Foreclosed explains the rise of high-risk lending in the 1990s and early 200s and why these newer types of loans—and their associated regulatory infrastructure—failed in substantial ways, leading to the economic collapse of 2008.

Dan Immergluck is Associate Professor of City and Regional Planning at Georgia Institute of Technology. He is the author most recently of Credit to the Community: Community Reinvestment and Fair Lending Policy in the U.S. Immergluck has testified before the U.S. Congress, the Federal Reserve Board of Governors, federal agencies, and state and local legislative bodies.

Immergluck's book is key to understanding the housing and financial crises. Foreclosed lays out the roots of subprime lending, traces their connections and implications, and catalogs the unavoidable calamitous collapse.

John Powell and Jason Reece:

Dan Immergluck's Foreclosed provides a detailed historical overview of the evolution of US mortgage markets during the New Deal era, to the era of deregulation/securitization, the emergence of the high risk loan products and the sudden growth of the high risk loan market.... It presents a thorough body of evidence which illustrates that ample warnings should have been evident leading into the 2007–2008 housing crisis, but these warnings were ignored and were not reflected in policy. It also clearly points out the important role for government in both the emergence of the mortgage market and in assuring its sustainability, a role that has diminished (to our peril) in the decades leading up to the crisis.

Corianne P. Scally:

A timely, comprehensive text analyzing the chinks in the armor of U.S. housing finance, illustrated with useful charts to unpack complex cycles and relationships.

John M. Quigley:

A broad an accessible account of mortgage finance in the United States.... This 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.

Foreclosed should appeal to policymakers, researchers, and students—anyone who is interested in the economic climate of the past decade. A silver lining to the mortgage crisis is the opportunity to consider new ways to think about mortgages and housing policy, and Immergluck's book contributes to a more nuanced and productive debate about these contentious issues.

Alex Schwartz, Milano The New School for Management, author of Housing Policy in the United States:

Foreclosed is accessible, comprehensive, informative, and insightful. It provides a critical but balanced analysis of the current mortgage crisis, its origins, consequences, and solutions. It is very well written and will appeal to a broad audience including policymakers, policy analysts, bankers, and lawyers. Dan Immergluck's recommendations couldn't be more timely.

Rachel Bratt, Tufts University:

Foreclosed will elicit a chorus of thank-yous to Dan Immergluck. In this clear and compelling analysis, the roots of the subprime crisis are untangled with precision and sophistication. This timely effort is sure to become a key resource to those who wonder what happened and why, and what needs to be done to prevent future catastrophes.

Susan M. Wachter, Richard B. Worley Professor of Financial Management, Professor of Real Estate and Finance, and Co-Director, Institute for Urban Research, The Wharton School, University of Pennsylvania:

Foreclosed is a must-read for anyone who wants to understand how the mortgage market really works and the sources of the current mortgage market meltdown.