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The American Housing Crisis
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Book Synopsis The Great American Housing Bubble by : Adam J. Levitin
Download or read book The Great American Housing Bubble written by Adam J. Levitin and published by Harvard University Press. This book was released on 2020-06-09 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Golden Gates written by Conor Dougherty and published by Penguin. This book was released on 2020-02-18 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Time 100 Must-Read Book of 2020 • A New York Times Book Review Editors' Choice • California Book Award Silver Medal in Nonfiction • Finalist for The New York Public Library Helen Bernstein Book Award for Excellence in Journalism • Named a top 30 must-read Book of 2020 by the New York Post • Named one of the 10 Best Business Books of 2020 by Fortune • Named A Must-Read Book of 2020 by Apartment Therapy • Runner-Up General Nonfiction: San Francisco Book Festival • A Planetizen Top Urban Planning Book of 2020 • Shortlisted for the Goddard Riverside Stephan Russo Book Prize for Social Justice “Tells the story of housing in all its complexity.” —NPR Spacious and affordable homes used to be the hallmark of American prosperity. Today, however, punishing rents and the increasingly prohibitive cost of ownership have turned housing into the foremost symbol of inequality and an economy gone wrong. Nowhere is this more visible than in the San Francisco Bay Area, where fleets of private buses ferry software engineers past the tarp-and-plywood shanties of the homeless. The adage that California is a glimpse of the nation’s future has become a cautionary tale. With propulsive storytelling and ground-level reporting, New York Times journalist Conor Dougherty chronicles America’s housing crisis from its West Coast epicenter, peeling back the decades of history and economic forces that brought us here and taking readers inside the activist movements that have risen in tandem with housing costs.
Download or read book Fixer-Upper written by Jenny Schuetz and published by Brookings Institution Press. This book was released on 2022-02-22 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: Practical ideas to provide affordable housing to more Americans Much ink has been spilled in recent years talking about political divides and inequality in the United States. But these discussions too often miss one of the most important factors in the divisions among Americans: the fundamentally unequal nature of the nation’s housing systems. Financially well-off Americans can afford comfortable, stable homes in desirable communities. Millions of other Americans cannot. And this divide deepens other inequalities. Increasingly, important life outcomes—performance in school, employment, even life expectancy—are determined by where people live and the quality of homes they live in. Unequal housing systems didn’t just emerge from natural economic and social forces. Public policies enacted by federal, state, and local governments helped create and reinforce the bad housing outcomes endured by too many people. Taxes, zoning, institutional discrimination, and the location and quality of schools, roads, public transit, and other public services are among the policies that created inequalities in the nation’s housing patterns. Fixer-Upper is the first book assessing how the broad set of local, state, and national housing policies affect people and communities. It does more than describe how yesterday’s policies led to today’s problems. It proposes practical policy changes than can make stable, decent-quality housing more available and affordable for all Americans in all communities. Fixing systemic problems that arose over decades won’t be easy, in large part because millions of middle-class Americans benefit from the current system and feel threatened by potential changes. But Fixer-Upper suggests ideas for building political coalitions among diverse groups that share common interests in putting better housing within reach for more Americans, building a more equitable and healthy country.
Book Synopsis Homelessness Is a Housing Problem by : Gregg Colburn
Download or read book Homelessness Is a Housing Problem written by Gregg Colburn and published by Univ of California Press. This book was released on 2022-03-15 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: Baseline -- Evidence -- Individual -- Landscape -- Market -- Typology -- Response.
Book Synopsis The American Housing Crisis by : Louise I. Gerdes
Download or read book The American Housing Crisis written by Louise I. Gerdes and published by Greenhaven Publishing. This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: These books provide a range of opinions on a social issue; each volume focuses on a specific issue and offers a variety of perspectives, e.g., eyewitness accounts, governmental views, scientific analysis, newspaper accounts, to illuminate the issue.; This title explores the seriousness of the American housing crisis, the impacts, causes and solutions, including: the threat to families and neighborhoods, homeownership as a wealth-building strategy, lending reform, and mortgage interest deduction.; Greenhaven Press's At Issue series provides a wide range of opinions on individual social issues. Enhancing critical thinking skills, each At Issue volume is an excellent research tool to help readers understand current social issues and prepare reports.
Download or read book Homewreckers written by Aaron Glantz and published by HarperCollins. This book was released on 2019-10-15 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: “[I] can’t recommend this joint enough. ... An illuminating and discomfiting read.” —Ta-Nehisi Coates "Essential reading." —New York Review of Books A shocking, heart-wrenching investigation into America’s housing crisis and the modern-day robber barons who are making a fortune off the backs of the disenfranchised working and middle class—among them, Donald Trump and his inner circle. Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: “I sort of hope that happens because then people like me would go in and buy,” he said. But our future president wasn’t alone. While millions of Americans suffered financial loss, tycoons pounced to heartlessly seize thousands of homes—their profiteering made even easier because, as prize-winning investigative reporter Aaron Glantz reveals in Homewreckers, they often used taxpayer money—and the Obama administration’s promise to cover their losses. In Homewreckers, Glantz recounts the transformation of straightforward lending into a morass of slivered and combined mortgage “products” that could be bought and sold, accompanied by a shift in priorities and a loosening of regulations and laws that made it good business to lend money to those who wouldn’t be able to repay. Among the men who laughed their way to the bank: Trump cabinet members Steve Mnuchin and Wilbur Ross, Trump pal and confidant Tom Barrack, and billionaire Republican cash cow Steve Schwarzman. Homewreckers also brilliantly weaves together the stories of those most ravaged by the housing crisis. The result is an eye-opening expose of the greed that decimated millions and enriched a gluttonous few.
