal under the tide “Fan and Fred’s Lunch Tab.”Data on the costs of the bailouts of Bank of America，Citigroup，J.P.Morgan Chase，and Wells Fargo are from pages 78and 79of the February 16，2009issue of "entire，in an article titled “The World According to TARR“Senator Christopher Dodd’s statements that Fannie Mae and Freddie Mac were ”fundamentally strong”are quoted from page A10of the July 12——13，2008issue of the Wall Street Journal，under the headline “Fannie Mae Ugly.”The editorial critical of Senator Christopher Dodd appears on page A12of the July 21，2008issue of the Wall Street Journal，under the tide “Fannie and Freddie’s Enablers.”Congressman Barney Frank’s claim that the subprime crisis resulted from too little regulation is from page 11of the August 20，2007issue of the Fiiiiiiiciiz/Z’imei of London，under the title “A （Sub）Prime Argument for More Regulation.”Congressman Frank’s statements that bad decisions in the private sector and a conservative philosophy are what led to the financial crisis are from page D9of the September 28，2008issue of the BostonSeptember 14，2007issue of the Boston Globe，under the title “Lessons of the Subprime Crisis.”Senator Charles Schumer’s statement that deregulation led to the financial crisis is from page 58991of the September 18，2008Congressional Record.-Senate.The exchange between Maria Bartiromo and Congressman Barney Frank is from page 20of the December 22，2008issue o？Business Weeli，under the title “Facetime：Barney Frank on Detroit，Housing，and Executive Pay.”Congressman Barney Frank’s assertion that he opposed giving mortgages to unqualified borrowers was quoted from his op-ed statement，“Is There an Antidote to the Republican Amnesia？”posted to the Huffington Post on March 18，2009.The remark from Congressman Barney Frank’s letter to the heads of Fannie Mae and Freddie Mac criticizing the companies’lending standards to condominium buyers as “too onerous”is quoted from an editorial tided “Barney the Underwriter”on page A14of the June 24，2009issue of the Wall Street ]ouimal.Senator Kit Bond’s comments are from page 58970of the September 18，2008Coiigreiiioun/Rrr？rd were.The newspaper account detailing Senator Kit Bond’s past efforts to obstruct the OFHEO can be found on the front page of the October 5，2008issue of the St.Loud Post-D ’uj？atch，under the headline "Bond’s Tough Talk on Fannie，Freddie Rings Hohow to Some.”Senator Barbara Boxer’s statement about judges modifying the loans on principal residences is from page 52259of the April 1，2008Congressional Record.-Senate.The legislation introduced by Congressman John Conyers and Senator Richard Durbin which would allow bankruptcy judges to modify home mortgages is mentioned on page A13of the February 13，2009issue of the Wall Street journal，under the title ”Don’t Let Judges Tear Up Mortgage Contracts.”Senator Harry Reid’s remarks about amending the Bankruptcy Code to allow judges to modify mortgage terms are from page 51218of the February 27，2008Congressional Record.-Senate.Republican Senator Mitch McConnell’s proposalof granting “government-backed，40/fixed mortgages”to credit-worthy borrowers，and Professor Edward Glaeser’s criticisms of that proposal are from page A13of the February 5，2009issue of the Wall Street journal，under the title “The GOP Has a Dumb Mortgage Idea.”Senator Christopher Dodd’s discussions of foreclosureencourage more funding for affordable housing is from page A2of the May 13，2008issue of the Washington Post in an article tided “Senate Talks Collapse on a Housing Bill.”Congressman Barney Frank’s housing-rescue proposal is discussed on page 8of the May 2008issue oY Mortgage Banking，in an article titled “Congress，Administration Each Propose FHA Mortgage Relief.”That 43percent of modified loans were again delinquent within eight months was reported on page 32of the February 21，2009issue of The Economist，under the title “Can’t Pay or Won"t Pay？”The information about the various government programsto increase iiomeownership rates in the United States since 1922，and the increased rates of foreclosures that followed those government interventions，is from pages 15to 18of an article tided “Obsessive Housing Disorder”in the Spring 2009issue of CU journal.That there were 30state examiners to watch over thousands of consumer finance companies in California，and that as a result mortgage companies were inspected only about once every four years，is from pages 154and 155of Jiii？incis/SZion by Mark Zandi.The political pressures imposed on these regulators were mentioned on page 155of the same book.Federal Reserve Chairman Alan Greenspan’s comments about the level of bank capital/asset ratios in the era before the Civil War are quoted from page 6of an article tided ”Harnessing Market Discipline”in the September 2001issue of The Region，published by the Federal Reserve Bank of Minneapolis.Information on the $700billion economic bailout package （TARP）signed by President Bush in 2008can be found on pages A1and A12of the October 4，2008issue of the Item？