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"Clark and Mingyuan start with an insightful and comprehensivedescription of how market participants contributed to the currentcrisis in the residential mortgage markets and the root causes ofthe crisis. They then proceed to develop a new residential mortgagelending system that can fix our broken markets because it addressesthe root causes. The most impressive attributes of their new systemis its commonsense return to the basics of traditionalunderwriting, combined with factors based on expert judgment andstatistics and forward-looking attributes, all of which can beupdated as markets change. The whole process is transparent to theborrower, lender, and investor." -Dean Schultz, President andCEO, Federal Home Loan Bank of San Francisco

"The credit market crisis of 2008 has deeply affected theeconomic lives of every American. Yet, its underlying causes andits surface features are so complex that many observers and evenpolicymakers barely understand them. This timely book will helpguide nonspecialists through the workings of financial markets,particularly how they value, price, and distribute risk."-Professor William Greene, Stern School of Business, New YorkUniversity

"This book is a well-timed departure from much of what is beingwritten today regarding the current foreclosure and credit crisis.Rather than attempting to blame lenders, borrowers, and/or federalregulators for the mortgage meltdown and the subsequent impacts onthe financial markets, Clark and Mingyuan have proposed agroundbreaking new framework to revolutionize our current lendingsystem. The book is built on the authors' deep understanding ofrisk and the models used for credit analysis, and reflects theircommitment to solve the problem. What I find most profound is theirpassion to develop a system that will facilitate new and betterinvestment, especially in underserved urban markets that have beendisproportionately impacted in the current crisis. I applaud theauthors for this important work, and urge practitioners andtheorists alike to investigate this new approach." -JohnTalmage, President and CEO, Social Compact

"In the wake of the credit crisis, it is clear that transparencyis the key to not repeating history. In Credit Risk Assessment: TheNew Lending System for Borrowers, Lenders and Investors, ClarkAbrahams and Mingyuan Zhang describe a new lending framework thatseeks to connect all the players in the lending chain and provide amore holistic view of customers' risk potential. As the financialservices industry recovers from the mortgage meltdown, theAbrahams/Zhang lending model certainly offers some new food forthought to laymen and professionals alike." -MariaBruno-Britz, Senior Editor, Bank Systems & Technologymagazine

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