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DanKarmelSecondPaper 17 - 23 Jun 2010 - Main.MatthewZorn
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I know this is a lot to ask, but does anyone out there feel like doing a rewrite on this paper so I can do my rewrite?
-- DanKarmel - 22 Jun 2010 | | | So my take on what you said is that I don't know really what you're saying. Your essay is scattered and doesn't really finish its thoughts. I don't understand what you are trying to say. My suggestion is that you pick a thread of thought in your essay and develop it more thoroughly. Your essay needs a big-time rewrite though. Rewrite it when you get the time, and I'll do a more substantial edit. I think at this point your thoughts are too incomplete for me to really add anything of value.
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I'm still working on my rewrites and other time consuming projects, and I'm not so sure I'm a good editor at all, but I think its only fair that you have something to work with. I edited the first paragraph below (mostly cosmetically) and added a substantive comment. I think, as far as this essay is concerned, it is less important to state what we discussed in class or what Eben said--I'd just stick to what you want to say and declare it.
Start:
Why did the mortgage industry collapse? Widespread societal assumption that home prices would never stop appreciating? Perhaps.* With few exceptions, home prices had grown steadily for generations and few expected this trend to change. Under this assumption, borrowers accepted adjustable-rate mortgages and borrowed more than they could objectively afford. But this is only a partial explanation.
Lenders and investors made similarly poor decisions, taking on more risk than could be objectively borne. But, the issue is not why most laypeople felt real estate values would never depreciate, but why so many economic and financial “experts” felt the same way. First, not all of them did. Yet most qualified minds in finance actually bought into the hype. A friend of mine with a Wharton Finance degree told me how her professor sang the praises of the subprime securitization invention – it made the dream of home ownership possible for millions of people, and all the while at very little risk!
End P1
*Why exactly did home prices depreciate? I realize this is not the point or focus of your essay and maybe I would not waste too much time with this. But, I personally think it might have something to do with this.
-- MatthewZorn - 23 Jun 2010
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