From Foreclosure to Fair Lending

Advocacy, Organizing, Occupy, and the Pursuit of Equitable Credit

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Author: Chester Hartman,Gregory D. Squires

Publisher: New Village Press

ISBN: 1613320515

Category: Business & Economics

Page: 337

View: 5064

Well-known fair housing and fair lending activists and organizers examine the implications of the new wave of fair housing activism generated by Occupy Wall Street protests and the many successes achieved in fair housing and fair lending over the years. The book reveals the limitations of advocacy efforts and the challenges that remain. Best directions for future action are brought to light by staff of fair housing organizations, fair housing attorneys, community and labor organizers, and scholars who have researched social justice organizing and advocacy movements. The book is written for general interest and academic audiences. Contributors address the foreclosure crisis, access to credit in a changing marketplace, and the immoral hazards of big banks. They examine opportunities in collective bargaining available to homeowners and how low-income and minority households were denied access to historically low home prices and interest rates. Authors question the effectiveness of litigation to uphold the Fair Housing Act's promise of nondiscriminatory home loans and ask how the Consumer Financial Protection Bureau is assuring fair lending. They also look at where immigrants stand, housing as a human right, and methods for building a movement.

Credit to the Community: Community Reinvestment and Fair Lending Policy in the United States

Community Reinvestment and Fair Lending Policy in the United States

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Author: Dan Immergluck

Publisher: Routledge

ISBN: 1315498111

Category: Business & Economics

Page: 336

View: 3460

This book provides the most comprehensive examination of community reinvestment and fair lending problems and policies currently available. It outlines the history of lending discrimination and redlining in U.S. mortgage and small business lending markets, and documents the persistence of such problems today. The author explains the role that government has played in developing banking and credit markets in the United States, from the creation of Alexander Hamilton's First Bank of the United States to the ongoing support government provides through the subsidization of secondary markets and through maintenance of critical regulatory infrastructure. Immergluck takes issue with those calling for deregulation of financial services - especially in the arena of fair lending and consumer protection - and gives new voice to rationales for social contract policies such as the Community Reinvestment Act. He provides new long-term analysis of the failure of federal bank regulators to enforce the CRA, and also shows how increased community activism and media attention have led to sporadic periods of stronger CRA enforcement. Finally, he recommends a number of policy changes that are needed to modernize the nation's fair lending and community reinvestment laws and make them more relevant for the 21st century.

The Fight for Fair Housing

Causes, Consequences, and Future Implications of the 1968 Federal Fair Housing Act

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Author: Gregory D. Squires

Publisher: Routledge

ISBN: 1134822871

Category: Architecture

Page: 316

View: 1564

The federal Fair Housing Act of 1968 was passed in a time of turmoil, conflict, and often conflagration in cities across the nation. It took the assassination of Dr. Martin Luther King, Jr. to finally secure its passage. The Kerner Commission warned in 1968 that "to continue present policies is to make permanent the division of our country into two societies; one largely Negro and poor, located in the central cities; the other, predominantly white and affluent, located in the suburbs and outlying areas". The Fair Housing Act was passed with a dual mandate: to end discrimination and to dismantle the segregated living patterns that characterized most cities. The Fight for Fair Housing tells us what happened, why, and what remains to be done. Since the passage of the Fair Housing Act, the many forms of housing discrimination and segregation, and associated consequences, have been documented. At the same time, significant progress has been made in counteracting discrimination and promoting integration. Few suburbs today are all white; many people of color are moving to the suburbs; and some white families are moving back to the city. Unfortunately, discrimination and segregation persist. The Fight for Fair Housing brings together the nation’s leading fair housing activists and scholars (many of whom are in both camps) to tell the stories that led to the passage of the Fair Housing Act, its consequences, and the implications of the act going forward. Including an afterword by Walter Mondale, this book is intended for everyone concerned with the future of our cities and equal access for all persons to housing and related opportunities.

