A new Urban Institute Press book offers a slate of reform opportunities for the ailing subprime mortgage market and provides one of the first comprehensive analyses of this still-evolving segment of the mortgage industry.
In "Subprime Mortgages: America’s Latest Boom and Bust," available beginning June 29, economist Edward M. Gramlich offers a timely look at the ins and outs of the subprime mortgage market, an industry that has enabled nearly 12 million low- and moderate-income families to become homeowners since 1994. But the successes of subprime mortgages have been offset by an increase in foreclosures.
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