San Antonio College Library

The author makes the case that worldwide, U.S. growth and power over the last twenty years has depended in large part on domestic housing markets. Mortgage-based securities attracted overseas capital into the U.S. economy. High levels of private home ownership helped pull in a disproportionately large share of world capital flows. Mortgage lenders became ever more eager to extend housing loans, for the more mortgage packages they securitized, the...