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THE FINANCIAL CRISIS INQUIRY REPORT INDEX
Abacus –, , Adverse market conditions, liquidity failure, –
Abacus –, –, – liquidity puts,
ABS East conference, Affordable housing, –, Merrill Lynch’s CDO
ABX index, –, , , –, – tranches,
, , , African Americans: jobless rate, over-the-counter
ACA Capital, , derivatives, xxvi
Accountability Agosta, Jeff, payment to AIG
increasing sloppiness in Aguero, Jeremy, counterparties, (fig.)
mortgage paperwork, AIG Financial Products, – risk management, xix
mortgage lending fraud, systemic risk after Bear
systemic breakdown in, xxii Alex Brown & Sons, Stearns collapse, –
Accountant firms, Alix, Michael, , ,
Accounting practices Allianz, TARP,
AIG valuation, – Ally Financial, Ameriquest, , –, , ,
AIG-Goldman dispute over Alt-A securitization, –,
CDO, – –, , , , Andrukonis, David, –
collapse of subprime Antoncic, Madelyn, –
lenders, Alvarez, Scott, , , , , Appraisals, inflated, –
GSEs’ capital shortfall, Arbitrage, –
Lehman Brothers, – Alwaleed bin Talal, Archstone Smith trust, –
mark-to-market rules, , Ambac, Arizona: mortgage delinquency,
–, , , , American Bankers Association, ,
, , , Arthur Andersen,
Adams, Stella, American Home Mortgage, Ashcraft, Adam,
Adelson, Mark, American International Group Ashley, Stephen,
Adjustable-rate mortgages (AIG) Asset-backed commercial paper
(ARMs), , , , bailout, –, – (ABCP) programs
delinquency, CDO structuring, , BNP Paribas SA loss,
hybrids, – –, – –
increasing popularity of, – credit default swaps, Countrywide, –
, failure triggering crisis, xvi expanding use of, –
mechanism of, financial crisis and bailout, IKB as casualty, –
mortgage-securities – latent subprime exposure,
entanglement, Goldman dispute over
option ARMs, – subprime losses, – money market funds,
savings and loan crisis, government rescue, –
Wachovia’s liquidity lack of concern over SIVs, –
concerns, subprime-mortgage Asset-backed securities, (fig.)
See also Option ARM loans failure, – Associates First,
INDEX
Athan, Tom, , – mortgage-backed securities synthetic CDOs,
Auction rate securities (ARS), market losses, See also Investment banks
– nontraditional loans, Bear Stearns Asset
Australia See also Investment banks Management (BSAM),
house price appreciation, Bank runs, , –, –, –, ,
–, (fig.) Bankers Trust, , –
housing bubble, – Banking “Bear Stearns Light” liquidity
Automobile manufacturers, bank failure affecting scenario,
Automotive Industry Financing commercial real estate “Bear Stearns” liquidity
Program, market, scenario,
big bank bets and bank Beneficial Mortgage,
Bacon, Kenneth, failures, – Bensinger, Steven, ,
dismantling Glass-Steagall, Bernanke, Ben
Bailey, Kevin,
– acknowledging housing
Bailouts
failure numbers, market drop,
AIG, –,
financial fallout from Bear Stearns’ collapse, –
controversy over Lehman
recession, –
Brothers collapse,
savings and loan crisis, Bear Stearns’ toxic hedge
–
– funds,
Fannie Mae/Freddie Mac,
See also Commercial banks; BofA-Merrill Lynch merger,
–
Investment banks
savings and loan crisis,
Barber, Mark, – concerns over Lehman’s
–
Barclays,
”too big to fail” principle, liquidity,
Barker, Randolph,
, – consumer advocates’
Barnes, Murray, –
Bair, Sheila C., , , , , concerns about mortgage
Basel International Capital
, – lending,
Accords, , , –
Baker, Dean, – credit rating agencies’ role in
Bakersfield, California, , CDO structuring,
Basis Yield Alpha Fund,
Balloon mortgages, delinking Fed interest rate
Bass, J. Kyle, –, ,
Bank of America hikes and real estate
Baxter, Tom, , –, ,
acquisition of Countrywide, bubble,
BBB-rated securities, –, Fed-Lite,
agencies’ peer group study , Fed’s failure of housing
of mortgage practices, Beal, Vicki, regulation,
Bear Stearns financial crisis of ,
Bear Stearns toxic hedge BSAM role in CDO global capital flows,
funds, business, – housing bubble,
consolidation and growth of commercial real estate, housing prices leading to
banks, CSE oversight, nontraditional lending
Countrywide’s ABCP loss, fall of, – products,
financial sector growth, lack of concern over
CRA-qualifying portfolio, government response to housing bubble, xxi
collapse of, xxi Lehman collapse, –,
credit default swaps, , hedge fund creation, –
financial crisis, – JP Morgan purchase of, , measuring investment bank
financial sector growth, liquidity risk,
GSE delinquent loans, mortgage-backed securities monetary policy
Lehman Brothers collapse, market losses, contributing to credit
, regulators’ concerns over bubble,
litigation over failure of, – mortgage fraud, –
delinquencies, risk concentration, predatory lending practices,
money market funds, risk exposure of hedge
mortgage fraud, funds, – recession of ,
INDEX
refusal to believe in housing government response to Chau, Wing, , –, ,
market crash spillover, economic shortfalls,
mortgage delinquency, Checks and balances,
run on Goldman Sachs, SIV losses, Cheyne Capital Management,
small businesses’ losses underwater mortgages, –
during recession, (fig.) Chicago Board of Trade,
TARP, – California Reinvestment Chicago CRA Coalition,
underestimating magnitude Coalition (CRC), , Children, housing foreclosures
of systemic risk, , Callahan, Jim, , and,
underestimating the Callan, Erin, China
housing bust, Canada: housing bubble, credit bubble,
See also Federal Reserve CanagaRetna, Sujit, – global capital flows,
Bies, Susan, –, – Canavan, Sheila, –
Bisenius, Donald, Capital flows GSE securities,
Black, Dennis J., – insufficient capital leading Christie, Chris,
Black, William K., , –, to bank failure, Cioffi, Ralph, –, –,
mortgage-backed securities –
Blankfein, Lloyd, , , –, losses, Cisneros, Henry,
, Capital Markets Approval CIT Group Inc.,
Blinder, Alan, Committee (Citigroup), Citibank
Blow up risk, Fannie Mae involvement in
BNP Paribas SA, , – Capital Purchase Program, housing bubble,
BNY Mellon, –, , Cardwell, J. Thomas, – Maiden Lane payments,
, – Carter, Carolyn, –
Bookstaber, Richard, Case, Karl, Citicorp: deregulation of bank
Born, Brooksley, – Case-Shiller Index, consolidation,
Bowen, Richard, , , Cash management accounts, CitiFinancial, , ,
– Cash reserves, , , Citigroup
Braunstein, Sandra, , Cassano, Joseph, –, – agencies’ peer group study
of mortgage practices,
Breaking the buck, ,
Cattani, Arnold, ,
Breeden, Richard, ,
Causes of the crisis, xv Ameriquest acquisition,
Brendsel, Leland,
big bank bets and bank Bear Stearns’ toxic hedge
Broderick, Craig, , ,
failure, – funds, –
–
credit bubble, – CDO losses, , –
Brown, Lloyd,
differing theories of, – CDO structuring, –
Brown, Richard,
commercial banks’
Bruce, Kenneth,
housing bubble, – downturn, –