Yorli Times，under the headline ”Bush Signs Bill，“while information on the $787billion stimulus package signed by President Obama in 2009is from page A11of the February 14，2009issue of the Next York Times in an article tided ”A Smaller，Faster Stimulus Plan，but Still with a Lot of Money.”Data on the costs of the bailouts of J.P.Morgan Chase，Wells Fargo，AIG，Bank of America，and Citigroup are from pages 78and 79of the February 16，2009issue of "orfune，in an article tided “The World According to TARP.”Adam Smith’s remarks on the misapplication of money set aside by government for a particular purpose can be found on page 873of his Z’be Wealth of Nations，Modern Library edition.David Ricardo’s remarks on the same subject aredeficit would reach $1.4trillion in 2009is from page A4of the October 8，2009issue of the Wall Street Journal，in a news story titled “Deficit Complicates Push on Jobs，”and the CBO’s estimate that the deficit would continue to run at over a trillion dollars a year as late as 2019is from page 33of the June 13，2009issue of The Economist under the headline “Seeing Red.”Data on the share of the American national debt that is foreign owned are from pages 240and 241o？zlnaIyticaI Persf？ectizes，Budget of the United States Government，Fiscal Year 2009published in 2008i？y the U.S.Government Printing Office.The drop in business spending on equipment and software in the last quarter of 2008was reported on page A10of the January 31，2009issue of the Wall Street fouimal，under the tide “A Capital Strike.”The fact that distressed-debt deals in 2009were taking place at nearly double the rate of 2008is from a front-page story titled “Distressed Takeovers Soar，”from the August 11，2009issue of the thrill SfreetJourii？z/.That banks were reluctant to lend money to borrowers after the Bush administration’s bailout was noted on page BE of the January 27，2009issue of the /Ve"iu Won 7’imei，from an article beginning on page B1titled “Something to Fear，After All.”The fact that banks which had received funding from the Troubled Asset Relief Program （TARP）were lending 23percent less in new loans in February 2009compared to the previous October when the TARP was launched was reported on page A1of the April 20，2009issue of the Wall Street Journal，under the headline “Bank Lending Keeps Dropping.“The fact that bank lending in the United States declined in 2009from $7.14trillion in May to $6.78trillion in September is from page 83of the October 17，2009issue of 7’3e Economist，in an article titled “Slim Pickings，No Appetite.”The historic fall in monetary velocity is reported on page A10of the January 31，2009issue of the Wall Street foumal，under the title “A Capital Strike.”The continued decline of jobs in the private sector，the less than 1percent increase in jobs in state and local governments，and a view of the performance ofjobs in the public and private sectors during recessions over the past 40years were shown in a graphic on page A15of the August 20，2009issue of the /Ve"iii Yorli Times，under the headline “Government Jobs Have Grown Since Recession’s Start，Study Finds.”The 247，000jobs lost in July 2009——down from a peak of 741，000jobs lost in January 2009——were reported onStreet journal，under the headline “Job Losses Weigh on Recovery.”The comment that job losses “continued to moderate from their worst numbers of the year”wasquoted from a front-page story tided “Unemployment Hits 9.70o Despite SlowerJob Losses，”from the September 5，2009issue of the 7Ve"iii Work 7’i？iei.The fact that the unemployment rate in October 2009exceeded 10percent for the first time in more than a quarter of a century was reported on the front page of the Wall Street jnuriiiz/of November 7——8，2009，under the headline “Grim Milestone as Jobless Rate Tops 10%.”The decline in February 2009of the Dow Jones Industrial Average to one-half of where it had been 16months earlier was reported on page A1of the February 24，2009issue of the Wall Street ]ouimaI under the headline ”Stocks Dropto 500/o of Peak.”The fact that business investment fell 38percent in the first quarterof 2009was reported on page A14of the April 30，2009issue of the Wall Street Joiirzizi/，under the headline “Better Bad News.’The fact that the stock markets of Asian nations such as Indonesia，China，Singapore，and South Korea experienced greater percentage increases than the United States in the first half of 2009was reported on page 70of the August 15，2009issue oY T"he Economist in an article titled “On the Rebound.”The growth in industrial production in Asian nations in the second quarter of 2009，at a time when industrial production was falling in the United States，was noted on page 69of the same article.The growth in GDP in France and Germany in the second quarter of 2009，and the continued decline in GDP in the United States were reported on the front page of the August 14，2009issue of the hiz//SweeiJonriiiz/，under the headline “Europe Recovers as U.S.Lags.”That the economies of Europe and Asia were experiencing recovery while consumer spending in the United States feh，and the caution by Federal Reserve officials that economic activity in the United States would remain “weak for a time”were reported on the same page.The fact that industrial production in the United States increased by one-half of one percent in July 2009was reported on page A2of the August 15——16，2009issue of the Wall Street journal，in an article titled ”Industrial Output Climbs，While Prices Stay Steady.”Discussion of the lack of clarity of the TARP legislation was from pages 28and 29o？C1et：I：ing OffTracli，by John B.Taylor.