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Economic Conditions

New PDF release: Economic Crisis and Crime

By Mathieu Deflem

ISBN-10: 0857248014

ISBN-13: 9780857248015

This quantity addresses quite a few matters on the topic of monetary predicament within the broadest feel of the time period, concerning various nationwide and overseas contexts, historic epochs, and quite a number difficulties relating to monetary existence. The chapters during this quantity take on criminologically correct questions in reference to crime/deviance and/or the keep watch over thereof, at the foundation of an research of any element of monetary existence, quite often, and financial quandary, specifically. Thematically various in the province of criminology and the sociology of crime, deviance, and social keep an eye on, the chapters aren't constrained by way of theoretical procedure and methodological orientation. In those and all different appropriate respects, this e-book is usefully various in analyzing chosen dimensions of monetary problem when it comes to very important questions of crime and crime keep an eye on. particular subject matters mentioned comprise: company crime, funds laundering, foreclosure, and loan fraud.
This quantity presents well timed analyses of the impression of the present financial hindrance, cutting edge views on difficulties of financial system and finance, and criminological insights on usually missed facets of social existence

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Example text

The 2008 subprime mortgage collapse leveraged a financial system that privatizes profits and socializes risks. Several factors converge to set up the subprime mortgage market as an easy target for industry insiders to exploit. Enabling legislation expanded the potential pool of borrowers eligible for subprime mortgages and structured incentives to lenders willing to assume the risks. The securitization of subprime mortgages transformed bundles of high-risk loans into mortgage-backed securities that were in demand by domestic and foreign investors.

Once legislation and regulation commenced the diffusion of subprime origination, securitization, and investing, existing and new parties entered the mortgage process in search of what appeared at the time to be limitless financial profits. Nevertheless, to edge out the competition, many players, from brokers and originators to the investment banks, illegally manipulated Diffusion of Fraud Through Subprime Lending 41 the process through a variety of means, and ultimately contributed to a devastating global financial crisis.

Ix). The Financial Crisis Inquiry Commission (2010) reported that depository institutions and their subsidiaries accounted for about 60% of all mortgage originations from 2004 to 2006. 3 The incentive structure for lenders is the upfront income from closing points, servicing fees, and sales of securities. However, changes to the assetbacked securities market ‘‘shifted the primary source of mortgage finance from federally regulated institutions to mortgage banking institutions that acquired funds through the broader capital markets and were subject to much less regulatory oversight’’ (Interim Report to Congress, 2009, p.

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Economic Crisis and Crime by Mathieu Deflem


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