An Exploratory Study of Regulatory Failure in the Australian Home Mortgage Market

2018 ◽  
Vol 53 (1) ◽  
pp. 126-166 ◽  
Author(s):  
Gavin Nicholson ◽  
Ross Skelton ◽  
Julie-Anne Tarr
Author(s):  
Aaron Levine

This article focuses on the recent global recession that raged the world and in particular the United States with special reference to Jewish law. In December 2007, the United States economy plunged into the longest and deepest downturn since the Great Depression. The driving force behind the recession was the widespread failure of the subprime mortgage market, the segment of the home mortgage market extending loans to households with impaired credit histories and with little or no documentation of income. The collapse of that sector occurred in a rapid succession of events beginning with the fall of Countrywide Financial in January 2008. This article further moves to explain the moral factor pervading the recession and analyses the situation as per Jewish law. The central relevant moral dictum of Jewish law is the Imitatio Dei principle, which says that, in our interpersonal conduct, we should emulate the various attributes of mercy.


2012 ◽  
Vol 98 (6) ◽  
pp. 0-0 ◽  
Author(s):  
Robert B. Avery ◽  
◽  
Neil Bhutta ◽  
Kenneth P. Brevoort ◽  
Glenn B. Canner

Societies ◽  
2019 ◽  
Vol 9 (1) ◽  
pp. 6 ◽  
Author(s):  
Ivis García

This article takes a long view of the U.S. housing market; from its inception as locally owned and operated Building Societies, through one of the first major U.S. housing crises in the early 1930s, as well as through the prosperous and surprisingly stable post-WWII era the so-called “Long Boom” during Keynesianism. As labor shortages became more severe, accompanied by stagflation and the simultaneous urban, fiscal, and oil crises of the late 60s and early 70s, key sectors of the U.S. economy rallied to dismantle established Keynesian policies. While the new policies associated with laissez–faire economic liberalism certainly aided in the mobility of capital, the overall economy as a result of this neoliberal turn became increasingly unstable and inequitable. This article seeks to add knowledge to the neoliberalism theory. The author concludes, based on a historical case study of the Savings and Loans industry, that neoliberalism was not a deterministic overthrow of neoliberal ideologues but a haphazard response to the contradictions of Keynesian logic. It is only from a historical approach that we may be able to understand the current housing crisis, foster policy innovation, and allow for institutional change within the U.S. mortgage market sector.


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