Housing Crisis

Isaiah J. Poole's picture

How Mortgage Lending Became An 'American Casino'

Submitted by Isaiah J. Poole
Produced by Institute for America's Future
July 28, 2009

The roots of the mortgage crisis, and its devastating effects on communities, are explored by Andrew Cockburn, who co-produced with his wife, Leslie, the documentary "American Casino." The documentary details the fraudulent and unethical practices committed by the nation's top financial institutions that have led to record numbers of foreclosures, especially in people of color communities. more »

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Eric Lotke's picture

The U.S. Chamber of Commerce: Threat To Capitalism

By Eric Lotke
June 11, 2009

The U.S. Chamber of Commerce announced yesterday that it would “develop a sweeping national advocacy campaign … to defend and advance America’s free enterprise values in the face of rapid government growth and attacks by anti-business activists.” The Chamber doesn’t get it. They aren’t defending capitalism and free enterprise. They are all but destroying it.

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Bankruptcy Law Key To Obama's Foreclosure Fight

By Zach Carter
From huffingtonpost.com
February 20th, 2009

huffingtonpost.com — The most important element of President Obama's plan to fight foreclosures will require Congressional action—and the banking and business lobbies are already on the attack. If Congress fails to pass a bankruptcy law overhaul, the entire plan will fall apart.

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The Truth about the Community Reinvestment Act

By Hillary Hampton
September 29, 2008


Conservative commentators in the Wall Street Journal and the National Review, and on YouTube are spreading the myth that the Community Reinvestment Act, a law designed to eliminate discriminatory banking practices, caused the current financial crisis. In the words of Fox News' Neil Cavuto, “Loaning to minorities and risky folks is a disaster.”

Conservatives have twisted the facts to substantiate their revisionist history. But don’t be fooled: the financial crisis was caused by conservative financial follies and bankers run amok and nothing more. more »

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Armand Biroonak's picture

Housing Construction Falls

Submitted by Armand Biroonak
September 16, 2008

The Commerce Department reported that both housing construction starts and permits for future construction fell by more than 6 percent in August. August was the worst month for housing construction since January 1991.

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Reuters
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No End In Sight For Housing Slump

From forbes.com
September 9th, 2008

forbes.com — Even after U.S. Treasury Secretary Henry Paulson placed government-sponsored enterprises Fannie Mae and Freddie Mac under federal "conservatorship" on Sunday, the outlook for U.S. housing prices is poor. Unsold home inventories remain at record levels, and foreclosures are increasing at an alarming pace. There is little sign of stabilization in the housing market. Several factors suggest that housing prices are likely to continue falling into 2009.

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Record 1.2 Million Homes Hit By Foreclosure

From money.cnn.com
September 8th, 2008

money.cnn.com — Loans in foreclosure have doubled over the past year, while delinquency rates continue to soar. A record 1.2 million homes were in foreclosure during the second quarter of 2008. That represents 2.8% of all outstanding loans, up from 1.4% of all loans during the same period a year ago, according to a report released Friday by the Mortgage Bankers Association (MBA). And 490,000 of the 45 million home mortgages serviced by MBA members began new foreclosure proceedings. That's up 9% from the 448,000 starts recorded in the previous quarter, and marked the seventh straight quarter that foreclosure starts increased. The delinquency rate, which measures mortgages that aren't in foreclosure but have missed least one payment, also hit a record high.

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CEO Pay Helped Fuel Subprime Crisis, AFL-CIO Says

From bloomberg.com
April 15th, 2008

bloomberg.com — Pay plans for chief executive officers helped create the subprime-mortgage crisis by encouraging companies to take on too much risk for short-term gains, the AFL-CIO said in an analysis.

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Senators Agree to Make Deal On Housing

From washingtonpost.com
April 2nd, 2008

washingtonpost.com — Under pressure from voters to address the nation's housing crisis, Senate Republicans agreed yesterday to work with Democrats on a compromise plan to stimulate sagging home sales and help distressed homeowners avoid foreclosure.

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