Bubbles. See Credit bubble;
mortgage securitization, consolidation and growth of
Housing bubble;
– banks,
Mortgage bubble
systemic failure through credit default swaps,
Buffett, Warren, , , –,
common shock, – deregulating bank
systemic failure through consolidation,
Burks, Gail, , contagion, – due diligence and
Burry, Michael, ten essential causes, – disclosure, –
Bush, George W., , – expansion of, –
Bushnell, David, , Cayne, Jimmy, –, failure to control excesses,
Bynum, Gregory, Cecala, Guy, xviii
Center for Responsible failure to heed warning
Calhoun, Michael, Lending, signs,
California Century Financial, financial crisis, –
delinquency, , Chanos, Jim, financial sector growth,
fallout from the crisis, Charles Schwab, lending violations,
foreclosures, Chase Home Financial, liquidity puts, –,
INDEX
Citigroup (continued) Bear Stearns toxic hedge See also Citigroup;
mortgage securitization, , funds, – Wachovia; Washington
Citigroup liquidity puts, Mutual
mortgage-backed securities – Commercial Paper Funding
market losses, Citigroup’s synthetic CDOs, Facility,
raising capital after Bear – Commercial paper market,
Stearns collapse, Consolidated Supervised –, –, –
reducing subprime exposure Entity program, – AIG liquidity failure, –
through CDS, creating demand for lower- ,
subprime exposure rated tranches, – Citigroup involvement,
level, – creation and expansion of, –
Wachovia acquisition, – Lehman decline,
– downgrading, – money market funds,
warehouse lending, – due diligence and post-recession financing,
Civil rights, disclosure,
Clark, Timothy, , end of the boom, stopping mortgage lender
Clarke, Vaughn, Goldman Sachs, , funding,
Clarkson, Brian, , –, – Commercial real estate,
housing boom repackaging, –, –
Clawback provisions, Commodification of the
Clayton Holdings, – housing entanglement in housing industry, –
Clearing banks, – securities market, – Commodities,
Cleveland Ohio: predatory leverage, Commodity Exchange Act
lending practices, – managers’ response to the (),
“Climbing the Wall of madness, – Commodity Futures
Subprime Worry” report, mechanism of, (fig.) Modernization Act
– Merrill Lynch, – (CFMA; ),
Clinton, Bill, Moody’s downgrade, Commodity Futures Trading
affordable housing, – – Commission (CFTC),
Commodity Futures Moody’s role in, –, –
Modernization Act, – Common shock, , –
CRA lending, mortgage-backed securities Community
Gramm-Leach-Bliley Act, market losses, fallout from the crisis,
reducing subprime exposure housing industry links to,
HOEPA, through CDS, –
Cloutier, C.R., regulators’ missed mortgage fraud, –
CMLTI -NC, , , opportunity, – Community Reinvestment Act
(fig.), , (fig.), self-fueling machine, (CRA), xxvii, –,
, –, , – –, –,
Coffey, Kevin, See also Credit default swaps Community-lending pledges,
Cohen, H. Rodgin, , – Collateralized loan obligations –
Cohn, Gary, (CLOs), –, Compensation controls,
Cole, Roger, , , Commercial banks and thrifts Compensation packages
Collateral call, buying and selling home Bear Stearns’ hedge fund
Collateralized debt obligations loans, collapse,
(CDOs), xxiv, – crisis and recession fallout, Bear Stearns preceding the
AIG dispute with Goldman fall,
over, – decline after Bear Stearns CDO machine breakdown,
AIG involvement, –, collapse, –
– securitizing prime changes in the financial
Bear Stearns’ asset mortgages, industry, –
management business, shadow banks and, – Citigroup’s CDO business,
– subprime origination and
Bear Stearns’ collapse, securitization, GSE executives, –
INDEX
GSE penetration into Consumer protection groups, Crabtree, Gary, –,
subprime market, Credit bubble, –,
ignoring long-term Consumer spending, , – causes of the crisis, –,
consequences, xix
Merrill’s O’Neal’s severance Contagion, risk of, , – global capital flows,
package, Continental Illinois, – –
mortgage brokers, CoreLogic, monetary policy, –
Congress, U.S. Corporate governance repricing of risk,
closing state shortfalls, AIG failure, See also Housing bubble;
Community Reinvestment big bank failure, – Housing bust; Mortgage
Act, Citigroup’s CDO business, bubble
Depository Institutions – Credit card loans,
Deregulation and condoning mortgage fraud, Credit default swaps (CDS),
Monetary Control Act, – xxiv–xxv,
dismantling Glass-Steagall, failure to control reckless AIG dispute with Goldman,
practices, xviii–xix –, –
Economic Stimulus Act, FHFA criticism of GSE AIG failure,
Fannie Mae/Freddie Mac management, – AIG liability, –
debt, GSEs’ capital shortfall, AIG’s international business,
Fannie Mae/Freddie Mac ignoring risks of housing
mission, bubble, – CDO machine, –
homeownership incentives, international credit bubble, consumer advocates’
Housing and Economic concerns over mortgage
Recovery Act, response to CDO madness, industry,
increasing deregulation, – economists’ concerns over
moratorium on OTC response to recession and stability of,
regulation, loss of credit, – Goldman Sachs collapse,
mortgage underwriting Corrigan, E. Gerald, , ,
standards, – Counterparty Risk Greenspan’s concerns over,
regulating subprime Management Policy –
mortgage lending, Group, housing entanglement in
regulating thrifts, Countrywide, xxiii securities market,
Resolution Trust agencies’ peer group study mechanism of,
Corporation, of mortgage practices, reducing subprime exposure
savings and loan crisis, – through,
shadow banking, BofA acquisition, regulators’ reaction to the
TARP, , commercial paper casualty, CDO madness,
”too big to fail” principle, – synthetic CDO growth,
Congressional Budget Office, expanding mortgage –
, originations, systemic risk after Bear
Congressional Oversight Panel, GSE delinquent loans, Stearns collapse, –
xii, , GSE penetration into
Conover, C. Todd, subprime markets, See also Collateralized debt
Conseco, improper foreclosures, obligations
Consolidated Supervised Entity mortgage fraud, Credit expansion, –
(CSE) program, – mortgage originations, Credit markets, xvi, –
, nontraditional loans, Credit ratings/credit rating
Consumer Advisory Council of option ARMs, – agencies, xxv,
the Federal Reserve recognition of long-term AIG CDO involvement
Board, vulnerability, xxii relying on, –
Consumer and Community single-cause theories, AIG downgrade,
Affairs Division (Federal Cox, Christopher, xxi, , , AIG valuation,
Reserve), , , , – as securitization watchdogs,
Consumer confidence, Cox, Prentiss, –
INDEX
Credit ratings/credit rating risky assets combined with, Dugan, John, , , ,
agencies (continued) xx –
Bear Stearns Asset small businesses’ hesitancy Duke, Elizabeth,
Management business, to take on new debt, Duke, Ellen,
Defaults, mortgage, –, Dunhill CDO,