Foreclosed

High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market

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Author: Dan Immergluck

Publisher: Cornell University Press

ISBN: 0801457580

Category: Business & Economics

Page: 272

View: 8534

In 2007 and 2008, the United States has observed, with some horror, the explosion and collapse of entire segments of the housing market, especially those driven by subprime and alternative or "exotic" home mortgage lending. Foreclosed explains the rise of high-risk lending and why these newer types of loans-and their associated regulatory infrastructure-failed in substantial ways. Dan Immergluck narrates the boom in subprime and exotic loans, recounting how financial innovations and deregulation facilitated excessive risk-taking, and how these loans have harmed different populations and communities. Immergluck, who has been working, researching, and writing on issues tied to housing finance and neighborhood change for almost twenty years, has an intimate knowledge of the promotion of homeownership and the history of mortgages in the United States. The changes to the mortgage market over the past fifteen years-including the securitization of mortgages and the failure of regulators to maintain control over a much riskier array of mortgage products-led, he finds, inexorably to the current crisis. After describing the development of generally stable and risk-limiting mortgage markets throughout much of the twentieth century, Foreclosed details how federal policy-makers failed to regulate the new high-risk lending markets that arose in the late 1990s and early 2000s. The book also examines federal, state, and local efforts to deal with the mortgage and foreclosure crisis of 2007 and 2008. Immergluck draws upon his wealth of experience to provide an overarching set of principles and a detailed set of policy recommendations for "righting the ship" of U.S. housing finance in ways that will promote affordable yet sustainable homeownership as an option for a broad set of households and communities. The 2011 edition features a new preface by the author addressing the ongoing global economic crisis and the impact of U.S. financial reform efforts on the mortgage system.

Mortgage Foreclosures

Documentation Problems Reveal Need for Ongoing Regulatory Oversight: Testimony Before the Subcommittee on Housing, Transportatio

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Author: A. Nicole Clowers

Publisher: DIANE Publishing

ISBN: 1437987192

Category:

Page: 16

View: 5198

Statement of A. Nicole Clowers, Acting Dir., Financial Markets and Community Investment, GAO, discussing GAO's work on mortgage servicing issues. With record numbers of borrowers in default and delinquent on their loans, mortgage servicers -- entities that manage home mortgage loans -- are initiating large numbers of foreclosures throughout the country. As of Dec. 2010, an estimated 4.6% of the about 50 million first-lien mortgages outstanding were in foreclosure -- an increase of more than 370% since the first quarter of 2006. Beginning in Sept. 2010, several servicers announced that they were halting or reviewing their foreclosure proceedings throughout the country after allegations that the documents accompanying judicial foreclosures may have been inappropriately signed or notarized. The servicers subsequently resumed some foreclosure actions after reviewing their processes and procedures. However, following these allegations, some homeowners challenged the validity of foreclosure proceedings against them. Questions about whether documents for loans that were sold and packaged into mortgage-backed securities were properly handled prompted additional challenges. This statement focuses on (1) the extent to which federal laws address mortgage servicers' foreclosure procedures and federal agencies' authority to oversee servicers' activities and the extent of past oversight; (2) federal agencies' current oversight activities and future oversight plans; and (3) the potential impact of foreclosure documentation issues on homeowners, servicers, regulators, and investors in mortgage-backed securities. Table. This is a print on demand report.

The Wire and Americaäó»s Dark Corners

Critical Essays

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Author: Arin Keeble,Ivan Stacy

Publisher: McFarland

ISBN: 1476619603

Category: Performing Arts

Page: 236

View: 6433

In post–9/11 America, while all eyes were on Iraq and Afghanistan, The Wire (2002–2008) focused on the dark realities of those living in America’s disintegrating industrial heartlands and drug-ravaged neighborhoods, striving against the odds in its schools, hospitals and legal system. With compelling story lines and a memorable cast of characters, The Wire has been compared to the work of Tolstoy and Dostoevsky, with a level of detail rarely seen in a dramatic series. While the show garnered critical praise and a loyal following, a discussion of its political aspects—in particular Bush-era America—is overdue. This collection of new essays examines The Wire in terms of the War on Drugs, the racial and economic division of America’s cities, the surveillance state and the meaning of citizenship.

