Homeownership Built to Last : Balancing Access, Affordability, and Risk After the Housing Crisis

A Brookings Institution Press and Harvard University Joint Center for Housing Studies publicationThe ups and downs in housing markets over the past two decades are withoutprecedent, and the costs—financial, psychological, and social—have beenenormous. Yet Americans overwhelmingly still aspire to homeownership,and many still view access to homeownership as an important ingredient for buildingwealth among historically disadvantaged groups.This timely volume reexamines the goals, risks, and rewards of homeownershipin 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 howbest to balance affordability, access, and risk, particularly for minorities and low incomefamilies.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 (AndrewDavidson and Co.); Christopher E. Herbert (JCHS); Leonard C. Kiefer (FreddieMac); Alex Levin (Andrew Davidson and Co.); Adam J. Levitin (Georgetown UniversityLaw Center); Mark R. Lindblad (University of North Carolina at Chapel Hill);Jeffrey Lubell (Abt Associates); Patricia A. McCoy (University of Connecticut Schoolof 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 (Universityof 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) Introduction: balancing access, affordability, and risk after the housing crisis / Jennifer H. Molinsky, Eric S. Belsky, and Christopher E. Herbert Making the case for homeownership as a policy goal : has the experience of the housing bust changed the calculus? Homeownership, wealth, and the production of racialized space / John A. Powell and Kaloma Cardwell Is homeownership still an effective means of building wealth for low-income and minority households? / Christopher E. Herbert, Daniel T. McCue, and Rocio Sanchez-Moyano Reexamining the social benefits of homeownership after the foreclosure crisis / William M. Rohe and Mark Lindblad Supporting the home-buying process : understanding consumer preferences and designing homebuyer programs To buy or not to buy? : understanding tenure preferences and the decisionmaking processes of lower-income households / Carolina Reid Developing effective subsidy mechanisms for low-income homeownership / J. Michael Collins Filling the void between homeownership and rental housing : a case for expanding the use of shared equity homeownership / Jeffrey Lubell Balancing affordability, access, and risk Underwriting standards, loan products, and performance : what have we learned? / Marsha J. Courchane, Leonard C. Kiefer, and Peter M. Zorn Access and sustainability for first-time homebuyers : the evolving role of state housing finance agencies / Stephanie Moulton and Roberto G. Quercia Mortgage default option mispricing and borrower cost procyclicality / Andrew Davidson, Alex Levin, and Susan Wachter The government's role in the evolving mortgage market Rethinking duty to serve in housing finance / Adam J. Levitin and Janneke H. Ratcliffe Dual mortgage markets : what role has the government played and how likely will one emerge in the future? / Raphael W. Bostic The role of mortgage finance in financial (in)stability / Mark Calabria Sustaining homeownership Engaging distressed homeowners / Mark Cole The home mortgage foreclosure crisis : lessons learned / Patricia A. McCoy Contributors Index. " The ups and downs in housing markets over the past two decades are without precedent, and the costsfinancial, psychological, and socialhave 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. 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 CaliforniaBerkeley); Roberto G. Quercia (University of North Carolina at Chapel Hill); Janneke H. Ratcliffe (University of North Carolina); Carolina Reid (University of CaliforniaBerkeley); William M. Rohe (University of North Carolina at Chapel Hill); Rocio Sanchez-Moyano (JCHS); Susan Wachter (University of Pennsylvania); Peter M. Zorn (Freddie Mac) " "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. Eric S. Belsky, Christopher E. Herbert, and Jennifer H. Molinsky have assembled a team of specilaists to reexamine the goals, risks, and rewards of homeownership in the wake of the housing bubble and subprime lending crisis." -- Publisher's website