#149 Spring 2007 — Shared-Equity Homeownership

Passing the Buck

Testifying before the U.S. Senate Banking Committee on the effects that predatory lending and exotic mortgages have on the rising rate of home foreclosures, Douglas G. Duncan, senior vice president […]

Testifying before the U.S. Senate Banking Committee on the effects that predatory lending and exotic mortgages have on the rising rate of home foreclosures, Douglas G. Duncan, senior vice president of the Mortgage Bankers Association, cited death, illness, and unemployment as the prevailing reasons for the foreclosure spike. No mention of the bad subprime loans that were foisted upon unsuspecting, eager new homeowners.

Both Duncan and another “expert” witness, Harry Dinham, of the National Association of Mortgage Brokers, say that subprime loans should not be blamed because the loans have allowed more cash to flow in to disinvested, minority communities. Instead, they believe, borrowers simply need to become more financially literate.

OTHER ARTICLES IN THIS ISSUE

  • Foreclosure Fuzziness Media Watch

    May 4, 2008

    Pity the poor media consumer. It’s nigh-on impossible to understand the burgeoning mortgage crisis rippling through communities around the country if you’re relying on the mainstream press to give you […]

  • MacArthur Foundation Earmarks $25 Million for Housing Research

    May 4, 2008

    The John D. and Catherine T. MacArthur Foundation plans to invest $25 million over the next five years in research into the causes, effects and solutions to the nation’s affordable-housing […]

  • School House Rocks

    May 4, 2008

    One Missouri school district has given new meaning to “no child left behind.” Discouraged by the number of homeless students in its district, and by the limited shelter options available […]