Book Synopsis Behind the Housing Crash by : Aaron Clarey
Download or read book Behind the Housing Crash written by Aaron Clarey and published by Booksurge Publishing. This book was released on 2008 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corrupt bankers, FBI investigations, IRS raids, offshore bank accounts and more as an insider exposes those responsible for the housing crisis and explains what's in store for the rest of us.
Book Synopsis America's Housing Crisis by : Institute for Policy Studies
Download or read book America's Housing Crisis written by Institute for Policy Studies and published by Boston : Routledge & Kegan Paul. This book was released on 1983 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Affordable City by : Shane Phillips
Download or read book The Affordable City written by Shane Phillips and published by Island Press. This book was released on 2020-09-15 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: From Los Angeles to Boston and Chicago to Miami, US cities are struggling to address the twin crises of high housing costs and household instability. Debates over the appropriate course of action have been defined by two poles: building more housing or enacting stronger tenant protections. These options are often treated as mutually exclusive, with support for one implying opposition to the other. Shane Phillips believes that effectively tackling the housing crisis requires that cities support both tenant protections and housing abundance. He offers readers more than 50 policy recommendations, beginning with a set of principles and general recommendations that should apply to all housing policy. The remaining recommendations are organized by what he calls the Three S’s of Supply, Stability, and Subsidy. Phillips makes a moral and economic case for why each is essential and recommendations for making them work together. There is no single solution to the housing crisis—it will require a comprehensive approach backed by strong, diverse coalitions. The Affordable City is an essential tool for professionals and advocates working to improve affordability and increase community resilience through local action.
Book Synopsis The American Housing Crisis by : Susan Hunnicutt
Download or read book The American Housing Crisis written by Susan Hunnicutt and published by Greenhaven Publishing. This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the seriousness of the American housing crisis, the impacts, causes and solutions. Readers will learn about the threat to families and neighborhoods, homeownership as a wealth-building strategy, lending reform, and mortgage interest deduction. Includes primary and secondary sources from a variety of perspectives; eyewitnesses, scientific journals, government officials, and many others.
Book Synopsis Housing America by : Randall G. Holcombe
Download or read book Housing America written by Randall G. Holcombe and published by Routledge. This book was released on 2017-07-05 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing policy not only aff ects all Americans' quality of life, but has a direct impact on their fi nancial well being. About 70 percent of American households own their own homes, and for most, their homes represent the majority of their net worth. Renters are aff ected by housing policy. Even the small minority of Americans who are homeless are aff ected by housing policies specifi cally targeted to low-income individuals.The government's increasing involvement in housing markets, fed by popular demand that government "do something" to address real problems of mortgage defaults and loans, provides good reason to take a new look at the public sector in housing markets. Crises in prime mortgage lending may lower the cost of housing, but the poor and homeless cannot benefi t because of increases in unemployment. Even the private market is heavily regulated. Government policies dictate whether people can build new housing on their land, what type of housing they can build, the terms allowed in rental contracts, and much more.This volume considers the eff ects of government housing policies and what can be done to make them work better. It shows that many problems are the result of government rules and regulations. Even in a time of foreclosures, the market can still do a crucial a job of allocating resources, just as it does in other markets. Consequently, the appropriate policy response may well be to signifi cantly reduce, not increase, government presence in housing markets. Housing America is a courageous and comprehensive eff ort to examine housing policies in the United States and to show how such policies aff ect the housing market.
Book Synopsis Race for Profit by : Keeanga-Yamahtta Taylor
Download or read book Race for Profit written by Keeanga-Yamahtta Taylor and published by UNC Press Books. This book was released on 2019-09-03 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: LONGLISTED FOR THE 2019 NATIONAL BOOK AWARD FINALIST, 2020 PULITZER PRIZE IN HISTORY By the late 1960s and early 1970s, reeling from a wave of urban uprisings, politicians finally worked to end the practice of redlining. Reasoning that the turbulence could be calmed by turning Black city-dwellers into homeowners, they passed the Housing and Urban Development Act of 1968, and set about establishing policies to induce mortgage lenders and the real estate industry to treat Black homebuyers equally. The disaster that ensued revealed that racist exclusion had not been eradicated, but rather transmuted into a new phenomenon of predatory inclusion. Race for Profit uncovers how exploitative real estate practices continued well after housing discrimination was banned. The same racist structures and individuals remained intact after redlining's end, and close relationships between regulators and the industry created incentives to ignore improprieties. Meanwhile, new policies meant to encourage low-income homeownership created new methods to exploit Black homeowners. The federal government guaranteed urban mortgages in an attempt to overcome resistance to lending to Black buyers – as if unprofitability, rather than racism, was the cause of housing segregation. Bankers, investors, and real estate agents took advantage of the perverse incentives, targeting the Black women most likely to fail to keep up their home payments and slip into foreclosure, multiplying their profits. As a result, by the end of the 1970s, the nation's first programs to encourage Black homeownership ended with tens of thousands of foreclosures in Black communities across the country. The push to uplift Black homeownership had descended into a goldmine for realtors and mortgage lenders, and a ready-made cudgel for the champions of deregulation to wield against government intervention of any kind. Narrating the story of a sea-change in housing policy and its dire impact on African Americans, Race for Profit reveals how the urban core was transformed into a new frontier of cynical extraction.
