Een rapport van 29 pagina’s door Stan Liebowitz wordt uitgebracht door “The Independent Institute”. Liebowitz presenteert in een zeer leesbaar stuk hoe de situatie zich heeft ontwikkeld. Daarbij belicht hij als oorzaak de factor van vaste/variabele hypotheekrentes en de rol die de overheid daarin speelde.
Het rapport vindt u onder:
Anatomy of a Train Wreck: Causes of the Mortgage Meltdown
Maar zie ook de discussie op de Vrijspreker: Oorzaken van de Kredietcrisis.
Vanwege de interesse laten we de volledige conclusie hieronder volgen:
We are experiencing one of the worst financial panics in the post-WWII era. Everyone knows that the increase in mortgage defaults has been the primary driver for these financial difficulties. The mortgages with outrageously lax underwriting standards that have been justifiably ridiculed in the press are not unusual outliers but unfortunately are representative of a great many mortgages that have been made in the last few years.
The question that is being asked is the correct question: how did it come about that our financial system allowed such loans to be made, condoned such loans, and even celebrated such loans? The answers that are being given are not yet the correct ones, however. The main answer that is being given, that unscrupulous lenders were taking advantage of poorly informed borrowers, does not fit the evidence nor does it dig deep enough.
The “mortgage innovations” that are largely the federal government’s responsibility are almost completely ignored. These “innovations,” heralded as such by regulators, politicians, GSEs, and academics, are the true culprits responsible for the mortgage meltdown. Without these innovations we would not have seen prime mortgages made with zero down payments, which is what happens when individuals use a second mortgage to cover the down payment of their first.
Nor would we have seen “liar loans” where the applicant was allowed to make up an income number, unless the applicant was putting up an enormous down payment, which was the perfectly reasonable historical usage of no-doc loans (which require minimal financial documentation).
The political housing establishment, by which I mean the federal government and all the agencies involved with regulating housing and mortgages, is proud of its mortgage innovations because they increased home ownership. The housing establishment refuses, however, to take the blame for the flip side of its focus on increasing home ownership- first, the bubble in home prices caused by lowering underwriting standards and then the bursting of the bubble with the almost catastrophic consequences to the economy as a whole and the financial difficulties being faced by some of the very homeowners the housing establishment claims to be trying to benefit.