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The Subprime VirusReckless Credit, Regulatory Failure, and Next Steps$
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Kathleen C. Engel and Patricia A. McCoy

Print publication date: 2011

Print ISBN-13: 9780195388824

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195388824.001.0001

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Prelude to the Storm

Prelude to the Storm

Chapter:
(p.69) 4 Prelude to the Storm
Source:
The Subprime Virus
Author(s):

Kathleen C. Engel

Patricia A. McCoy

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780195388824.003.0004

This chapter describes the events leading up to the subprime crisis. These include the bankruptcy of two large subprime lenders in December 2006: Ownit Mortgage Solutions in California, and Sebring Capital Partners LP in Texas; the collapse of the mortgage-backed securities market in spring 2007; the Federal Reserve's slow response to the volatile stock market; massive layoffs by Wall Street firms; the Fed and Bush administration's expansion of the federal role as financier of last resort; and continued decline of the US economy through the summer of 2008.

Keywords:   subprime lenders, subprime crisis, Ownit Mortgage Solutions, Sebring Capital Partners LP, mortgage-backed securities market, Federal Reserve, Bush administration

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