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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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The Clinton Years

The Clinton Years

(p.151) 7 The Clinton Years
The Subprime Virus

Kathleen C. Engel

Patricia A. McCoy

Oxford University Press

This chapter focuses on the 1990s when subprime lending took off. While Bill Clinton was president, many of the same problems that led to the credit crisis in 2007 and 2008 came to light, including high default rates, consumer abuses, bank failures from subprime loans, and the wholesale failure of subprime lenders in 1998 and 1999 due to illiquidity. The chapter discusses the Clinton era policy on subprime loans. It begins by describing the complex landscape of mortgage regulation, which encompasses Congress, a mix of federal agencies, and, to a limited extent, the states.

Keywords:   Bill Clinton, subprime loans, financial policy, mortgage regulation, illiquidity, subprime lending, Congress, Clinton administration

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