Product Details

• Amazon Sales Rank: #127198 in Books
• Published on: 2008-12-12
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 708 pages

Customer Reviews

How to reduce Systemic Risk?
"This financial crisis started one mortgage at a time," Dr. Elizabeth Warren, the Harvard Law School professor who chairs the Congressional oversight panel on government bailout spending, told The New York Times on June 18, 2009. Yes, and despite the enormity of the task facing us, there is a good place to start, to reduce systemic risk, where we can gain swift traction, and that is with microdecisions - the innumerable individual economic decisions financial professionals and consumers make every day on a global basis. To be clear, I'm not talking about trivial mini-decisions. Microdecisions are the fundamental building blocks of the economic system on all levels.

Beneath the fearsome complexity that can obscure the working of markets, the value of all financial relationships is still defined by the quality of the underwriting - defining underwriting in the broadest possible sense. The old rules still rule: Know your borrower. Know your lender. It's a simple concept, but the market environment in recent decades has made it harder and harder to execute. We must repair the markets in a way that enables 360-degree underwriting based on clear, transparent, trustworthy data and relationships.

Laurent Pacalin
Chief Marketing Officer at FICO

One of the best books I have used in law school
This is an excellent book, and the systems approach taken by Lopucki and Warren is an extremely effective way to tackle a difficult subject.