Bear Stearns’ collapse, –, , –
– DEFCON calls, – Early payment defaults,
CDO benefits, – Delinquencies, mortgage, – Economic crisis,
CDO structuring, – , –, – AIG-Goldman dispute over
Citigroup, Deposit insurance, . See also valuation, –
failure of subprime Federal Deposit AIG’s lack of concern over,
mortgage-backed Insurance Corporation –
securities, – Depository Institutions assessing liquidity risk
Lehman Brothers’ F rating, Deregulation and through repo markets,
Monetary Control Act, –
Merrill Lynch’s assessing systemic risk after
subprime exposure Deregulation of financial Bear Stearns collapse,
levels, markets, xviii, , , –
role in the crisis, – asset-backed commercial
shorting CDOs, – Derivatives, , – paper,
structured finance, assessing systemic risk after Bear Stearns’ collapse,
See also Moody’s; Standard Bear Stearns collapse, –
& Poor’s – BNP Paribas SA loss,
Credit scoring, , mortgage securitization, –
Credit spreads, OCC expansion of allowed Citigroup’s subprime
Credit squeeze, activities, exposure level, –
Credit Suisse, single-cause theories, commercial banks’ decline,
Credit Suisse Institutional See also Over-the-counter –
Money Market Prime Countrywide’s ABCP loss,
(OTC) derivatives
Fund, –
Desert Community Bank,
Crittenden, Gary, , credit rating agencies’ lack
Dickerson, Chris,
Cruise, Christopher, – of concern over, –
Dimon, Jamie, , , , ,
Cuomo, Andrew, –, , financial losses of ,
, ,
–
Dinallo, Eric, ,
financial market fallout,
Dahlgren, Sarah, Disclosure, –,
IKB ABCP loss, –
Dallavechia, Enrico, – Disintermediation, Merrill Lynch’s massive
Darling, Alistair, , Ditech, losses, –
Davidson, Andrew, Documentation on mortgage money market funds,
Davilman, Andrew, –, loans, – –
– Dodd, Christopher, , monoline insurers, –
Dean Witter, Dominguez, Nestor, –, mounting subprime losses
Debt levels, xvii , stressing the economy,
defaults on national debt, Dot-com crash, –, –,
Fannie Mae borrowing, post-housing bust indicators
household debt after the Dow Jones average, , , of impending crisis,
recession, , , – –
increase in household debt Drexel Burnham Lambert, , structured-investment
after , – – vehicles, –
increase in mortgage Dreyfus fund, See also Financial crisis
indebtedness, Drysdale, Economic growth,
s and s levels, Dudley, William C., , , Economic Growth and
recession causing cutbacks, , , Regulatory Paperwork
– Due diligence, –, Reduction Act (),
INDEX
Economic Stimulus Act, leverage ratio, xx Mac). See Fannie
Economist magazine, , mission versus safety, Mae/Freddie Mac
Edwards, Jeffrey, – – Federal Housing Association
Ehrnman, Roger, mortgage fraud, (FHA),
Eichel, Scott, mortgage securitization, – Federal Housing Enterprises
Eichner, Matthew, , , , , Financial Safety and
, mortgage-backed securities Soundness Act (),
Einhorn, David, market, – –
Eisman, Steve, OCC discovery of capital Federal Housing Finance
Emerging markets, shortfall, – Agency (FHFA),
Enhanced cash funds, originate-to-distribute –,
Enron, , , , – mortgages, Federal National Mortgage
Equity borrowing, – portfolio cap relief, – Association (Fannie
Ernst & Young (E&Y), – regulators’ critical concerns Mae). See Fannie
Ethics, xxii, – over, – Mae/Freddie Mac
European American Bank, role in crisis, Federal Open Market
– sellers’ repurchasing Committee (FOMC)
European markets guaranteed loans, – AIG bailout,
credit bubble, –
Bear Stearns hedge funds,
EU requirement of U.S.
shadow banking,
consolidated supervisor,
single-cause theories, Countrywide’s ABCP
–
See also Government- casualty, –
single-cause theories,
sponsored enterprises declining housing prices in
–
Farrell, Mike, ,
See also specific countries
Fass, Lloyd, housing bubble
Excess liquidity, xxv–xxvi
Exchange-traded futures and Federal Bureau of Investigation presentation, –,
options, (FBI), ,
Federal Deposit Insurance restricting access to credit
Corporation (FDIC) after recession,
Fair Isaac Corporation,
AIG bailout, Wachovia acquisition,
Falcon, Armando, Jr., , ,
bank bailouts, Federal Reserve
cash management accounts, allowing bank-ineligible
Fannie Mae/Freddie Mac, xix,
activities,
xxv–xxvi
Citigroup’s TARP funds, assessing systemic risk after
bolstering the struggling
CRA lending, Bear Stearns collapse,
housing market, –
capital increase, – creation of, –
choice of meeting the deregulation, Bank of America-Merrill
booming housing shutting down lending, Lynch merger,
market, – Wachovia acquisition, Bear Stearns’ collapse,
conservatorship, , Washington Mutual’s –
credit scoring, impending collapse, Citigroup ban,
dual missions, – Citigroup’s CDO business,
FHFA criticism of Washington Mutual’s –
management, – decline, Commercial Paper Funding
financial sector growth, Federal Deposit Insurance Facility,
foreclosure donations, Corporation community development
foreign investment flows, Improvement Act commitments,
– (FDICIA), concerns after Bear Stearns
government backing despite Federal Home Loan Bank of collapse, –
declining performance, Chicago, Countrywide’s ABCP
– Federal Home Loan Banks, casualty,
history and development of, Federal Home Loan Mortgage CSE program,
– Corporation (Freddie dot-com crash,
INDEX
Federal Reserve (continued) concerns over Lehman Enforcement Act
failure to halt toxic liquidity, – (FIRREA; ),
mortgage flows, xvii failure to control Citigroup’s Financial sector growth, –
Fannie Mae/Freddie Mac excesses, xviii Financial shock and panic, ,
mission, GSE emergency loans, –
Federal Open Market GSEs’ capital surcharge, Finn, Mike,
Committee, – housing bubble First Alliance Mortgage
financial crisis of , presentations, – Company, ,
financial losses of , lack of preparation for crisis, First American Bank,
– xxi–xxii First Data Corporation,
government housing policy measuring investment bank First Union Bank,
contributing to liquidity risk, Fitch Ratings, , . See also
irresponsible lending, Morgan Stanley’s stress Credit ratings/credit
xxvii during the financial rating agencies
HOEPA hearings, – crisis, – Fixed-rate mortgages,
ignoring warning signs in OTC regulation, – Flight to quality,
housing industry, –, plea for mortgage lending Flipping loans,
interest rate hikes, – rules, Floating mortgage rate, –
JP Morgan acquisition of Federal Trade Commission Florida
Bear Stearns, (FTC), – delinquency rate,
lack of preparation for crisis, Federated Investors, –, foreclosure increases,
xxi–xxii impact of foreclosures on
Lehman Brothers collapse, Fed-Lite, , families and children,
, – Ferguson, Roger, –, ,
LTCM disaster, Ferrer, Wilfredo A., mortgage delinquency,
measuring investment bank FICO score, , , – underwater mortgages,
liquidity risk, – Fidelity, (fig.)
