IMAGES' third monograph on the outstanding new classicist, William T. Baker.

William T. Baker is a name synonymous across North America with quality architecture and luxury living

The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits. The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share. The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class. Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures. Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.

Even as oversized McMansions continue to elbow their way into tiny lots nationwide, a much different trend has taken shape. This return to traditional architectural principles venerates qualities that once were taken for granted in home design: structural common sense, aesthetics of form, appropriateness to a neighborhood, and even sustainability. Marianne Cusato, creator of the award-winning Katrina Cottages, has authored and illustrated this definitive guide to what makes houses look and feel right--to the eye and to the soul. She teaches us the language and grammar of classical architecture, revealing how balance, harmony, and detail all contribute to creating a home that will be loved rather than tolerated. And she takes us through the do’s and don’ts of every element of home design, from dormers to doorways to columns. Integral to the book are its hundreds of elegant line drawings--clearly rendering the varieties of lintels and cornices, arches and eaves, and displaying "avoid” and "use” versions of the same elements side by side.

America has an abundance of fascinating and varied house styles, as fascinating and diverse as its people. This unique book will allow readers to recognize the architectural features and style of virtually any house they encounter.

A tour of the approximately twenty styles of domestic architecture common to the United States identifies and defines each style--including Colonial, Craftsman, Modern, and Deco--providing historical summaries, sample photographs, and regional information. 20,000 first printing.