Subprime Mortgages: America's Latest Boom and Bust
Over the past decade, a new mortgage market offering loans at low interest rates and for little or no money down has given low-income people an opportunity to pursue the American dream of homeownership. The resulting wave in home buying promised to stabilize neighborhoods and families, boost the economy, and reduce crime. In many ways, the optimists were correct, but now, less than fifteen years later, the subprime mortgage market is collapsing, threatening to take the rest of the housing sector along with it.
Subprime Mortgages: America's Latest Boom and Bust analyzes how the subprime market emerged, why it is in crisis, and how we can reform public policy to avert disaster. An attendant examination of the rental market also offers recommendations for shoring up what may be the best housing option for some families.
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The Evolution of This Market
Benefits Costs and Risks for
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1st quintile 20 percent 4th quintile Apgar approach areas banks and thrifts billion CBOs CDFIs Consumer Finances cost burdens counseling credit scoring demand-side subsidies denial rates Difference equity families Fannie Mae Federal Reserve first-time homebuyers foreclosure rates Freddie Mac funds gage Gramlich high debt Hispanic Hispanic households HMDA HOEPA loans homeowners HOPI hous house prices in-kind income quintile income support institutions interest rates investors issues LIHTC low-income households Mae and Freddie manufactured housing moderate-income households mort mortgage brokers mortgage loans mortgage payments MPOs neighborhoods nonhomeowners numbers overall owners payment shocks percentage points predatory lending prepayment penalties prime market prime mortgage market public housing quintile 2nd quintile recent regulations rent rental housing renters risk securitizing Source subprime borrowers subprime lenders subprime loans subprime market subprime mortgage market supervision supply supply-side subsidies Survey of Consumer tax expenditures voucher whites