monetary policy Financial Accounting Standards Flowers, Christopher, –
contributing to credit Board, Fons, Jerome, –
bubble, – Financial Control Group Fontana, Thomas,
predatory lending practices, (Citigroup), Foreclosure assistance
– Financial Crimes Enforcement programs, –,
President’s Working Group Network (FinCEN), , Foreclosures
on Financial Markets, – Bakersfield, California,
Recourse Rule, – Financial crisis, causes of, –
refusal to investigate fraud, AIG bailout, – CDO losses resulting from,
Bank of America, –
risks of innovations, Citigroup, – figures on, xv
shadow banking, fallout from, impact of recession on,
short-term interest rates impact on today’s economy, initiatives to stem, –
after recession, rate of,
subprime mortgage lending money market funds, – renters as victims,
regulation, rising rate of and ongoing
system failure through Morgan Stanley response, damage from, –
contagion, – – systemic flaws in lending
TALF program, OTC derivatives, – practices, –
Wachovia acquisition, TARP, – Foreign investors
Wachovia’s decline, Wachovia’s liquidity AIG Financial Projects
concerns, – CDOs,
Federal Reserve Act, Washington Mutual, – asset-backed commercial
Federal Reserve Bank of New paper programs
York See also Economic crisis casualties, –
AIG bailout, –, Financial Institutions Reform, CMLTI loans, (fig.)
Citigroup decline, Recovery, and global savings glut, –
INDEX
Forster, Andrew, , , , GE Asset Management Trust CDO structuring, ,
Enhanced Cash Trust, –
France compensation,
house price appreciation, GE Capital, –, CSE oversight,
–, (fig.) Geanakoplos, John, financial sector growth,
housing bubble, – Geithner, Timothy, xxi–xxii fraud over synthetic CDOs,
Frank, Barney, , – AIG bailout, , , –
Fraud Bear Stearns’ collapse, , IKB as casualty of ABCP
accounting scrutiny of programs, –
GSEs, – Citigroup decline, Maiden Lane payments,
AIG’s reduced credit rating Citigroup’s CDO crisis, –
over manipulated – OTC derivatives, –
concerns over Lehman’s reducing subprime
earnings, –
liquidity, , exposure, –
Ameriquest, –
Counterparty Risk run on the bank,
authorities’ refusal to
Management Policy synthetic CDOs, xxvi
investigate, –
Group, See also Investment banks
Bakersfield housing market,
housing entanglement in Goldschmid, Harvey, –
–
securities market, Gonzales, Alberto, ,
contributing to the housing Goodman, Laurie, ,
bubble and crisis, Lehman Brothers
bankruptcy, , – Gorton, Gary, , ,
crime-facilitative Government actions and
environments for money market funds,
agencies
mortgage fraud, – on market disruption and
AIG bailout,
Fannie Mae, panic, –
Ameriquest fraud
improper foreclosures, TARP, –
investigation, –
increases between and Gelband, Michael, –
Bank of America-Merrill
, xxii General Accounting Office
Lynch merger, –
mortgage securitization, (GAO), ,
closing shortfalls after
Gensler, Gary,
OTC derivatives, recession, –
Gibson Greeting Cards,
selling toxic funds to concerns over Lehman
Ginnie Mae, ,
investors, – Brothers solvency,
Glass-Steagall Act (), , –
state regulation of housing,
, , –, credit ratings’ link to
–
Glenn, David, regulation, –
synthetic CDOs, –
Global capital flows, – critical concerns over GSEs,
underwriting standards,
Global Financial Stability –
–
Report of the IMF, failure to challenge financial
Fraud Enforcement and
Globalization of financial industry, –
Recovery Act (), xi
markets, xvii Fannie Mae/Freddie Mac
Freezing, financial, –
Gnaizda, Bob, lobbyists, –
Fremont Investment & Loan,
Gold rush mentality, – federal and state
,
Golden West Savings, , government regulation
Friedman, Paul, – of banks,
Froeba, Mark, Goldman Sachs federal and state response to
Frost, Alan, –, – AIG dispute over subprime the financial crisis and
Fuld, Richard, , –, exposure, – recession, –
–, , AIG downgrade, GSE backing despite
Fulmer, Ann, AIG failure, – declining liquidity,
Funded investors, (fig.) AIG’s CDO involvement, –
Futures and options, Bear Stearns’ collapse, inflated housing appraisals,
Bear Stearns’ toxic hedge
Garn-St. Germain Act (), funds, – Lehman Brothers’
Gasvoda, Kevin, Buffett investment, bankruptcy, –
INDEX
Government actions and Green Street Advisors, Habayeb, Elias, ,
agencies (continued) Green Tree Financial, Halloran, Michael,
peer group study of Greenberg, Alan, Hawke, John, ,
mortgage practices, Greenberg, Maurice “Hank,” Hayman Capital Partners,
– – –
policy makers’ lack of Greenberger, Michael, Hedge funds
preparation for crisis, Greenspan, Alan Bear Stearns’ collapse,
xxi–xxii accepting guidance, Bear Stearns’ toxicity, –
refusal to acknowledge acknowledging housing
potential crash, market drop, – BSAM business, –
refusal to heed warning advocating deregulation, economists’ concerns over,
signs of nontraditional CRA lending,
loans, – defending decisions, Fed faith in Bear Stearns, xxi
response to financial crisis, delinking Fed interest rate housing entanglement in
– hikes and real estate securities market,
single-cause theories, bubble, LTCM collapse,
system failure through deregulating bank Merrill Lynch,
contagion, – consolidation, shadow banking,
TARP, – deregulation of financial surviving the financial crisis,
Wachovia’s liquidity markets, xviii,
concerns, dot-com crash, See also Derivatives
See also Bailouts; Congress, economic growth and Hempstead, Todd, ,
U.S.; Federal Reserve; financial resilience,
Hendricks, Darryll, –
Office of the Comptroller expansion of banks’ allowed
High-Grade Structured Credit
of the Currency; Office activities,
Strategies Enhanced
of Thrift Supervision; Fed’s failure of housing
Leverage Fund, ,
Regulation/regulators; regulation,
–
Securities and Exchange housing bubble spread,
High-Grade Structured Credit
Commission; Treasury housing entanglement in
Strategies Fund, ,
Department, U.S. securities market,
, –
Government housing policy, interest-rate cuts,
High-yield mortgage securities,
xxv–xxvi, xxvii, , international credit bubble,
Government National
Mortgage Association LTCM collapse, Hockett, Ben,
(Ginnie Mae), , monetary policy Home Affordable Modification
Government-sponsored contributing to credit Program (HAMP), –
enterprises (GSEs) bubble,
conservatorship, , – OTC derivative regulation, Home Mortgage Disclosure
due diligence, – – Act,
flawed business model, xxvi predatory lending practices, Home Ownership and Equity
housing market drop, , –, – Protection Act
regulators’ declining (HOEPA), –, ,
mortgage delinquency, influence in the housing –, , –,
– bubble, –
See also Fannie Mae/Freddie risks of innovations, – Home starts,
Mac subprime mortgage lending Homebuilder Comfort Homes
Gramlich, Edward, –, , regulation, of Florida LLC,
– Greenspan put, – HomeKeeper Program, New
Gramm-Leach-Bliley Act Gregory, Joseph, Jersey,
(GLBA; ), , , , Grenadier Funding, Homelessness,
, GSC Partners, – Homeownership figures, , ,
Grand Teton National Park Guidance, –,
conference, Gussmann, David, Household Finance Corp.,
Grant, James, Gutfreund, John, Household wealth, xv–xvi
INDEX
Housing and Economic job and industry growth causes of foreclosure,
Recovery Act (HERA), after , – –
Lehman’s increasing risk, correlating mortgage-
Housing and Urban – backed securities to,
Development leveraged loans and –
Department (HUD) commercial real estate, credit-induced price boom,
affordable housing goals, – –
xxvi–xxvii, Moody’s denial of, crisis fallout, –
Ameriquest fraud mortgage fraud, – Fed interest rate cut,
investigation, – owning the risk, – hybrid ARMS,
Fannie Mae/Freddie Mac policy makers’ lack of increases leading to
debt, awareness, xxi proliferation of
foreclosure donations, predatory lending practices, nontraditional mortgage
GSE penetration into – products,
subprime markets, – predicting the burst, – investors’ assumptions about
quality control in the the movement of,
predatory lending report, mortgage industry, – mortgage lenders’ betting on
subprime mortgage lending rising prices,
real estate boom generating s bubble, –
regulation,
jobs, peak values,
Housing bets, –
regulators’ declining risk concentration,
Housing bubble, xvi
influence, – drops in,
as warning sign,
risky asset holdings, xx Housing starts,
authorities’ refusal to
role in the crisis, HUD-Treasury report, ,
acknowledge, –
single-cause theories, Hunt, Dawn, –
bank borrowing and
– Hybrid ARMS, –
mortgage interest rates, Hybrid CDOs, ,
See also Foreclosures;
(fig.)
