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: 2579

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.

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: 2379

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.

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: 1021

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.

A Dream Foreclosed

Black America and the Fight for a Place to Call Home

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Author: Laura Gottesdiener

Publisher: Zuccotti Park Press

ISBN: 1884519210

Category: Business & Economics

Page: 185

View: 2932

"Real-life stories of how banks are ravaging the country--particularly African American communities--and how some families have joined together to fight back. The ongoing economic crisis has created one of the longest and largest mass displacements in U.S. history. While profiting from government bailouts, banks have evicted more than ten million Americans from their homes, destroying their life savings, their economic security and their dreams. Told through the eyes of four families, A Dream Foreclosed reveals the ongoing human tragedy of the crisis--and the spectacular possibilities that emerge when everyday people challenge the all-powerful corporations that the U.S. government considers 'too big to indict.'"--Cover p. [4].

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: 7051

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.

Lender Liability - Fifth Edition

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Author: A. Barry Cappello

Publisher: Juris Publishing, Inc.

ISBN: 1578233437

Category: Law

Page: 944

View: 8443

Lender Liability - Fifth Edition is the leading one-volume work on the subject. This area of the law has grown and matured significantly over the years and is now recognized as a distinct body of law that is the basis of thousands of lawsuits filed over the last decade. Written for both lenders' and borrowers' attorneys, Lender Liability discusses the basics and more advanced issues relating to lender liability. Topics include 1) an extended analysis of where and how lender liability problems arise, 2) common law and statutory theories of liability, 3) bankruptcy concerns and 4) lawsuits against failing or failed financial institutions. A sample complaint, request for production of documents, interrogatories and jury instructions are included on CD for easy use. The work also includes as well tables of state and federal cases and statutes, rules and regulations. This brand new edition has been completely revised, reorganized and updated. It conforms now to the evolution and maturity of Lender Liability as an accepted, cited and well litigated area of commercial and consumer litigation. "Lender Liability" as a body of law has evolved from traditional contract and tort theories, to include causes of action based in the Uniform Commercial Code; including the covenant of good faith and fair dealing. This handy reference work is ideal for either the experienced practitioner or the neophyte involved in representing an institution or client whose interests involve bank liability.

Comptroller's Handbook

Deposit-related Credit

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Author: Office of the Comptroller of the Currency

Publisher: CreateSpace

ISBN: 9781508818625

Category: Business & Economics

Page: 52

View: 2840

The Office of the Comptroller of the Currency's (OCC) Comptroller's Handbook booklet, “Deposit-Related Credit,” is prepared for use by OCC examiners in connection with their examination and supervision of national banks and federal savings associations (collectively, banks). Each bank is different and may present specific issues. Accordingly, examiners should apply the information in this booklet consistent with each bank's individual When it is necessary to distinguish between them, national banks and federal savings associations are referred to separately. Banks may offer customers a variety of small-dollar, unsecured credit products and services that are related to their deposit accounts. These deposit-related credit (DRC) products and services generally take one of three forms: check credit (CC), overdraft protection (ODP), and deposit advance products (DAP). Examiners should be aware that laws, regulations, and supervisory guidance referenced in this booklet may not apply to all DRC products and services.

Foreclosed America

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Author: Isaac Martin,Christopher Niedt

Publisher: Stanford University Press

ISBN: 0804795789

Category: Social Science

Page: 112

View: 5622

From 2007 to 2012, almost five percent of American adults—about ten million people—lost their homes because they could not make mortgage payments. The scale of this home mortgage crisis is unprecedented—and it's not over. Foreclosures still displace more American homeowners every year than at any time before the twenty-first century. The dispossession and forced displacement of American families affects their health, educational success, and access to jobs. It continues to block any real recovery in the hardest-hit communities. While we now know a lot about how this crisis affected the global economy, we still know very little about how it affected the people who lost their homes. Foreclosed America offers the first representative portrait of those people—who they are, how and where they live after losing their homes, and what they have to say about their finances, their neighborhoods, and American politics. It is a sobering picture of Americans down on their luck, and of a crisis that is testing American democracy.

