An analysis of the elements of American social culture that have caused the current subprime mortgage crisis.
Written in 2009; 1,055 words; 6 sources; APA; $ 37.95
Paper Summary:
The paper explains the background and history of the subprime mortgage crisis and provides an explanation of its psychological roots. The paper discusses how the motivation of "keeping up with the Joneses" rather than being content with what one can reasonably afford motivated unrealistic property acquisitions. The paper then asserts that these mortgages were made possible by financial professionals' groupthink and blind deference to authority that allowed the suspension of independent moral judgment and sound business practices.
Outline:
Background and History of the Subprime Mortgage Crisis
Psychological Basis of the Subprime Mortgage Crisis
From the Paper:
"Several million Americans are currently on the verge of losing their homes to foreclosure in what has been labeled the nation's subprime mortgage crisis. Generally, those facing foreclosure secured title to property with very small downpayments that were substantially less than the 10% or 20% of the property value traditionally required, in conjunction with inflated property values and very low initial mortgage rates based on stated income levels and other standard indices used by banks and other lending institutions to assess a borrower's credit worthiness and ability to repay loans (Clark 2007)."
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