Housing bust; Mortgage-
banks’ expansion into
backed securities market; IBGYBG (“I’ll be gone, you’ll
emerging markets, –
Subprime lending be gone”), ,
betting against CDOs,
Housing bust IKB Deutsche Industriebank,
big bank bets and bank
CDO downgrades, – –, –
failures, – delinquencies, – Immigrants, housing fraud and,
causes of, – financial consequences,
CDS role in ending, , impact on families and Impaired securities, (fig.)
communities, Independent finance
community and economic legal remedies, – companies,
links to, – rating downgrades, – Independent mortgage lenders,
components and possible risk concentration, – –
causes, – Housing discrimination, xxvii Inflated housing appraisals,
credit-induced price boom, Housing policy. See –
– Government housing Inflation,
economic growth and policy Initial public offerings (IPOs)
financial resilience, Housing prices of stocks,
Fannie Mae/Freddie Mac after recession, – Insurance, . See also
involvement, xxvi, appreciation in selected American International
– countries, –, Group
foreign investment flows, (fig.) Interbank lending, cost of,
– Bakersfield, California, (fig.)
government incentives for bank borrowing and Interest rates, . See also
homeownership, mortgage interest rates, Short-term interest rates
inflated appraisals, – (fig.) Interest-only loans, , ,
international spread of, , boom and bust from to International Monetary Fund
– , – (IMF),
INDEX
Internet-based trading, system failure through risk concentration,
Interthinx, contagion, – Washington Mutual sale,
Investment banks ”too big to fail,” –
as root cause of crisis, See also Bear Stearns; Junk mortgages,
assessing systemic risk after Goldman Sachs; Lehman Justice Department, –
Bear Stearns collapse, Brothers; Merrill Lynch;
– Morgan Stanley Kashkari, Neel,
buying and selling home Ireland Keefe, Kirsten,
loans, house price appreciation, Kelly, Austin,
community development –, (fig.) Kerr, John, –
commitments, – housing bubble, – Keystone Bank, ,
compensation packages, Kim, Dow, , –
– Jackson, Alphonso, Kimball, Andrew, –
Consolidated Supervised Jamison, Bill, King, Mervyn,
Entity program, – Jobs Kirby, Mike,
consolidation of insurance, effects of recession on, – Kirk, Alex,
banks and securities KKR equity firm,
firms, financial sector losses after Kleros Real Estate Funding III,
controversy over Lehman crisis and recession, – –
Brothers collapse, – Klio I, II, and III, –
housing industry growth in Klipsch, Mark, ,
dot-com crash, – , – Kohn, Daniel,
EU demand for U.S. jobless recovery, Kolchinsky, Eric, , ,
oversight, real estate boom generating –
jobs, Korea Development Bank,
excessive borrowing, risky
See also Unemployment Kovacevich, Richard, ,
investments, and lack of
Johnson, Keith, – Krimminger, Michael,
transparency, xix–xx
failure and loss of Jost, Jerry, –
JP Morgan Land use restrictions, housing
confidence,
Bear Stearns’ collapse, – bubble and,
financial losses of ,
, Large Bank Supervision
–
Bear Stearns’ collapse Handbook,
financial sector growth,
leading to risk LaTorre, Alejandro, –
Lehman Brothers collapse
awareness, – Lattanzio, Dale,
triggering financial
Bear Stearns purchase, , Lazear, Edward,
panic, –
Leach, Brian, –
leveraged loans and Bear Stearns’ toxic hedge Leadership Conference on Civil
commercial real estate, funds, Rights,
– community development Lehman Brothers
liquidity risk measures, commitments, accounting irregularity,
– compensation, –
LTCM leveraging strategy, consolidation and growth of AIG bailout,
banks, bankruptcy, –,
mortgage fraud, – credit default swaps, –
repo market and financial crisis, bankruptcy versus failure,
commercial paper financial sector growth, –
market, GSE delinquent loans, Bear Stearns’ toxic hedge
runs on, – Lehman Brothers’ funds, –
securitization, bankruptcy, –, compensation,
shadow banking, , – concerns after Bear Stearns
solvency and liquidity mortgage-backed securities failure, –
failure, market losses, controversy over failure of,
subprime origination and reducing exposure to –
securitization, Lehman, failure triggering crisis, xvi
INDEX
failure triggering financial AIG, – Madness, –
panic, – Bear Stearns collapse, – Magnetar,
financial crisis, , (fig.) Maheras, Thomas, , ,
financial sector growth, Citigroup, Mai, Jamie,
increasing risk burden, derivatives markets, – Maiden Lane LLC, , –
– Maker, Ruhi, –
lenders’ and supervisors’ GSEs’ government backing, Mann, Karen, –, ,
concerns over liquidity, – Marano, Thomas, –,
– GSEs’ portfolio cap relief, ,
Maiden Lane payments, – Market Risk Amendment to
management refusal to investment banks after Bear Basel rules,
acknowledge housing Stearns collapse, – Market share, Moody’s
bubble risks, – Lehman Brothers, – emphasis on, –
Primary Fund holdings in Lehman’s lenders’ and Mark-to-market accounting,
, – supervisors’ concerns , –, , ,
regulators’ concerns over over, – , , ,
liquidity, – overdependence on short- Martin, William,
repo market as liquidity risk term liquidity, Martinez, Mel,
measure, – role in the crisis, Masters, Michael, –
See also Investment banks Litigation Mayer, Christopher,
Leverage risk, xx Goldman Sachs, Mayo, Michael,
Bear Stearns Asset over delinquencies, – MBIA, , , , ,
Management business, Loan Prospector, –
– Loan-to-value (LTV) ratios, McCarthy, Callum,
Bear Stearns “window –, McCleskey, Scott,
dressing” to lower ratio, Lobbying McCoy, Patricia,
– causes of the crisis, McCulley, Paul, ,
CDOs, deregulation of bank McDade, Bart, , ,
financial sector growth, consolidation, McDaniel, Raymond, –,
GSEs, dismantling Glass-Steagall, ,
investment banks’ – McDermott, Jeannie,
increasing levels from Fannie Mae/Freddie Mac, McDonough, William,
, – – McGinn, Kevin, ,
Lehman’s stake in Archstone Lockhart, James, , , – McQuade, Eugene,
Smith, – , –, Medicaid,
leveraged loans and Lombard-Wall, Meier, Steven,
commercial real estate, Loney, Glenn, Memorandum of
– Long Beach Mortgage, – understanding (MOU),
LTCM, – Long Beach Savings and Loan, ,
OTC derivatives, Mergers
role in the crisis, Long-Term Capital Bank of America-Merrill
shadow banking, , Management (LTCM), Lynch, –
Levin, Robert, –, – –, –, , Citigroup expansion, –
, , , , Low-documentation loans, Merrill Lynch
Levitt, Arthur, , – AIG’s CDO involvement,
Lewis, Ken, , Lowitt, Ian, Bank of America merger,
Lewis, Robert, Ludwig, Eugene, –
Liar loans, Lund, Thomas, –, , Bear Stearns’ toxic hedge
Lindsey, Lawrence, , , , – fund,
Lippmann, Greg, cash management accounts,
Liquidity puts, –, , M Prime model,
