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Additional info for Financial Institutions and Markets: The Financial Crisis: An Early Retrospective
1057/9780230117365 - Financial Institutions and Markets, Edited by George G. Kaufman and Robert R. indd 37 10/23/2010 12:47:54 PM 38 RICHARD J. 1 Household debt servicing ratio, 1995–2008 products, it became easy to borrow, leading to an expansion of debt (fig. 1 shows the growth in consumer indebtedness). In retrospect, it appears that many borrowers were given loans they should not have been or were given loans at interest rates that were too low to reflect the riskiness of the loan. The financial crisis brought a swift halt to this.
Problems crept into valuations, but rising home prices covered up these problems and allowed lenders to keep originating and selling new loans. When home prices started falling, losses became apparent. Since many holders of MBS, including banks and derivative conduits such as structured investment vehicles (SIVs)3, were either leveraged (Adrian and Shin, 2008) or held longer-term assets along with short-term liabilities (Brunnermeier, 2009; Diamond and Rajan, 2009), the home price declines led to questions about the institutions viability.
1057/9780230117365 - Financial Institutions and Markets, Edited by George G. Kaufman and Robert R. indd 33 10/23/2010 12:47:29 PM 34 GILLIAN G. H. GARCIA 11. The bank’s failure imposed not only a $288m loss to the DIF but also a $1 million loss to the FDIC’s Transaction Account Guarantee Program. 12. The MLR for Westsound Bank noted in the Executive Summary (p. ” Carnell, Richard S. (1993). “The Culture of Ad Hoc Discretion,” in FDICIA One Year Later, ed. G. Kaufman and R. Litan (Washington, DC, The Brookings Institution), 113–121.