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robertogreco : mortgages   15

Radical Housing Journal
"The first issue of the Radical Housing Journal focuses on practices and theories of organizing as connected to post-2008 housing struggles. As 2008 was the dawn of the subprime mortgage and financial crisis, and as the RHJ coalesced ten years later in its aftermath, we found this framing apropos. The 2008 crisis was, after all, a global event, constitutive of new routes and formations of global capital that in turn impacted cities, suburbs, and rural spaces alike in highly uneven, though often detrimental, ways. Attentive to this, we hoped to think through its globality and translocality by foregrounding “post-2008” as field of inquiry. What new modes of knowledge pertinent to the task of housing justice organizing could be gained by thinking 2008 through an array of geographies, producing new geographies of theory?"
housing  organization  organizing  2008  mortgages  greatrecession  finance  translocality  global  capitalism  cities  urban  urbanism 
april 2019 by robertogreco
An interactive view of the housing boom and bust
"This map was originally published in September 2013 and has been updated annually as new Home Mortgage Disclosure Act data become available. This 2017 update incorporates 2016 mortgage originations and includes information on purchase and refinance loans.

Since 2008, the tight credit environment has constrained mortgage lending and disproportionately affected black and Hispanic households. As a result, these communities found it hard to take advantage of the low home prices and low interest rates that followed the housing market crash, missing an important opportunity to build wealth through homeownership. Credit remains tight today while home prices have reached their precrisis peak, further limiting affordable housing options for minority homebuyers."
housing  us  race  racism  homeownership  2017  2008  maps  mapping  data  mortgages 
november 2017 by robertogreco
How Our Tax Code Makes Inequality Worse -
"It has been engineered to promote inequality by providing mortgage interest deductions and other subsidies to people who don't need them."

"The data are abundantly clear that tax expenditures actively redistribute wealth to the top while skipping those low- and moderate-income families most in need of building up assets. However, because race and ethnicity data are not collected on tax forms, we have less direct information about the racial distribution of tax expenditures or their impact on the racial wealth gap. But research clearly suggests this impact is substantial. In one study, the Tax Policy Center examined ZIP codes in which high rates of residents claimed the mortgage interest deduction. It found that African-Americans represent only 5.6 percent of the population in these areas, less than half their national proportion.9 Residents of ZIP codes with the highest rates of taxpayers claiming the deduction — where big federal dollars flow to subsidize home ownership — are disproportionately white, middle-aged and married. Another way of getting a handle on the nexus of race and tax expenditures is to analyze expenditures by income brackets, since we know the exact percentage of African-Americans in each income bracket. This blunt method shows that African-Americans receive only 3.5 percent of public investments via tax expenditures in individual wealth building, when they comprise 13.2 percent of the population. Using the 2014 estimate10 that wealth-building tax expenditures total nearly $400 billion annually, this means that the tax code delivers a whopping $35 billion discriminatory race penalty each year. African-American families would accumulate $35 billion more in wealth each year if their incomes were distributed according to their national representation — 13.2 percent in each income bracket. Projecting that one-year figure out to the Tax Policy Center’s six-year estimate of $2.5 trillion in public investment in home ownership, retirement security, small business development, and other areas via tax expenditures suggests a massive structural race deficit.11 The African-American share of this investment falls over $200 billion short of African-Americans’ demographic representation. This is a clear case of policy shutting the door to wealth for African-Americans and other people of color."
texes  inequality  mortgages  2017  thomasshapiro  policy  politics  economics 
may 2017 by robertogreco
Disrupting Slumlords — Weird Future — Medium
"This is the Taskrabbit economy in full swing. The sharing economy which allows car owners, home dwellers, and free-time havers, to extract every bit of value from their resources needs people desperate for a little extra cash. Some chunk of that 62% of people who are using Airbnb to keep their homes are people who wouldn’t be putting up with the hassle if times weren’t tough.

The sharing economy benefits greatly from a collapsed normal economy. Airbnb and Blackstone are two sides of the same dark coin. Airbnb doesn’t have a multi-billion dollar valuation for being friendly."
timmaly  2013  taskrabbit  airbnb  blackstone  realestate  finance  economics  sharing  mortgages  foreclosures  housing  housingcrisis 
november 2013 by robertogreco
Strategic defaults – conditioning, morality, or naïveté? | The Big Picture
"To this point, we have lived in a country where the “What’s my monthly payment?” culture has thrived, but that seems to be changing and the question that more and more underwater homeowners are now asking is, “If banks can walk away from their obligations, why can’t I?”
mortgages  banking  foreclosures  defaults  housing  markets  morality  2009  doublestandards 
december 2009 by robertogreco
Matt Hern » Blog Archive » WALKING AWAY UNDERWATER
"intrigued by the story originating in the LA Times that got wide play this we. Brent White, a University of Arizona law school professor, authored a study that urges ‘underwater’ homeowners (those who owe more than their house is worth) to just walk away from the house and cut their losses ... So aside from the tsunami of social and economic repercussions if half of homeowners are in a position where abandoning their homes is the smart thing to do, another thought came to mind. What happens when the US deficit crosses the 100% threshold of GDP? ... Homeower debt. Credit card debt. National debt. Ecological debt. All of it relies implicitly and explicitly on mythologies of endless growth. Sooner, rather than later, or maybe now, the insanity of it comes clear and people rightly just walk away from the house.
debt  economics  crisis  us  policy  deficit  housing  homes  mortgages  foreclosures 
december 2009 by robertogreco
My Personal Credit Crisis -
"If there was anybody who should have avoided the mortgage catastrophe, it was I. As an economics reporter for The New York Times, I have been the paper’s chief eyes and ears on the Federal Reserve for the past six years. I watched Alan Greenspan and his successor, Ben S. Bernanke, at close range. I wrote several early-warning articles in 2004 about the spike in go-go mortgages. Before that, I had a hand in covering the Asian financial crisis of 1997, the Russia meltdown in 1998 and the dot-com collapse in 2000. I know a lot about the curveballs that the economy can throw at us. But in 2004, I joined millions of otherwise-sane Americans in what we now know was a catastrophic binge on overpriced real estate and reckless mortgages. Nobody duped or hypnotized me. Like so many others — borrowers, lenders and the Wall Street dealmakers behind them — I just thought I could beat the odds."