, – Macciaroli, Michael, , CDO losses, , –
Liquidity risk/liquidity failure, Mack, John, , CDO structuring,
Madigan, Lisa, – compensation,
INDEX
Merrill Lynch (continued) housing bust, impact of CDOs on, –
corporate governance mortgage-backed securities
breakdown, xix market, – increasing homeownership
Countrywide’s ABCP loss, structured finance, after , –
structured-investment second mortgages,
credit default swaps, vehicles, shadow banking, –
financial sector growth, See also Credit ratings/credit state regulation, –
JP Morgan reducing rating agencies toxic financial assets
exposure to, Moral hazard, stemming from, –
massive losses, – Morgan Stanley underwriting standards,
mortgage-backed securities asset growth, –
market losses, compensation packages, See also Foreclosures;
OTC claims, – Housing bubble;
reducing subprime exposure CSE oversight, Housing bust
through CDS, due diligence, Mortgage modification
repo market as liquidity risk financial crisis, – programs, ,
measure, GSE review, Mortgage-backed securities
See also Investment banks mortgage-backed securities market, –
Mewbourne, Chris, market losses, Bear Stearns’ collapse, –
Michalek, Richard, , repo market as liquidity risk
Michigan: underwater measure, billion-dollar losses,
mortgages, (fig.) subprime originators, BSAM involvement, –
Miller, Harvey, , – CDOs stimulating demand
See also Investment banks
Mills, Susan, for, –
Morrice, Brad,
Minimum capital standards, collapsing lending standards
Mortgage Bankers Association,
Minow, Nell, fueling crisis, xxiii–xxiv
, ,
Mishkin, Frederic, commercial real estate, –
Mortgage brokers, –,
Mission Bank, Bakersfield,
Mortgage bubble, –
California, credit rating agencies
Mortgage Electronic
Mital, Aseem, enabling meltdown, xxv
Registration Systems,
Mitsubishi UFJ, ethical breakdown in loan
Inc. (MERS), –
Monetary policy contributing behavior, xxii
to credit bubble, xxv– Mortgage fraud. See Fraud financial creativity, –
xxvi, – Mortgage Insurance Companies GSE role in, –
Money market mutual funds, of America, GSE securities maintaining
–, –, –, Mortgage Lenders Network, value, xxvi
, –, – high-risk products, –
The Money Store, Mortgage lending improper foreclosures,
Monoline insurers, –, asset-backed commercial international housing
– paper programs, – bubbles,
Moody’s, community development money market collateral,
AIG downgrade, – commitments, – –
AIG valuation system, crime-facilitative Moody’s downgrading of,
asset-backed commercial environments for –
paper programs, – mortgage fraud, – Moody’s involvement in,
four Cs of, –
breakdown in mortgage- funding for, (fig.) mortgage modification to
related securities, xxv government regulators’ hold off foreclosure,
CDO machine, –, failure to challenge non-GSE,
– financial industry, – over-the-counter
commercial real estate GSE goals, derivatives, xxiv–xxv
status, GSEs’ increasing importance players involved in, –
early payment default in , policy makers’ failure to
evaluation, – housing price surge and, control, xviii–xix
INDEX
potential hazards of, – underwater mortgages, Office of Thrift Supervision
rating agencies’ confusion (fig.) (OTS)
over failure of, – Nevada Fair Housing, Inc., , AIG liquidity failure, ,
securitization transforming –
mortgages into, New Century, –, , , AIG oversight,
subprime originators, , –, AIG valuation,
synthetic CDO growth, New York Stock Exchange Countrywide’s ABCP
toxicity of, (NYSE), casualty,
value by , NIR Capital Management, CRA compliance,
See also Collateralized debt No-documentation loans, – deregulating bank
obligations; Fannie consolidation,
Mae/Freddie Mac; Non-agency mortgages, early concerns about
Housing bubble; Nontraditional mortgages, . housing-securities
Housing bust; Subprime See also Subprime entanglement,
lending lending Lehman’s increased risk,
Mosser, Patricia, Norma CDO, mortgage guidance, –
Moynihan, Brian, North Carolina: state regulation regulating subprime
Mozilo, Angelo, –, , , of predatory lending, mortgage lending,
–, – Notional amount of OTC state regulation of mortgage
MSCI World Index stock fund, derivatives, – lending, , , –
Washington Mutual’s
Mudd, Daniel, , , – Office of Federal Housing decline,
Enterprise Oversight See also Government actions
, , , –
(OFHEO), –, and agencies
Mueller, Robert,
–, , –, Ohio: foreclosure increases,
Mukasey, Michael, ,
–, –, Olson, Mark, , ,
Murton, Arthur,
– O’Neal, Stanley, , , ,
Office of the Comptroller of the Option ARM loans, xxiii, –
Najarian, Ed, , –,
Currency (OCC)
Naked credit default swaps, Orange County, California,
CDO regulation,
National Archives and Records Orient Point CDO,
Citigroup decline, –
Administration, xii Originate-to-distribute,
Citigroup’s subprime
National Association of exposure, Originate-to-hold,
Realtors, Citigroup’s CDO business, Origination and securitization
National City, , – of subprime mortgage
National Conference of State CRA lending, lending, –, , ,
Legislatures, deregulating bank –
National Consumer Law Center consolidation, Oversight
(NCLC), expansion of banks’ Consolidated Supervised
National League of Cities, admissible activities, Entity program, –
National recognized statistical GSE review, housing appraisers,
rating organization guidance, OTC derivatives market,
(NRSRO), ignoring complaints of See also
National Transportation Safety nontraditional loans, Regulation/regulators
Board, xii mortgage guidance delay, Over-the-counter (OTC)
NationsBank, – – derivatives, xxiv–xxv, ,
Nevada regulating subprime , –, –,
commercial real estate bust, mortgage lending, –, –
state regulation of mortgage Ownit Mortgage Solutions,
delinquency rate, lending, , , –
foreclosure increases, Wachovia’s decline, Paine Webber,
impact of foreclosures on Palumbo, Michael,
children, See also Government actions Pandit, Vikram, , ,
mortgage delinquency, and agencies –
INDEX
Panic: systemic freezing in Political action committees. See jobs and house prices, –
financial markets, – Lobbying
, , – Pontell, Henry N., Reconstruction Finance
Park, Gene, , –, Pooling loans, Corporation,
– Population growth, housing Recourse Rule, –
Parker, Ed, , bubble and, Redlining, xxvii
Parkinson, Patrick, , , Porter, Katherine, Reed, John, , –,
, , – Portfolio cap relief, – Refinancing, , –
Parmer, Darcy, Predatory lending practices, – Regulation Z,
Pastine, Armand, , , –. See also Regulation/regulators
Patterson, Scott, Subprime lending AIG liquidity failure,
Paulson, Henry President’s Working Group on –
