Someone’s Been Thinking the Problem Through
There have been numerous articles and explanations in the media of the reason we as a country and our global partners are in such a state of financial ruin. While most commentators and economists agree that the burst of the housing bubble caused the mortgage crisis which, thanks to securitization, snowballed out of control, there have been few suggestions as to how to fix the problem. Here is the best one I’ve read so far: Mortgage Justice Is Blind. It’s written by John D. Geanakoplos, an economics professor at Yale and Susan P. Koniak, a former law professor at Boston University. I was glad to see Prof. Koniak was one of the authors as BU Law is where I earned my law degree.
See also: Under Water Hoboken Condos
If you’re interested in learning more about the state of the mortgage industry and what it’s done to the economy, I recommend this great blog – Diaries of a Mad Mortgage Broker – by Dale Siegel.