Fair Lending Compliance

Intelligence and Implications for Credit Risk Management

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Author: Clark R. Abrahams,Mingyuan Zhang

Publisher: John Wiley & Sons

ISBN: 9780470241899

Category: Business & Economics

Page: 356

View: 6969

Praise for Fair Lending ComplianceIntelligence and Implications for Credit Risk Management "Brilliant and informative. An in-depth look at innovative approaches to credit risk management written by industry practitioners. This publication will serve as an essential reference text for those who wish to make credit accessible to underserved consumers. It is comprehensive and clearly written." --The Honorable Rodney E. Hood "Abrahams and Zhang's timely treatise is a must-read for all those interested in the critical role of credit in the economy. They ably explore the intersection of credit access and credit risk, suggesting a hybrid approach of human judgment and computer models as the necessary path to balanced and fair lending. In an environment of rapidly changing consumer demographics, as well as regulatory reform initiatives, this book suggests new analytical models by which to provide credit to ensure compliance and to manage enterprise risk." --Frank A. Hirsch Jr., Nelson Mullins Riley & Scarborough LLP Financial Services Attorney and former general counsel for Centura Banks, Inc. "This book tackles head on the market failures that our current risk management systems need to address. Not only do Abrahams and Zhang adeptly articulate why we can and should improve our systems, they provide the analytic evidence, and the steps toward implementations. Fair Lending Compliance fills a much-needed gap in the field. If implemented systematically, this thought leadership will lead to improvements in fair lending practices for all Americans." --Alyssa Stewart Lee, Deputy Director, Urban Markets Initiative The Brookings Institution "[Fair Lending Compliance]...provides a unique blend of qualitative and quantitative guidance to two kinds of financial institutions: those that just need a little help in staying on the right side of complex fair housing regulations; and those that aspire to industry leadership in profitably and responsibly serving the unmet credit needs of diverse businesses and consumers in America's emerging domestic markets." --Michael A. Stegman, PhD, The John D. and Catherine T. MacArthur Foundation, Duncan MacRae '09 and Rebecca Kyle MacRae Professor of Public Policy Emeritus, University of North Carolina at Chapel Hill

Symposium, the Fair Housing Act after 40 years

continuing the mission to eliminate housing discrimination and segregation

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Author: Indiana University School of Law--Indianapolis

Publisher: N.A

ISBN: N.A

Category: Social Science

Page: 310

View: 9658

Fair Lending Report

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Author: California. Department of Savings and Loan

Publisher: N.A

ISBN: N.A

Category: Discrimination in mortgage loans

Page: N.A

View: 6054

Ending Poverty in America

How to Restore the American Dream

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Author: John Edwards,Marion Crain,Arne Kalleberg

Publisher: The New Press

ISBN: 1595587322

Category: Social Science

Page: 288

View: 6479

Is poverty a fact of life? Can the wealthiest nation in the world do nothing to combat the steadily rising numbers of Americans living in poverty—or the 50 million Americans living in “near poverty”? Senator John Edwards and some of the country’s most prominent scholars, businesspeople, and community activists say otherwise. Published in conjunction with one of the country’s leading anti-poverty centers, Ending Poverty in America brings together some of America’s most respected social scientists, including William Julius Wilson, Katherine S. Newman, and Richard B. Freeman, alongside journalists, neighborhood organizers, and business leaders. The voices heard here are both liberal and conservative, and tackle hot-button issues such as job creation, schools, housing, and family-friendly social policy. The contributors explain why poverty is growing and outline concrete steps that can be taken now to start turning the tide. In a political landscape seemingly bereft of daring and forward-thinking ideas, this new book lays out a path toward eliminating poverty in America—a template for a renewed public debate for an issue of intense urgency.

Lien sale contracts and purchase of residential property in foreclosure

Los Angeles, March 30, 1979

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Author: California. Legislature. Assembly. Committee on Housing and Community Development,Los Angeles (Calif.). City Council

Publisher: N.A

ISBN: N.A

Category: Business & Economics

Page: 117

View: 6307

Homeownership Built to Last

Balancing Access, Affordability, and Risk after the Housing Crisis

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Author: Eric S. Belsky,Christopher E. Herbert,Jennifer H. Molinsky