Bear Stearns’ collapse, Financial Markets, , asset-backed commercial
BofA-Merrill Lynch merger, Price, Joe, paper programs,
Price, Mike, Bear Stearns collapse,
Goldman Sachs collapse, PricewaterhouseCoopers, , –
– , , CDO structuring, –
GSE, concerns over Primary Dealer Credit Facility checks and balances of
potential failure of, , (PDCF), –, , banking regulation,
, , Citigroup expansion, –
GSE capital increase, Prince, Charles, , , , Citigroup’s CDO business,
GSE receivership, – , , , ,
lack of concern over – commercial banks’
housing bubble, xxi Private mortgage insurance downturn, –
Lehman collapse, , , (PMI) companies, concerns over Lehman’s
, – Private-label securities, , liquidity, –
Recourse Rule, Procter & Gamble, – Consolidated Supervised
response to financial crisis, Property taxes, Entity program, –
– Public Employees Retirement CRA lending,
subprime exposure as Association plan credit ratings’ link to,
indicator of impending (Colorado), –
crisis, Putnam, Tom, dual banking system,
synthetic CDOs, – Putnam Investments, failures in regulation and
TARP, – supervision aiding crisis,
underestimating the xviii
Qualified purchasers,
housing bust, futures and options
Quality standards,
Pay-as-you-go CDSs, – exchange,
Payment shock loans, Quants (quantitative analysts), Glass-Steagall Act, , ,
Payment-option ARMS, , –,
Penn Central Transportation Quick Flip, Operation, – Goldman Sachs’s CDO
Company, structuring,
Pension funds: credit ratings Raines, Franklin, government obstacles to
reliance, Rajan, Raghuram, regulating unfair lending
Pension plans, economic Ranieri, Lewis, , –, practices,
fallout, –, GSE review, –
Performance index, – Real estate credit bubble, GSEs’ capital increase,
Peterson, Warren, , Recession (), –
Piggyback lending, Recession (–), housing bubble, –
PIMCO, –, commercial real estate, inflated housing appraisals,
Pinto, Ed, –
Plepler, Andrew, governments’ struggle to international credit bubble,
Poethig, Erika, close shortfalls, –
Policymaking. See Government impact on small businesses mortgage securitization, –
actions and agencies and families, – ,
INDEX
OCC expansion of allowed Ricciardi, Chris, , Rosner, Joshua,
activities, Riegle-Neal Interstate Banking Rubin, Robert, , , , ,
OTC derivatives, and Branching Efficiency ,
over-the-counter Act, Russian debt crisis, ,
derivatives, xxiv–xxv “Risk Governance Diagnostic:
predatory lending practices, Recommendations and St. Denis, Joseph,
– Case for Economic Salaries. See Compensation
reaction to the CDO Capital Development” packages
madness, (Bear Stearns report), Salomon Brothers, ,
Recourse Rule, – – Sambol, David, –,
shadow banking, – Risk management Sand states. See Arizona;
single-cause theories, assessing systemic risk after California; Florida;
state regulation of mortgage Bear Stearns collapse,
Nevada
lending, , –, –
Sandler, Herb, , , ,
– bank failure, –
Sarbanes, Paul,
subprime mortgage lending, big bank failure,
Savings and loan crisis, –
– commercial banks’
Savitt, Marc S.,
synthetic CDOs, downturn, –
Schapiro, Mary,
TARP, – compensation structures,
Schwartz, Alan, , , ,
”too big to fail” principle, –
–,
See also Deregulation of concentration in largest
Schwartz, Faith,
financial markets; firms,
Schwartz, Laura, ,
Federal Reserve corporate governance’s
Scion Capital, –
Reich, John, –, failure to control, xviii–
Sebring Capital,
Reinhart, Vincent, xix
Rejected loans, – derivatives, – Second mortgages,
Renters, emerging markets, – Securities and Exchange
Repo market, –, – GSE penetration into Commission (SEC)
assessing systemic risk after subprime market, – AIG valuation,
Bear Stearns collapse, Bear Stearns’ collapse, –
– high-risk products mortgage , ,
Bear Stearns’ collapse, , products, – CDO regulation,
–, housing bust resulting from, Citigroup’s CDO business,
Bear Stearns hedge funds, –
– housing industry, Consolidated Supervised
BNP Paribas ABCP loss, Lehman’s stake in Archstone Entity program, –
borrowing levels, (fig.) Smith, – deregulating bank
BSAM involvement, LTCM collapse, consolidation,
JP Morgan’s systemic risk mortgage lending, dismantling Glass-Steagall,
concerns, option ARMs,
liquidity risk measures, regulators’ declining due diligence and
– influence on the housing disclosure, , –
regulators’ concerns over industry, failure to protect financial
Bear Stearns failure, repricing of risk, – system, xviii
regulatory changes boosting role in the crisis, fixed commissions on stock
growth, structured finance, – trades, –
shutting down lending, See also Liquidity Lehman Brothers’ decline
Reserve Primary Fund, , risk/liquidity failure and collapse, , –
– Risk-focused approach to
Residential mortgage-backed regulation, – Lehman’s disregard of risk
securities, (fig.) Robo-signers, management,
Resolution Trust Corporation Roeder, Douglas, LTCM collapse,
(RTC), – Rokakis, James, , Merrill Lynch’s
Rhineland program, – Roseman, Alan, , subprime exposure,
INDEX
Securities and Exchange Seven deadly frictions in Stages of the crisis,
Commission (SEC) mortgage securitization, Staley, Jes,
(continued) Standard & Poor’s Index,
Merrill Lynch’s CDO Shadow banking, –, –, Standard & Poor’s (S&P)
business, –, , AIG downgrade, –
money market fund Shafran, Steve, Bear Stearns’ collapse, –
accounting, Shearson,
monoline insurers, Shelby, Richard, mortgage securitization,
Moody’s rating of mortgage- Shelf registration, structured finance,
backed securities and Sherwood, Michael, , See also Credit ratings/credit
CDOs, – Shiller, Robert, rating agencies
OTC derivatives, Shock and panic, , – State government: lending
President’s Working Group Short investors, –, regulations, , –,
on Financial Markets, (fig.), , –, –
repo markets indicating – State Street Global Advisors,
liquidity risk, Short-term borrowing, costs of,
Reserve Primary Fund, (fig.) Steel, Robert, , –,
– Short-term interest rates, , ,
shadow banking, , , Stein, Kevin, , –
subprime exposure as Short-term liquidity, Stein, Roger,
indicator of impending Shu, Sihan, – Stephan, Jeffrey,
crisis, Shumer, Charles, Stock market, xvi,
synthetic CDOs, – Siddique, Sabeth, –, Stock options,
Securities Industry Association, Siegel, Jay, – Structured Credit committee,
Sieracki, Eric,
Securitization, , – SIGTARP, – Structured finance, , –
early concerns about Simpson, William A., Structured Investment Vehicles,
housing-securities Single-cause explanations,
entanglement, – Structured-investment vehicles
end of the boom, Sirri, Erik, , , (SIVs), –
housing bust, – Sivak, Edward, Subprime lending, (fig.)
