After years of escalating housing prices and speculative financing, the subprime mortgage meltdown triggered a crisis that led to the Great Recession. Economist Ned Gramlich warned policymakers about predatory lending in the Urban Institute Press book Subprime Mortgages: America’s Latest Boom and Bust. Several of the book’s recommendations were later adopted by the Federal Reserve Board to tighten mortgage-lending standards. In 2013, Urban established the Housing Finance Policy Center, led by Wall Street analyst Laurie Goodman. The center has assembled an unparalleled data inventory and brings timely, impartial analyses to decisionmakers who have grappled with how best to rebuild the housing finance system, shape future capital market policies and regulations, and tackle long-standing inequities in access to homeownership.

The Mortgage Crisis and Its Fallout
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The Mortgage Crisis and Its Fallout