The Great American Foreclosure Story

The Struggle for Justice and a Place to Call Home

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Author: Paul Kiel,Olga Pierce,Cora Currier

Publisher: Open Road Media

ISBN: 1453254412

Category: Business & Economics

Page: 56

View: 1743

ProPublica’s mesmerizing and groundbreaking look at the national housing crisis, told through the lens of one woman whose story came to exemplify it Sheila Ramos’s story mirrors the lives of millions of Americans who have lost their homes since the beginning of the housing crisis in 2007. The Great American Foreclosure Story details with clarity and empathy the road that led Ramos and so many like her toward financial ruin. Once the owner of a small business and a home, Ramos fell on hard times. Predatory lending and denied loan-modification applications eventually sent her and her three grandchildren packing, leaving behind their house in Florida and winding up in a tent outside of Ramos’s faraway hometown. Alongside Ramos’s story are additional investigations by ProPublica reporter Paul Kiel and his colleagues Olga Pierce and Cora Currier documenting the systematic failures at banks, mortgage servicers, and government watchdogs that have exacerbated the country’s most severe foreclosure crisis since the Great Depression. Drawing from whistleblower testimonies, extensive homeowner databases, and a trove of underlying data, The Great American Foreclosure Story is a comprehensive and unrivaled look at the housing crisis, and its continuing human toll.

Foreclosure, predatory mortgage and payday lending in America's cities

hearing before the Subcommittee on Domestic Policy of the Committee on Oversight and Government Reform, House of Representatives, One Hundred Tenth Congress, first session, March 21, 2007

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Author: United States. Congress. House. Committee on Oversight and Government Reform. Subcommittee on Domestic Policy

Publisher: Government Printing Office

ISBN: N.A

Category: Business & Economics

Page: 314

View: 4262

Housing Policy in the United States

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Author: Alex F. Schwartz

Publisher: Routledge

ISBN: 1135045232

Category: Law

Page: 466

View: 4704

The classic primer for its subject, Housing Policy in the United States, has been substantially revised in the wake of the 2007 near-collapse of the housing market and the nation’s recent signs of recovery. Like its previous editions, this standard volume offers a broad overview of the field, but expands to include new information on how the crisis has affected the nation’s housing challenges, and the extent to which the federal government has addressed them. Schwartz also includes the politics of austerity that has permeated almost all aspects of federal policymaking since the Congressional elections of 2010, new initiatives to rehabilitate public housing, and a new chapter on the foreclosure crisis. The latest available data on housing conditions, housing discrimination, housing finance, and programmatic expenditures is included, along with all new developments in federal housing policy. This book is the perfect foundational text for urban studies, urban planning, social policy, and housing policy courses.

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: 8792

Credit Risk Assessment

The New Lending System for Borrowers, Lenders, and Investors

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Author: Clark R. Abrahams,Mingyuan Zhang

