Building Assets, Building Credit Creating Wealth in Low-Income Communities

by Retsinas, Nicolas P.; Belsky, Eric S.; Gramlich, Edward

• ISBN13: 9780815774099
• ISBN10: 0815774095
• Format: Paperback
• Copyright: 2005-08-25
• Publisher: Brookings Institution Press

Summary

"Today, more low-income Americans have greater access to credit than ever before, thanks in large part to the growth of global capital markets and liberal use of credit scores. But not all have benefited equally from the opened spigots. Some are overpaying for mortgage credit, others are getting in over their heads, and some have become the victims of predatory lenders." "In this volume, noted analysts examine how low-income families can continue to participate in the American dream of homeownership, building up assets and equity along the way, and what businesses and government can do to ensure that low-income families succeed in homeownership."--BOOK JACKET.

Table of Contents

Foreword	ix
Edward Gramlich
Acknowledgments	xiii
1 New Paths to Building Assets for the Poor	1	(9)
Eric S. Belsky and Nicolas P. Retsinas
2 Credit Matters: Building Assets in a Dual Financial Service System	10	(33)
Eric S. Belsky and Allegra Calder
Part 1. Making Choices
Introduction	43	(60)
George McCarthy
3 To Bank or Not to Bank? A Survey of Low-Income Households	47	(24)
Christopher Berry
4 Refinance and the Accumulation of Home Equity Wealth	71	(32)
Frank E. Nothaft and Yan Chang
Part 2. Beyond Prime
Introduction	103	(50)
Edward Golding
5 Changing Industrial Organization of Housing Finance and Changing Role of Community-Based Organizations	107	(31)
William C. Apgar and Allen J. Fishbein
6 Exploring the Welfare Effects of Risk-Based Pricing in the Subprime Mortgage Market	138	(15)
J. Michael Collins, Eric S. Belsky, and Karl E. Case
Part 3. Keeping Score
Introduction	153	(50)
Stephen Brobeck
7 Hitting the Wall: Credit as an Impediment to Homeownership	155	(18)
Raphael W Bostic, Paul S. Calem, and Susan M. Wachter
8 Credit Scoring's Role in Increasing Homeownership for Underserved Populations	173	(30)
Hollis Fishelson-Holstine
Part 4. Role of Regulation
Introduction	203	(34)
Allegra Calder
9 Modes of Credit Market Regulation	206	(31)
Michael S. Barr
10 Accuracy in Credit Reporting	237	(29)
Michael E. Staten and Fred H. Cate
11 Lost-Benefit Analysis of Debtor Protection Rules in Subprime Market Default Situations	266	(17)
Duncan Kennedy
Part 5. Working toward Solutions
Introduction	283	(3)
Ken Wade
12 Institutions and Inclusion in Saving Policy	286	(30)
Michael Sherraden and Michael S. Barr
13 Unbanked to Homeowner: Improving Financial Services for Low-Income, Low-Asset Customers	316	(32)
Ellen Seidman and Jennifer Tescher
14 Innovative Servicing Technology: Smart Enough to Keep People in Their Houses?	348	(31)
Amy Crews Cutts and Richard K. Green
Contributors	379	(2)
Index	381