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Enterprise and Society Advance Access originally published online on October 20, 2009
Enterprise and Society 2009 10(4):847-850; doi:10.1093/es/khp074
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© The Author 2009. Published by Oxford University Press [on behalf of the Business History Conference]. All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org.

Dan Immergluck. Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market

Dan Immergluck. Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market. Ithaca, NY: Cornell University Press, 2009. x + 251 pp. ISBN 978-00-8014-4772-3, $29.95

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Dan Immergluck has written a broad and accessible account of mortgage finance in the United States, from the activities of the building-and-loan societies of the nineteenth century to the "Hope Now" initiative of the Bush Administration in the summer of 2008. His book is coherent and cohesive and is well worth reading by citizens who would like to have a deeper understanding of the current mortgage mess. It is also a rewarding read for many academics and social scientists—nonspecialists who may have followed recent events in the housing market but who would like to have a more thorough grounding in its causes and antecedents.

Immergluck reviews the growth of the building-and-loan (B&L) societies in the 1890s and their subsequent fortunes. He compares the more generous mortgage terms of the B&Ls (ten- or eleven-year loan terms with loan-to-value ratios, LTVs, of 60 percent) with commercial banks and mortgage corporations (three- . . . [Full Text of this Article]

John M. Quigley

University of California, Berkeley


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