Publisher: John Wiley & Sons

ISBN: 9780470500354

Category: Business & Economics

Page: 256

View: 3372

"Clark and Mingyuan start with an insightful and comprehensive description of how market participants contributed to the current crisis in the residential mortgage markets and the root causes of the crisis. They then proceed to develop a new residential mortgage lending system that can fix our broken markets because it addresses the root causes. The most impressive attributes of their new system is its commonsense return to the basics of traditional underwriting, combined with factors based on expert judgment and statistics and forward-looking attributes, all of which can be updated as markets change. The whole process is transparent to the borrower, lender, and investor." —Dean Schultz, President and CEO, Federal Home Loan Bank of San Francisco "The credit market crisis of 2008 has deeply affected the economic lives of every American. Yet, its underlying causes and its surface features are so complex that many observers and even policymakers barely understand them. This timely book will help guide nonspecialists through the workings of financial markets, particularly how they value, price, and distribute risk." —Professor William Greene, Stern School of Business, New York University "This book is a well-timed departure from much of what is being written today regarding the current foreclosure and credit crisis. Rather than attempting to blame lenders, borrowers, and/or federal regulators for the mortgage meltdown and the subsequent impacts on the financial markets, Clark and Mingyuan have proposed a groundbreaking new framework to revolutionize our current lending system. The book is built on the authors' deep understanding of risk and the models used for credit analysis, and reflects their commitment to solve the problem. What I find most profound is their passion to develop a system that will facilitate new and better investment, especially in underserved urban markets that have been disproportionately impacted in the current crisis. I applaud the authors for this important work, and urge practitioners and theorists alike to investigate this new approach." —John Talmage, President and CEO, Social Compact "In the wake of the credit crisis, it is clear that transparency is the key to not repeating history. In Credit Risk Assessment: The New Lending System for Borrowers, Lenders and Investors, Clark Abrahams and Mingyuan Zhang describe a new lending framework that seeks to connect all the players in the lending chain and provide a more holistic view of customers' risk potential. As the financial services industry recovers from the mortgage meltdown, the Abrahams/Zhang lending model certainly offers some new food for thought to laymen and professionals alike." —Maria Bruno-Britz, Senior Editor, Bank Systems & Technology magazine

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: 7931

While much recent attention has been focused on the subprime lending and foreclosure crisis, little has been said about its radically-disparate impact. Drawing upon history as well as insight into the current crisis, this book shows that this crisis is not an anomaly, especially for people of color; nor is it over. People of color have been excluded from wealth-building opportunities via homeownership continuously throughout United States history, from the outright denial of credit and residential racial discrimination, to federally-sponsored urban renewal programs. The subprime lending and foreclosure crisis is predicted to strip a quarter of a trillion dollars in wealth from black and Latino homeowners. It has reversed home ownership gains for people of color and has decimated neighborhoods across the United States while impacting local, regional, national, and international economies. The consequences are devastating. This collection of essays provides a framework for creating equitable policy and ultimately building more stable communities for all Americans.

The Wire and America's Dark Corners

Critical Essays

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Author: Arin Keeble,Ivan Stacy

Publisher: McFarland

ISBN: 1476619603

Category: Performing Arts

Page: 236

View: 1043

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.

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: 1694

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 Connected City

How Networks are Shaping the Modern Metropolis

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Author: Zachary P. Neal

Publisher: Routledge

ISBN: 1136236651

Category: Social Science

Page: 272

View: 623

The Connected City explores how thinking about networks helps make sense of modern cities: what they are, how they work, and where they are headed. Cities and urban life can be examined as networks, and these urban networks can be examined at many different levels. The book focuses on three levels of urban networks: micro, meso, and macro. These levels build upon one another, and require distinctive analytical approaches that make it possible to consider different types of questions. At one extreme, micro-urban networks focus on the networks that exist within cities, like the social relationships among neighbors that generate a sense of community and belonging. At the opposite extreme, macro-urban networks focus on networks between cities, like the web of nonstop airline flights that make face-to-face business meetings possible. This book contains three major sections organized by the level of analysis and scale of network. Throughout these sections, when a new methodological concept is introduced, a separate ‘method note’ provides a brief and accessible introduction to the practical issues of using networks in research. What makes this book unique is that it synthesizes the insights and tools of the multiple scales of urban networks, and integrates the theory and method of network analysis.

Evidence and Innovation in Housing Law and Policy

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Author: Lee Anne Fennell,Benjamin J. Keys

Publisher: Cambridge University Press

ISBN: 1316738485

Category: Law

Page: N.A

View: 3475

No area of law and policy is more central to our well-being than housing, yet research on the topic is too often produced in disciplinary or methodological silos that fail to connect to policy on the ground. This pathbreaking book, which features leading scholars from a range of academic fields, cuts across disciplines to forge new connections in the discourse. In accessible prose filled with cutting-edge ideas, these scholars address topics ranging from the recent financial crisis to discrimination and gentrification and show how housing law and policy impacts household wealth, financial markets, urban landscapes, and local communities. Together, they harness evidence and theory to capture the 'state of play' in housing, generating insights that will be relevant to academics and policymakers alike. This title is also available as Open Access.