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Poor people spend their money living day to day. How can they accumulate wealth? In the United States, homeownership is often the answer. Homes not only provide shelter but also are assets, and thus a means to create equity. Mortgage credit becomes a crucial factor. More Americans than ever now have some access to credit. However. thanks in large part to the growth of global capital markets and greater use of "credit scores," not all homeowners have benefited equally from the opened spigots. Different terms and conditions mean that some applicants are overpaying for mortgage credit, while some are getting in over their heads. And the door is left wide open for predatory lenders. In this important new volume, accomplished analysts examine the situation, illustrate its ramifications, and recommend steps to improve it. Today, low-income Americans have more access to credit than ever before. The challenge is to increase the chances that homeownership becomes the new pathway to asset-building that everyone hopes it will be.

Table of Contents

  1. Cover
  2. pp. 1-ii
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  1. Title Page
  2. pp. iii-iv
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  1. Contents
  2. pp. v-vii
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  1. Foreword
  2. pp. ix-xii
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  1. Acknowledgments
  2. pp. xiii-xiv
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  1. Chapter 1. New Paths to Building Assets for the Poor
  2. pp. 1-9
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  1. Chapter 2. Credit Matters: Building Assets in a Dual Financial Service System
  2. pp. 10-41
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  1. PART 1: Making Choices
  2. pp. 43-46
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  1. Chapter 3. To Bank or Not to Bank? A Survey of Low-Income Households
  2. pp. 47-70
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  1. Chapter 4. Refinance and the Accumulation of Home Equity Wealth
  2. pp. 71-102
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  1. PART 2: Beyond Prime
  2. pp. 103-106
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  1. Chapter 5. Changing Industrial Organization of Housing Finance and Changing Role of Community-Based Organizations
  2. pp. 107-137
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  1. Chapter 6. Exploring the Welfare Effects of Risk-Based Pricing in the Subprime Mortgage Market
  2. pp. 138-151
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  1. PART 3. Keeping Score
  2. pp. 153-154
  1. Chapter 7. Hitting the Wall: Credit as an Impediment to Homeownership
  2. pp. 155-172
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  1. Chapter 8. Credit Scoring's Role in Increasing Homeownership for Underserved Populations
  2. pp. 173-202
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  1. PART 4: Role of Regulation
  2. pp. 203-205
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  1. Chapter 9. Models of Credit Market Regulation
  2. pp. 206-236
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  1. Chapter 10. Accuracy in Credit Reporting
  2. pp. 237-265
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  1. Chapter 11. Cost-Benefit Analysis of Debtor Protection Rules in Subprime Market Default Situations
  2. pp. 266-282
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  1. PART 5: Working toward Solutions
  2. pp. 283-285
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  1. Chapter 12. Institutions and Inclusion in Saving Policy
  2. pp. 286-315
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  1. Chapter 13. Unbanked to Homeowner: Improving Financial Services for Low-Income, Low-Asset Customers
  2. pp. 316-347
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  1. Innovative Servicing Technology: Smart Enough to Keep People in Their Houses?
  2. p. 348
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  1. Contributors
  2. pp. 379-380
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  1. Index
  2. pp. 381-395
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Additional Information

ISBN
9780815797845
MARC Record
OCLC
63170706
Pages
395
Launched on MUSE
2012-01-01
Language
English
Open Access
No
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