- Used Books
- Staff Picks
- Gifts & Gift Cards
- Sell Books
- Stores & Events
- Let's Talk Books
Special Offers see all
More at Powell's
Recently Viewed clear list
More copies of this ISBN
Regaining the Dream: How to Renew the Promise of Homeownership for America's Working Familiesby Roberto Quercia
Synopses & Reviews
Millions of Americans have lost their homes since the start of the Great Recession. By the middle of 2010, 4.6% of U.S. home mortgages were in foreclosure, three times the rate seen at the height of the Great Depression. Is the dream of homeownership for America's working families obsolete, an aspiration from a bygone era? In Regaining the Dream, a trio of researchers from the University of North Carolina's Center for Community Capital rejects that notion. Roberto G. Quercia, Allison Freeman, and Janneke Ratcliffe argue that there is a way to strengthen the financial system while simultaneously promoting an equitable, sustainable American home ownership policy.
The authors contend that affordable lending can continue without the excessive risk-taking that led to the current mortgage crisis. Their argument is based on exhaustive examination of a portfolio of mortgage loans made to lower-income borrowers over the past decade. Obviously, borrowers who have fewer resources pose higher risk than borrowers with greater resources, but are borrowers with low incomes too risky to lend to?
The authors reveal that the issue is not whether low-income, low-resource individuals pose a higher risk than those with midlevel or high incomes, it is that a mortgage product can either amplify or mitigate the negative impact of a given risk profile. Synthesizing rigorous, peer-reviewed analyses from the Center's multidisciplinary research team, Regaining the Dream demonstrates that correctly structured loans to low-income households perform quite well, leading to both sustainable homeownership and sound business opportunities.
Until now, there has been little in the way of real-time data to inform the debate about the future of American housing policy. The researchers at the Center for Community Capital fill this gap. They provide important evidence about the benefits and pitfalls of homeownership for a population traditionally underserved by the mainstream market. Their work shows that it is indeed possible to regain the dream of homeownership, while minimizing the risk that doing so will result in another economic nightmare.
Millions of Americans have lost their homes since the start of the recession initiated by the financial crisis of 2008?09. But is the dream of homeownership for America's working families obsolete, an aspiration from a bygone era? Regaining the Dream rejects that notion and proposes a way to strengthen the financial system while simultaneously promoting an equitable and viable American homeownership policy.
For the first time, the authors of Regaining the Dream offer data-driven evidence on how the mortgage industry can serve working families in the United States, pointing the way to a pragmatic housing policy that promotes the opportunity for sustainable homeownership.
Taking the reader step by step through the lending crisis and what caused it, the authors include useful and clear definitions of terms heard almost daily in news coverage. And they give a fair account of the history behind Fannie Mae and Freddie Mac and the new Dodd-Frank law, explaining what remains to be done to uphold one of the defining characteristics of the American dream.
What Our Readers Are Saying
Business » General