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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

(p.69) 4 Prelude to the Storm
The Subprime Virus

Kathleen C. Engel

Patricia A. McCoy

Oxford University Press

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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