As the team’s findings reveal, the mortgage market evolved in complex and little understood ways in the decade or so leading up to the crisis, as illustrated through interviews with legislators, regulators, banking sector leaders, and the heads of consumer organizations data analyses that detail the state’s residential mortgage landscape and policy memos and timelines that outline the pattern of state and federal legislation that shaped the lending environment.ĭata visualizations show the evolution of the housing market in the United States and North Carolina in the ten years preceding the onset of the crisis. The global financial crisis was caused in large part by deteriorating underwriting standards at banks and nonbanks alike, which led to a housing price bubble that deflated rapidly. NC fared better because of its anti-predatory lending law The American Predatory Lending project will be expanded to other states in the next academic year and the leadership team will include Debbie Goldstein, executive director of the North Carolina Leadership Forum and former executive vice president of the Durham-based Center for Responsible Lending. “We are hopeful these policy memos will be an informative resource for those looking to enhance their understanding of the global financial crisis.” “As someone who grew up during the Great Recession, I was curious to examine the financial crash, its causes, and its aftermath from an academic perspective,” Lawrence said. Hayley Lawrence JD/LLM '21, part of the Bass Connections research team Lawrence, who led undergraduate students in crafting policy memos about the key legislation in place at the time of the crisis, said the experience taught her a great deal about consumer protection policy, team management, and leadership. After completing her degree, she plans to work on behalf of consumers in financial services. “They learned an enormous amount, especially about the challenges of working cohesively in a team, and produced top-notch analysis and superb oral histories.” “We are so impressed by what our students were able to accomplish this year,” said Balleisen. Department of the Treasury and former Federal Reserve Board governor. Duke Law faculty contributors included Professors Sara Sternberg Greene and Lawrence Baxter, as well as Rubinstein Fellow Sarah Bloom Raskin, former Deputy Secretary of the U.S. Smith Jr., a nonresident fellow at the Global Financial Markets Center and the former North Carolina Commissioner of Banks. They were led by Reiners, Ed Balleisen, Duke University Vice Provost for Interdisciplinary Studies and Professor of History, and Joseph A. Comprised of fifteen Duke students, including Hayley Lawrence JD/LLM ’21, and two University of North Carolina students from the fields of economics, law, statistics, computer science, engineering, public policy, history, business, and interdisciplinary data science, the team continued its collaborative work even after campuses were closed due to COVID-19. The website is the product of a year-long collaboration between Duke University students and faculty through Bass Connections, an interdisciplinary academic program that gives students a chance to apply classroom lessons to complex societal challenges. “This is the first time that anyone has captured the state experience.” “The project’s foundational premise is that so much of what we know about the crisis has been told from a New York or Washington, D.C.-centric point of view,” Reiners said. Its findings suggest that North Carolina’s 1999 enactment of an anti-predatory lending law likely helped the state avoid the steep home price runups and subsequent sharp declines experienced elsewhere in the nation. The website, American Predatory Lending, utilizes data visualizations and analyses, legislative timelines and memos, and oral histories analyzing the housing market in the United States and North Carolina and the policy debate over how alleged predatory lending contributed to the financial crisis. A Bass Connections research team co-led by Lee Reiners, executive director of the Global Financial Markets Center at Duke Law, has created an online resource that allows users to better understand the causes of the 2008 economic collapse in North Carolina and nationally.
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