Homeownership and America's Financial Underclass

Homeownership and America's Financial Underclass

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Why does America have a love affair with homeownership? For many, buying a home is no longer in their best interest and may harm their children's educational opportunities. This book argues that US leaders need to re-evaluate housing policies and develop new ones that ensure that all Americans have access to affordable housing, whether rented or owned. After describing common myths, the book shows why the circumstances now faced by America's financial underclass make it impossible for them to benefit from homeownership because they cannot afford to buy homes. It then exposes the risks of 'home buying while brown or black, ' discussing US policies that made it easier for whites to buy homes, but harder and more costly for blacks and Latinos to do so. The book argues that remaining racial discrimination and certain demographic features continue to make it harder for blacks and Latinos to receive homeownership's promised benefits.This increased incentive to approve FHA-insured mortgage loans also made lenders considerably less willing to ... The underwriting manual the FHA used starting in the 1930s favored neighborhoods that were stable and protected from anbsp;...

Title:Homeownership and America's Financial Underclass
Author:Mechele Dickerson
Publisher:Cambridge University Press - 2014-06-30


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