Subprime Rescue Plans: Backdoor Bank Bailouts
Contributing Organization(s): Center for Economic and Policy Research
Author(s)/Creator(s): Dean Baker
Publishing Date: 2008-03-04
Issue Areas: Economic Development
Ownership/Rights Info: Creative Commons Attribution 1.0 Generic
This report analyzes recent proposals suggesting that the government buy up or guarantee bad mortgage debt in an attempt to slow the increasing number of foreclosures the nation has seen in the wake of the housing market's meltdown. The study, which focuses on the plan put forth by the Office Thrift Supervision, shows that banks and mortgage holders end up being the true beneficiaries of such plans at the expense of taxpayers and with few gains for the majority of homeowners currently facing foreclosure.
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Intended Audience: Advocates; General Public; Legislators/Legislative Aids; Policy Professionals; Researchers
Coverage: US
Type/Format: Whitepaper; Policy Brief
Language code: English
Coverage: US
Type/Format: Whitepaper; Policy Brief
Language code: English
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