role in the crisis, Small businesses, , – adjustable-rate mortgages,
subprime mortgage lending, Smith Barney,
–, – Snow, John, , adverse market conditions
transforming mortgages Société Générale Bank, , for lenders, –
into mortgage-backed –, – as warning sign, xvii
securities, Solomon, Michael, California,
warehouse lending to Solomon, Peter J., Citigroup expansion, –
mortgage originators, Solvency failure, Community Reinvestment
– Soundview Home Equity Loan Act, xxvii, –, –,
Senate Committee on Banking, Trust, –,
Housing, and Urban Southern Pacific Funding credit bust destabilizing
Affairs, (SFC), – business models, –
Senate Permanent Spain delinquency,
Subcommittee on house price appreciation, due diligence,
Investigations, – –, (fig.) easy financing contributing
Senate Subcommittee on housing bubble, – to the housing bubble,
Economic Policy, Spare tire theory, ,
Senate Subcommittee on Sparks, Dan, foreclosure causes,
Housing, Transportation Special Inspector General for Goldman Sachs reducing
and Community TARP, xii exposure before the bust,
Development, Spector, Warren, –
Senderra Funding, Spillenkothen, Richard, increasing access to, –
Senior Loan Officer Survey, Spitzer, Eliot, – increasing levels of, –
INDEX
loan origination, (fig.), Technology bubble, – measuring investment bank
– Term Asset-Backed Securities liquidity risk, –
mortgage securitization, Loan Facility (TALF), mortgage fraud, , –
– , predatory lending report,
OTC derivatives during the Term Auction Facility (TAF), President’s Working Group
financial crisis, on Financial Markets,
regulation, – Term Securities Lending savings and loan crisis,
/ and / mortgages, Facility (TSLF), –, subprime mortgage lending,
– , –
See also Adjustable-rate Thain, John, , supporting GSEs, xxvi
mortgages; Housing Thomas, Jason, TARP, –
bubble; Mortgage Thompson, Diane, Trichet, Jean-Claude,
lending; Mortgage- Thompson, Ken, Tri-party repo market, –
backed securities market; / mortgages, – , –, –,
Predatory lending Timberwolf CDO, ,
practices Triple-A mortgage-backed
“Too big to fail” (TBTF), ,
Subsidy: Fannie Mae/Freddie securities,
–, –
Mac, Troubled Asset Relief Program
Tourre, Fabrice, –
Sullivan, Martin, , (TARP), xii, , –
Tranches
Sumitomo Corporation, , , , , ,
attraction of mortgage-
Summers, Lawrence, , –, ,
backed securities,
Turner, Adair,
– / mortgages, –
Sun, Jake,
CDO structuring into,
Superior Bank,
–
Super-senior tranches, xix, UBS Securities, , , –
CDOs creating demand for,
–, –, , ,
–, (fig.)
Underemployment rate, –
Supreme Court: federal and Citigroup CDO structuring,
Underwater mortgages,
state government –
(fig.)
regulation of banks, Citigroup liquidity puts,
Underwriting standards, ,
Survey of Consumer Finances, Goldman Sachs’ synthetic
–
CDOs, – Unemployment
Suspicious activity reports Moody’s ratings, – Cleveland, –
(SARs), See also Collateralized debt during ,
SWAT teams, obligations; Super-senior figures on, xv
Swecker, Chris, , – tranches foreclosure and, –
Synthetic CDOs, –, Tranching loans, , –, increase in metropolitan
(fig.), , , – (fig.), –, areas,
, , . See also (fig.), Unfettered markets, –
Collateralized debt Transparency, xix–xx United Kingdom
obligations Travelers Insurance: house price appreciation,
Synthetic securities, xvi, deregulation of bank –, (fig.)
Syron, Richard, , –, consolidation, housing bubble, –
–, Treasury bills, Lehman Brothers
Systemic failure, – Treasury bonds, – bankruptcy, –
Treasury Department, U.S. University endowments: credit
Tabe, Henry, Citigroup TARP funds, ratings reliance,
Taking the name, – concerns over GSEs, Upton, Robert, –, ,
Tannin, Matt, , – GSE emergency line of
Taylor, John, , , , credit,
Taylor rule, lack of preparation for crisis, Value at Risk (VaR) model, ,
TCW Group, , xxi–xxii
Technology: mortgage market Lehman Brothers collapse, Varley, John,
modeling, – Vasile, Marie,
INDEX
Vertical integration mortgage governance; Investment litigation over
model, banks delinquencies,
Veterans Administration (VA), Warehouse lending, – mortgage fraud,
– Waring, Brad, nontraditional loans,
Vicente, Danielle, Warne, Janice, , Wachovia acquisition, ,
Viniar, David, , , Warning signs, xvii, –, – –
Volcker, Paul, , – Warrack, Tom, Westreich, Anthony,
Warsh, Kevin, , , , Wilcox, Ellen,
Washington Mutual, xxiii, Williams, Clarence,
Wachovia
agencies’ peer group study Williams, Julie,
acquisition by Wells Fargo,
of mortgage practices, Willumstad, Robert, ,
–
consolidation and growth of
financial crisis, – Wilson, David,
banks,
mortgage-backed securities Winer, Mark, –, –
credit default swaps, deals, –
financial crisis, –
nontraditional loans, Winslow, F. Dana, –
Goldman Sachs’s CDOs, option ARMs, –
, Witt, Gary, , ,
decline, , – Wood, Jonathan, –
refusal to follow state Websites, xii WorldCom,
regulation, Weill, Nicolas, – Wyman, Oliver, –
decline, – Weill, Sandy, , –
Wachter, Susan M., Wells Fargo
Wagner, Ira, agencies’ peer group study Yield spread premiums, xxii
Wagstaff, Bruce, of mortgage practices, Yingling, Edward,
Waivers, mortgage loans, Yoshizawa, Yuri, ,
– consolidation and growth of
Wall Street. See Banking; banks, Zandi, Mark, , –
Commercial banks and financial sector growth, Zero-loss tolerance concept,
thrifts; Corporate GSE delinquent loans,
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