Subprime Mortgages: America's Latest Boom and Bust and over one million other books are available for Amazon Kindle. Learn more
Buy New
  • List Price: $26.50
  • Save: $1.97 (7%)
FREE Shipping on orders over $35.
Only 1 left in stock (more on the way).
Ships from and sold by
Gift-wrap available.
Subprime Mortgages: Ameri... has been added to your Cart
Have one to sell? Sell on Amazon
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See this image

Subprime Mortgages: America's Latest Boom and Bust Paperback – June 28, 2007

See all 2 formats and editions Hide other formats and editions
Amazon Price New from Used from
"Please retry"
"Please retry"
$11.22 $2.08

Frequently Bought Together

Subprime Mortgages: America's Latest Boom and Bust + The Financial Crisis Inquiry Report, Authorized Edition: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
Price for both: $36.00

Buy the selected items together

Customers Who Bought This Item Also Bought


Best Books of the Month
Best Books of the Month
Want to know our Editors' picks for the best books of the month? Browse Best Books of the Month, featuring our favorite new books in more than a dozen categories.

Product Details

  • Paperback: 120 pages
  • Publisher: Urban Institute Press; 1st edition (June 28, 2007)
  • Language: English
  • ISBN-10: 087766739X
  • ISBN-13: 978-0877667391
  • Product Dimensions: 5.9 x 8.9 inches
  • Shipping Weight: 4 ounces (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Best Sellers Rank: #1,198,018 in Books (See Top 100 in Books)

Editorial Reviews


This comprehensive assessment of the subprime mortgage market is the right book, at the right time, by the right author. Gramlich draws on his substantial mortgage industry knowledge and his record of academic excellence to sort through the often-contradictory literature on the rapidly evolving mortgage market and the recent wave of foreclosures that threaten to harm so many vulnerable families. This book will certainly be required reading for students in my own housing policy course. --William C. Apgar, Senior Scholar, Joint Center for Housing Studies, and Lecturer, John F. Kennedy School of Government, Harvard University

A clear and judicious analysis of both the benefits and drawbacks resulting from the rapid growth in the subprime home mortgage market, with thoughtful recommendations for reforming subprime lending. Gramlich draws on his unparalleled experience as a governor on the Federal Reserve Board to describe and evaluate the dramatic changes over the past several years. --John C. Weicher, Director, Center for Housing and Financial Markets, Hudson Institute, and Former Assistant Secretary for Housing and Federal Housing Commissioner, U.S. Department of Housing and Urban Development

This terrific volume provides everything you want to know about the hottest topic in the mortgage market today: subprime lending. It explains the origins of the subprime market and weighs the gains of homeownership for some low-income households against the risks of default and loss. Recognizing that subprime lending is here to stay, it lays out steps to get rid of the most egregious aspects and make the market work better. Buy it and put the 'crisis' stories in perspective. --Alicia H. Munnell, Peter F. Drucker Professor of Management Sciences, Carroll School of Management, Boston College

About the Author

Edward M. Gramlich was the Richard B. Fisher Senior Fellow at the Urban Institute in Washington, D.C. In 2005-2006, Dr. Gramlich was interim provost at the University of Michigan. From 1997 to 2005, he was a member of the Board of Governors of the Federal Reserve System. He is the Richard A. Musgrave Collegiate Professor Emeritus of Public Policy and served as dean of the University of Michigan School of Public Policy. He also served as chair of the Quadrennial Advisory Council on Social Security, first deputy and then acting director of the Congressional Budget Office, director of the Policy Research Division of the Office of Economic Opportunity, and a senior fellow at the Brookings Institution.

Dr. Gramlich wrote a popular text on benefit-cost analysis that is now in its second edition (A Guide to Benefit-Cost Analysis, Waveland Press, 1997). He also wrote Is It Time to Reform Social Security? (University of Michigan Press, 1998). His work for the Urban Institute Press includes The Government We Deserve: Responsive Democracy and Changing Expectations (edited with C. Eugene Steuerle, Hugh Heclo, and Demetra Smith Nightingale, 1998). His other books and articles cover macroeconomic topics, housing, budget policy, income redistribution, fiscal federalism, and the economics of professional sports.

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

5.0 out of 5 stars
5 star
4 star
3 star
2 star
1 star
See all 3 customer reviews
Share your thoughts with other customers

Most Helpful Customer Reviews

12 of 13 people found the following review helpful By Loyd E. Eskildson HALL OF FAME on June 18, 2008
Format: Paperback
"Subprime Mortgages" is a short, balanced, academic review of a major current topic. Gramlich points out that subprime mortgages have increased home ownership from about 64% to 69%, particularly benefiting minorities and those with lower incomes. They have also led to improved loan application processing.

The bad side includes bringing potential abuses from new, largely unregulated mortgage sources, a 10X increase in default rates (some believe their default rate will reach 20X that of "regular" mortgages), and enormous losses in financial markets around the world. (Gramlich failed to mention the likely damage to American financial market credibility.)

Gramlich also points out that 45% of low-income home owners and 57% of renters are now spending over half their disposable income on housing - a too great load by most standards.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
2 of 2 people found the following review helpful By William Darusmont on February 13, 2010
Format: Paperback Verified Purchase
I met Ed Gramlich when he was a Fed Governor and was giving a speech at a conference in London. I was impressed by his warmth and candor in a chance meeting before he spoke.

He was very concerned then about mortgages and derivatives and tried to convince Greenspan about monitoring and auditing mortgage companies...sadly it fell on deaf ears. He later resigned from the Fed due to his being diagnosed with cancer and devoted the final months of his life to this book in hopes of stopping what turned into the greatest financial debacle of our time and possibly ever due to the global economy.

It is written honestly and as a thesis, not as propaganda...something that is rare in today's world.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
Format: Paperback
I enjoyed reading the late Prof. Gramlich's last book. Prof. Gramlich brings an insightful overview of the subprime market by actually defining it and separating the abuses that occur in an unregulated area involving the subprime mortgage banking area from the purposes of subprime mortages.

It is a must read for those that want a strong foundational understanding of subprime mortgages, and to apply that knowledge gain from Prof. Gramlich's book, to what happened with real estate CDOs and their impact on the current financial crisis with Wall Street and the large commercial banks in this country.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again

What Other Items Do Customers Buy After Viewing This Item?