The link below is to an article that is the best explanation of the credit crisis that I have seen thus far. In a word it is an essay including all associated charts and graphs on greed and the downfall of the economic system.
An Overview of the Housing/Credit Crisis And Why There Is More Pain to Come
Here is the table of contents:
1. Overview of the Great Mortgage Bubble Page 3
2. Causes of the Great Mortgage Bubble Page 11
3. Consequences of the Bursting of the Great Mortgage Bubble Page 18
4. The Outlook for Home Prices is Grim Page 28
5. Economic Weakness Creates an Additional Headwind for Home PricesPage 43
6. There Are Only a Few Bits of Good News Page 51
7. What Does the Future Hold? Page 57
8. A Primer on Option ARMs Page 61
9. A Primer on HELOCs and Closed-End Seconds Page 68
10. A Closer Look at Mortgage Loans That Were Securitized:
Quantity and Quality Page 73
11. A Closer Look at Mortgage Loans That Were Securitized: Defaults Page 86
12. Where Did the Securitized Mortgages End Up?
A Primer on ABSs and CDOs Page 106
13. The Opportunity in Distressed Debt Page 115
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