Where credit is due : bringing equity to credit and housing after the market meltdown

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. Contents Acknowledgments Introduction Chapter One. Overview Chapter Two. Understanding the Subprime Crisis: Institutional Evolution and Theoretical Views Chapter Three. Subprime Lending, Foreclosure and Race: An Introduction to the Role of Securitization in Residential Mortgage Finance Chapter Four. A Structural Racism Lens on Subprime Foreclosures and Vacant Properties Chapter Five. Subprime Lending, Mortgage Foreclosure and Race: How Far Have We Come and How Far Have We to Go? Chapter Six. Subprime Lending in the City of Cleveland and Cuyahoga County Chapter Seven. Bending Toward Justice: An Empirical Study of Foreclosures in One Neighborhood Three Years after Impact and a Proposed Framework for a Better Community Chapter Eight. The Foreclosure Crisis and Fair Credit Access in Immigrant Communities Chapter Nine. An Ethnographic View of Impact: Asset Stripping for People of Color Chapter Ten. Affirmatively Furthering Fair Housing: A Critical Component of the Neighborhood Stabilization Program Chapter Eleven. Fannie, Freddie, and the Future of Fair Housing Chapter Twelve. Fannie Mae and Freddie Mac: How Can We Improve Their Support of the Mortgage Market? Chapter Thirteen. Furthering Fair Housing, the Housing Finance System, and the Government Sponsored Enterprises Chapter Fourteen. Give Credit Where Credit Is Due: Overhauling the CRA Chapter Fifteen. Breaking the Bank /(Re)Making the Bank: America’s Financial Crisis and the Implications for Sustainable Advocacy for Fair Credit and Fair Banking Chapter Sixteen. The Housing and Credit Crisis Revisited: Looking Back and Moving Forward Index About the Authors Drawing upon history and insight into the current crisis, this book shows that the subprime lending and foreclosure crisis is not an anomaly, especially for people of color; nor is it over. These essays provide a framework for creating equitable policy and ultimately building more stable communities for all Americans.