Alan Greenspan is an American economist who served as the 13th chair of the Federal Reserve from 1987 to 2006. He works as a private adviser and provides consulting for firms through his company,Greenspan Associates LLC. First nominated to the Federal Reserve by President Ronald Reagan in August 1987,he was reappointed at successive four-year intervals until retiring on January 31,2006,after the second-longest tenure in the position. President George W. Bush appointed Ben Bernanke as his successor. Greenspan came to the Federal Reserve Board from a consulting career. Although he was subdued in his public appearances,favorable media coverage raised his profile to a point that several observers likened him to a "rock star". Democratic leaders of Congress criticized him for politicizing his office because of his support for Social Security privatization and tax cuts.
The Federal National Mortgage Association (FNMA),commonly known as Fannie Mae,is a United States government-sponsored enterprise (GSE) and,since 1968,a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal,the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS),allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations. Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC),better known as Freddie Mac. As of 2018,Fannie Mae is ranked number 21 on the Fortune 500 rankings of the largest United States corporations by total revenue.
The Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities,including low- and moderate-income neighborhoods. Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods,a practice known as redlining.
Edward M. Gramlich was an American economist who served as a member of the Federal Reserve Board of Governors from 1997 to 2005. Gramlish was also an acting director of the Congressional Budget Office.
The United States housing bubble was a real estate bubble affecting over half of the U.S. states. It was the impetus for the subprime mortgage crisis. Housing prices peaked in early 2006,started to decline in 2006 and 2007,and reached new lows in 2011. On December 30,2008,the Case–Shiller home price index reported its largest price drop in its history. The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States.
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that,along with the Board of Governors in Washington,D.C.,make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks. Located in downtown St. Louis,the St. Louis Fed is the headquarters of the Eighth Federal Reserve District,which includes the state of Arkansas and portions of Illinois,Indiana,Kentucky,Mississippi,the eastern half of Missouri and West Tennessee. It has branches in Little Rock,Louisville and Memphis. Its building,at 411 Locust Street,was designed by St. Louis firm Mauran,Russell &Crowell in 1924. The Eighth District serves as a center for local,national and global economic research,and provides the following services:supervisory and regulatory services to state-member banks and bank holding companies;cash and coin-handling for the District and beyond;economic education;and community development resources.
Mahmoud Mohieldin, is the World Bank Group's senior vice president for the 2030 Development Agenda,UN Relations,and Partnerships. He serves as a board member on the Global Partnership for Sustainable Development Data,as well as an observer to the EU Multi-Stakeholder Platform for the SDGs. Mohieldin previously served as corporate secretary,president's special envoy,and managing director for the World Bank Group.
The United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. It was triggered by a large decline in US home prices after the collapse of a housing bubble,leading to mortgage delinquencies,foreclosures,and the devaluation of housing-related securities. Declines in residential investment preceded the Great Recession and were followed by reductions in household spending and then business investment. Spending reductions were more significant in areas with a combination of high household debt and larger housing price declines.
Sherry S. Cooper is a Canadian-American economist. Cooper is currently Chief Economist for Dominion Lending Centres. She was Executive Vice-President and Chief Economist of BMO Financial Group,with responsibilities for economic forecasting and risk assessment. She comments regularly in the press on financial issues.
William Poole was the eleventh chief executive of the Federal Reserve Bank of St. Louis. He took office on March 23,1998 and began serving his full term on March 1,2001. In 2007,he served as a voting member of the Federal Open Market Committee,bringing his District's perspective to policy discussions in Washington. Poole stepped down from the Fed on March 31,2008.
Sandra Pianalto is an economist. She previously served as the tenth chief executive of the Fourth District Federal Reserve Bank,at Cleveland from 2003 to 2014.
Elizabeth "Betsy" Ashburn Duke is an American bank executive who served as a member of the Federal Reserve Board of Governors from 2008 to 2013. Duke was confirmed by the Senate to fill an unexpired term ending January 31,2012. She was the seventh woman to be appointed to the board. In July 2013 she announced her resignation from the board.
Observers and analysts have attributed the reasons for the 2001–2006 housing bubble and its 2007–10 collapse in the United States to "everyone from home buyers to Wall Street,mortgage brokers to Alan Greenspan". Other factors that are named include "Mortgage underwriters,investment banks,rating agencies,and investors","low mortgage interest rates,low short-term interest rates,relaxed standards for mortgage loans,and irrational exuberance" Politicians in both the Democratic and Republican political parties have been cited for "pushing to keep derivatives unregulated" and "with rare exceptions" giving Fannie Mae and Freddie Mac "unwavering support".
The financial crisis of 2008,or Global Financial Crisis,was a severe worldwide economic crisis that occurred in the early 21st century. It was the most serious financial crisis since the Great Depression (1929). Predatory lending targeting low-income homebuyers,excessive risk-taking by global financial institutions,and the bursting of the United States housing bubble culminated in a "perfect storm." Mortgage-backed securities (MBS) tied to American real estate,as well as a vast web of derivatives linked to those MBS,collapsed in value. Financial institutions worldwide suffered severe damage,reaching a climax with the bankruptcy of Lehman Brothers on September 15,2008,and a subsequent international banking crisis.
Jerry L. Jordan is a former member of President Ronald Reagan's Council of Economic Advisers and former president and chief executive officer of the Federal Reserve Bank of Cleveland.
Phillip Lee "Phill" Swagel is an American economist who is currently the director of the Congressional Budget Office. As Assistant Secretary of the Treasury for Economic Policy from 2006 to 2009,he played an important role in the Troubled Asset Relief Program that was part of the U.S. government's response to the financial crisis of 2007–08. He was recently a Professor in International Economics at the University of Maryland School of Public Policy,a non-resident scholar at the American Enterprise Institute,senior fellow at the Milken Institute,and co-chair of the Bipartisan Policy Center's Financial Regulatory Reform Initiative.
Loretta J. Mester is president and CEO of the Federal Reserve Bank of Cleveland.
Mary Colleen Daly is an American economist,who became the 13th President and chief executive officer of the Federal Reserve Bank of San Francisco on October 1,2018. Accordingly,she serves on the Federal Reserve's rate-setting Federal Open Market Committee on a rotating basis. Previously,Daly was the Executive Vice President and Director of Research of the Federal Reserve Bank of San Francisco,which she joined as an economist in 1996.
Allan I. Mendelowitz is the former chairman and director of the Federal Housing Finance Board,which regulates the Federal Home Loan Bank System.
