Via a post on the Bogleheads forum, I read this piece of news from the WSJ Developments blog: Study Finds Underwater Borrowers Drowned Themselves with Refinancings From that WSJ blog post, I read this research paper: LaCour-Little, Michael, Eric Rosenblatt, and Vincent Yao, 2009. Follow the Money: A Close Look at Recent Southern California Foreclosures […]
Book Review: The Greatest-Ever Bank Robbery
What was the greatest ever bank robbery? Try $124 billion. This was the cost to the taxpayers in the savings and loan crisis in the 1980s. If interests are included, the total cost approached $500 billion or $2,000 for every man, woman and child in the United States. In light of the recent subprime mortgage […]