[See some follow-up here: ]
crisis  housingbubble  credit  creditcrunch  creditcards  2009  journalism  economics  foreclosures  mortgages 
may 2009 by robertogreco | Willem Buiter's Maverecon | Home loans in the US: the biggest racket since Al Capone?
"The extreme fiscal largesse bestowed on residential housing, directly and indirectly through mortgage interest deductibility, has led to a massive misallocation of investment in the US. There has been overinvestment in the private residential housing stock and underinvestment in just about every other form of fixed capital: infrastructure, public amenities of all kinds (sports facilities, public recreational facilities, parks etc.), commercial structures, plant and equipment. It is time to correct the distorted incentives that are at the root of this misallocation. The easiest way to do this, in the current tax system, is to end the deductibility of mortgage interest in the personal income tax, close down Fannie and Freddie and end the role of the US government in the provision of residential mortgages."
economics  housing  realestate  meltdown  crisis  finance  policy  mortgages  taxes  mortgagededuction  investment  stimulus  willembuiter  housingbubble 
february 2009 by robertogreco
Robert Reich's Blog: What Wall Street Should Be Required to Do, to Get A Blank Check From Taxpayers
"if you are a member of Congress...might be in position to demand from Wall Street certain conditions in return for blank check... 1. government gets equity stake in every WS financial company proportional to amount of bad debt that company shoves onto the public... 2. Wall Street executives and directors of Wall Street firms relinquish their current stock options and this year’s other forms of compensation, and agree to future compensation linked to a rolling five-year average of firm profitability. 3. All WS executives immediately cease making campaign contributions to any candidate for public office in this election cycle or next, all WS PACs be closed & WS lobbyists curtail their activities 4. WS firms agree to comply with new regulations over disclosure, capital requirements, conflicts of interest & market manipulation. 5. WS agrees to give bankruptcy judges authority to modify terms of primary mortgages, so homeowners have fighting chance to keep homes."
economics  business  government  mortgages  law  subprime  crisis  2008  policy  robertreich  finance  corruption 
september 2008 by robertogreco
U.S. financial crisis spreads toward your wallet |
"In 2006, well before the financial crisis broke on the shores of the American economy, Ann Lee wrote a 22-page paper on "Wall Street's House of Cards." It warned of the danger to the nation from the sale of trillions of dollars of complex financial products called "structured credit derivatives" ... Seeking a reaction to her paper, she sent it to officials in Washington. Lee received an e-mail reply from Lawrence Lindsey, director of the National Economic Council under the first President Bush, who wrote that "both the practitioners and the regulators are well aware of the risks that are out there," including those in the subprime mortgage market. Mr. Lindsey held that the deregulated mortgage market was "much better" in early 2007 than the more regulated one in 1991, when there were also credit-market problems."
banking  finance  dept  economics  us  derivitives  wallstreet  mortgages  subprime  hedgefunds  regulation  deregulation  fauxpenmarkets  transparency 
september 2008 by robertogreco
The Next Slum?
"The subprime crisis is just the tip of the iceberg. Fundamental changes in American life may turn today’s McMansions into tomorrow’s tenements."
us  architecture  housingbubble  capitalism  bubble  housing  recession  slums  sociology  subprime  suburban  suburbia  suburbs  sustainability  theatlantic  economics  realestate  urbanism  walking  transportation  urban  mortgages  demographics  future  green  cities  crime  culture  planning  politics  poverty  property  dystopia  neighborhoods  collapse  environment 
february 2008 by robertogreco
LA Weekly - News - Foreclosure Frenzy - David Ferrell - The Essential Online Resource for Los Angeles
"For Angelenos who watched, confounded, as many home buyers somehow were able to afford $585,000 homes the mystery has been solved: Buyers couldn’t actually afford the prices, but bought anyway."
duh  housing  losangeles  economics  finance  mortgages  housingbubble  foreclosures  frenzies  via:cburell 
november 2007 by robertogreco

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