“This comprehensive assessment of the subprime mortgage market is the right book, at the right time, by the right author. Gramlich draws on his substantial mortgage industry knowledge and his record of academic excellence to sort through the often-contradictory literature on the rapidly evolving mortgage market and the recent wave of foreclosures that threaten to harm so many vulnerable families. This book will certainly be required reading for students in my own housing policy course.”
—William C. Apgar, Senior Scholar, Joint Center for Housing Studies, and Lecturer, John F. Kennedy School of Government, Harvard University
“This terrific volume provides everything you want to know about the hottest topic in the mortgage market today—subprime lending. It explains the origins of the subprime market and weighs the gains of homeownership for some low-income households against the risks of default and loss. Recognizing that subprime lending is here to stay, it lays out steps to get rid of the most egregious aspects and make the market work better. Buy it and put the ‘crisis’ stories in perspective.”
—Alicia H. Munnell, Peter F. Drucker Professor of Management Sciences, Carroll School of Management, Boston College
“In his patented straightforward, jargon-free manner, Gramlich demonstrates why ‘government as cheerleader’ is a poor substitute for an affirmative, national affordable-homeownership policy.”
—Michael A. Stegman, Director of Policy, The John D. and Catherine T. MacArthur Foundation
“A clear and judicious analysis of both the benefits and drawbacks resulting from the rapid growth in the subprime home mortgage market, with thoughtful recommendations for reforming subprime lending. Gramlich draws on his unparalleled experience as a governor on the Federal Reserve Board to describe and evaluate the dramatic changes over the past several years.”
—John C. Weicher, Director, Center for Housing and Financial Markets, Hudson Institute, and Former Assistant Secretary for Housing and Federal Housing Commissioner, U.S. Department of Housing and Urban Development
“Gramlich’s timely analysis of the housing market illuminates the causes and conditions that influenced the dramatic expansion in homeownership over the past 15 years. He highlights the important role that community organizations have played in advancing sustainable homeownership for lower-income families through quality pre- and postpurchase assistance and access to affordable mortgage products.”
—Kenneth D. Wade, Chief Executive Officer, NeighborWorks America