Publisher: Brookings Institution Press

ISBN: 0815725655

Category: Political Science

Page: 487

View: 8079

The ups and downs in housing markets over the past two decades are without precedent, and the costs—financial, psychological, and social—have been enormous. Yet Americans overwhelmingly still aspire to homeownership, and many still view access to homeownership as an important ingredient for building wealth among historically disadvantaged groups. This timely volume reexamines the goals, risks, and rewards of homeownership in the wake of the housing bubble and subprime lending crisis. Housing, real estate, and finance experts explore the role of government in supporting homeownership, deliberate how homeownership can be made more sustainable, and discuss how best to balance affordability, access, and risk, particularly for minorities and low income families. Contributors: Eric S. Belsky (JCHS); Raphael W. Bostic (University of Southern California); Mark Calabria (Cato Institute); Kaloma Cardwell (University of California, Berkeley); Mark Cole (Hope LoanPort); J. Michael Collins (University of Wisconsin– Madison); Marsha J. Courchane (Charles River Associates); Andrew Davidson (Andrew Davidson and Co.); Christopher E. Herbert (JCHS); Leonard C. Kiefer (Freddie Mac); Alex Levin (Andrew Davidson and Co.); Adam J. Levitin (Georgetown University Law Center); Mark R. Lindblad (University of North Carolina at Chapel Hill); Jeffrey Lubell (Abt Associates); Patricia A. McCoy (University of Connecticut School of Law); Daniel T. McCue (JCHS); Jennifer H. Molinsky (JCHS); Stephanie Moulton (Ohio State University); john a. powell (University of California–Berkeley); Roberto G. Quercia (University of North Carolina at Chapel Hill); Janneke H. Ratcliffe (University of North Carolina); Carolina Reid (University of California–Berkeley); William M. Rohe (University of North Carolina at Chapel Hill); Rocio Sanchez-Moyano (JCHS); Susan Wachter (University of Pennsylvania); Peter M. Zorn (Freddie Mac)

Possible responses to rising mortgage foreclosures

hearing before the Committee on Financial Services, U.S. House of Representatives, One Hundred Tenth Congress, first session, April 17, 2007

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Author: United States. Congress. House. Committee on Financial Services

Publisher: Government Printing Office

ISBN: N.A

Category: Business & Economics

Page: 218

View: 2912

Where Credit is Due

Bringing Equity to Credit and Housing After the Market Meltdown

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Author: John Powell,Christy Rogers

Publisher: University Press of America

ISBN: 0761856072

Category: Business & Economics

Page: 380

View: 7412

Drawing upon history and insight into the current crisis, this book shows that the subprime lending and foreclosure crisis is not an anomaly, especially for people of color; nor is it over. These essays provide a framework for creating equitable policy and ultimately building more stable communities for all Americans.

Subprime Mortgage Lending in New York City

Prevalence and Performance

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Author: Ebiere Okah

Publisher: DIANE Publishing

ISBN: 1437930921

Category:

Page: 38

View: 9876

Subprime mortgage lending expanded in New York City between 2004 and mid-2007, and delinquencies on these subprime loans have been rising sharply. The authors describe the main features of this lending and model the performance of these loans. These subprime loans are found to be clustered in neighborhoods where average borrower credit quality is low and, unlike prime mortgage loans, where African-Americans and Hispanics constitute relatively large shares of the population. The authors estimate a model of the likelihood that these loans will become seriously delinquent and find a significant role for credit quality of borrowers, debt-to-income and loan-to-value ratios at the time of loan origination, and estimates of the loss of home equity. Illus.

Departments of Transportation, and Housing and Urban Development, and Related Agencies Appropriations for 2014: FY 2014 budget justifications: Department of Housing and Urban Development; U.S. Access Board; Federal Maritime Commission; Neighborhood Reinvestment Corporation; United States Interagency Council on Homelessness; National Transportation Safety Board

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Author: United States. Congress. House. Committee on Appropriations. Subcommittee on Transportation, Housing and Urban Development, and Related Agencies

Publisher: N.A

ISBN: N.A

Category: Administrative agencies

Page: N.A

View: 2828

Congressional Record

Proceedings and Debates of the ... Congress

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Author: United States. Congress

Publisher: N.A

ISBN: N.A

Category: Law

Page: N.A

View: 3040

The Congressional Record is the official record of the proceedings and debates of the United States Congress. It is published daily when Congress is in session. The Congressional Record began publication in 1873. Debates for sessions prior to 1873 are recorded in The Debates and Proceedings in the Congress of the United States (1789-1824), the Register of Debates in Congress (1824-1837), and the Congressional Globe (1833-1873)

Protecting the American Dream

Combating Predatory Lending Under the Fair Housing Act : Hearing Before the Subcommittee on the Constitution, Civil Rights, and Civil Liberties of the Committee on the Judiciary, House of Representatives, One Hundred Eleventh Congress, Second Session, April 29, 2010

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Author: N.A

Publisher: N.A

ISBN: N.A

Category: Discrimination in mortgage loans

Page: 312

View: 2094