Book Synopsis Neighborhood Defenders by : Katherine Levine Einstein
Download or read book Neighborhood Defenders written by Katherine Levine Einstein and published by Cambridge University Press. This book was released on 2019-12-05 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public participation in the housing permitting process empowers unrepresentative and privileged groups who participate in local politics to restrict the supply of housing.
Book Synopsis Egypt's Housing Crisis by : Yahia Shawkat
Download or read book Egypt's Housing Crisis written by Yahia Shawkat and published by American University in Cairo Press. This book was released on 2020-09-08 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: A provocative analysis of the roots of Egypt’s housing crisis and the ways in which it can be tackled Along with football and religion, housing is a fundamental cornerstone of Egyptian life: it can make or break marriage proposals, invigorate or slow down the economy, and popularize or embarrass a ruler. Housing is political. Almost every Egyptian ruler over the last eighty years has directly associated himself with at least one large-scale housing project. It is also big business, with Egypt currently the world leader in per capita housing production, building at almost double China’s rate, and creating a housing surplus that counts in the millions of units. Despite this, Egypt has been in the grip of a housing crisis for almost eight decades. From the 1940s onward, officials deployed a number of policies to create adequate housing for the country’s growing population. By the 1970s, housing production had outstripped population growth, but today half of Egypt’s one hundred million people cannot afford a decent home. Egypt's Housing Crisis takes presidential speeches, parliamentary reports, legislation, and official statistics as the basis with which to investigate the tools that officials have used to ‘solve’ the housing crisis—rent control, social housing, and amnesties for informal self-building—as well as the inescapable reality of these policies’ outcomes. Yahia Shawkat argues that wars, mass displacement, and rural–urban migration played a part in creating the problem early on, but that neoliberal deregulation, crony capitalism and corruption, and neglectful planning have made things steadily worse ever since. In the final analysis he asks, is affordable housing for all really that hard to achieve?
Book Synopsis The Housing Boom and Bust by : Thomas Sowell
Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Book Synopsis Nowhere to Live by : James S. Burling
Download or read book Nowhere to Live written by James S. Burling and published by Simon and Schuster. This book was released on 2024-08-13 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: A century of policy mistakes ruined America’s cities and created an unprecedented housing crisis. For many families, homelessness is no longer someone else’s problem. It is right around the corner, a real threat in their own immediate future. Our housing crisis is the result of a long history of government policies, court cases, and political manipulation. While these disparate causes make up a tangled web, they have one surprising root: the attack on private property rights. For more than a century, government policies and court decisions have attacked, undermined, and eroded private property rights. Whether it be exclusionary zoning, eminent domain abuse, rent control, or excessive environmental regulations, the cumulative impact of these assaults on private property is that it’s become increasingly difficult—or even impossible—to build adequate housing supplies to meet market demands. We are fast approaching a time when millions of typical Americans will, quite literally, have nowhere to live. Nowhere to Live: The Hidden Story of America’s Housing Crisis, takes readers through the history of how we got here. With stories going back to the Civil War, the early twentieth century, and the ill-fated “urban renewal” movement of the 1950s, Nowhere to Live reveals how the government layered mistake upon mistake to create the current crisis. It also provides a way out: not by government fiat, but through the restoration of private property rights.
Book Synopsis Foreclosing the Dream by : William Lucy
Download or read book Foreclosing the Dream written by William Lucy and published by Routledge. This book was released on 2017-11-08 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: That America entered a profound housing crisis in 2008 is well known. The wave of foreclosures that began to sweep the nation has had radical economic effects. But the force, ramifications, and implications for communities across America have never been spelled out as clearly and thoroughly as they are in this volume. As he did in Tomorrow's Cities, Tomorrow's Suburbs, the author has taken a clear-eyed and meticulous look at the latest data and found lessons that the mainstream discussion has overlooked - particularly with regard to the spatial and demographic implications of the housing crisis. The housing market did not collapse uniformly, and the pain has not been felt equally in all age groups. Planners, public officials, activists, students, and others will benefit from the author's's analysis of the real shape of the crisis, for what happens next will reflect these inequities. The author pulls no punches in this taut, readable assessment of what the crisis will mean for the shapes of our exurbs, older suburbs, and central cities.
