In early October 2008, The Kirwan Institute hosted a national summit on subprime lending, foreclosure, and race. We didn't know it when we were planning the event, but a series of unfolding economic events spurred by our nation's housing crisis would have our government contemplating a $700 billion financial sector bailout on the eve of our convening.
In the past decade, community land trusts and other shared equity housing models have gained wider acknowledgement and acceptance as a means of creating and preserving affordable housing in communities with high property values. But by cultivating the long-term success of homeowners, these models are also bringing revitalization and stability to areas with weak markets and high foreclosures.
The Protecting Tenants at Foreclosure Act provides much-needed relief for tenants across the country in properties undergoing foreclosure. But with one-third of Americans living as tenants, is this a sign of a protracted federal response, or is it a one-shot deal?
The Community Reinvestment Act and the Consumer Financial Protection Agency Act hold great promise for the creation of a more financially inclusive nation, but both depend on critical "moments in time" in Congress that will determine whether they become good laws or are weakened beyond recognition
Only a very small fraction of mortgage modifications made under the $75 billion Making Home Affordable program have been made permanent, triggering some tough...
Homeownership can often be a way for families to get good stable housing as well as an effective vehicle for them to accumulate wealth. However, owning a home is not likely to be a wise investment for families in unstable work or family situations.
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