Tag Archives: Housing

How To Curb Gentrification

How To Curb Gentrification
Crucially, CJJC’s analysis busts the biggest “development” myth: Gentrification is not inevitable—it can be prevented before it starts and stopped in neighborhoods where the process is already underway. The report proposes a comprehensive policy agenda to mitigate the effects of ongoing gentrification and prevent further displacement. “Since the government has taken such a key role in creating gentrification,” Clark says, “it can also help ... Read more

Three Ways to Cut Wall Street Out of the ‘Housing Recovery’

Three Ways to Cut Wall Street Out of the ‘Housing Recovery’
Is the U.S. housing market really recovering? That depends on who you ask. Housing prices are on the rise again, but that gain is being driven chiefly by Wall Street investors, who in the past two years have purchased 200,000 homes nationwide at bargain-basement prices, with plans to rent them out. Meanwhile, the pain of the housing crisis endures for the estimated 10 million people who have lost their homes to foreclosure since 2007, as ... Read more

Could Wells Fargo Have a Manual for the Fabrication of Foreclosure Documents?

Could Wells Fargo Have a Manual for the Fabrication of Foreclosure Documents?
The reason this new case is a bombshell is that so far, the cases against Wells, both in court and in the court of public opinion, have specific. Even though the abuses are often grotesque, they are noise to Wells, since the allegations of particular borrowers or individual whistleblowers seldom gets traction outside foreclosure-defense-oriented sites and local newspapers. By contrast, this suit has the potential to demonstrate that Wells ... Read more

The Stone That Brings Down Goliath? Richmond and Eminent Domain

The Stone That Brings Down Goliath? Richmond and Eminent Domain
Gayle McLaughlin, the bold mayor of Richmond, California, has gone where no woman dared go before, threatening to take underwater mortgages by eminent domain from Wall Street banks and renegotiate them on behalf of beleaguered homeowners. A member of the Green Party, which takes no corporate campaign money, she proved her mettle standing up to Chevron, which dominates the Richmond landscape. But the banks have signaled that if Richmond or ... Read more

The Rigged Housing Market

The Rigged Housing Market
Did you know that Blackstone Group, one of the world’s largest private equity funds, snapped up1,400 foreclosed Atlanta homes in one day? Around the country, Blackstone has bought at least 40,000in the past two years. This spree, all the rage among big investors, raises real estate values from nearly worthless to merely dirt cheap. But those investors don’t now plan to turn around and sell those properties they bought dirt cheap. No, they’ll ... Read more

Housing and the Construction of the Racial Wealth Gap

Housing and the Construction of the Racial Wealth Gap
Yesterday, apropos of Paul Ryan’s remarks on “inner-city poverty” and a culture that “doesn’t value work,” I wrote about the policy that went into building our inner-cities and depriving whole communities of wealth and opportunity. Likewise, at MSNBC, Ned Resnikoff wrote an excellent piece on the wide income and wealth disparities between blacks and whites. “ In 1984,” he writes, “the white-to-black wealth ratio was 12-to–1…But over the next ... Read more

Housing Coops and Housing Trust Funds Control Cost of Housing

Housing Coops and Housing Trust Funds Control Cost of Housing
Homeownership increases social mobility and acts as a buffer against falling into poverty. For example, as an inheritance, a home can improve the economic outlook for future generations. Homes also have strong symbolic value as a key component of the American Dream. For these reasons, increasing access to homeownership is an important tool in the fight against inequality in America. Federal policies like thehome mortgage interest deduction ... Read more

Foreclosure Filings Jump as Investors Eye Exits

Foreclosure Filings Jump as Investors Eye Exits
It’s too bad Keynes isn’t around today to see how the toxic combo of financial engineering, central bank liquidity and fraud have transformed the world’s biggest economy into a hobbled, crisis-prone invalid that’s unable to grow without giant doses of zero-rate heroin and mega-leverage crack-cocaine. This is exactly what the British economist warned about more than half a century ago in his magnum opus, “The General Theory…”, that you can’t ... Read more

Wall Street’s Hot New Financial Product: Your Rent Check

Wall Street’s Hot New Financial Product: Your Rent Check
Over the last two years, private equity firms and hedge funds have amassed an unprecedented real estate empire, snapping up Spanish revivals in Phoenix, adobes in Los Angeles, Queen Anne Victorians in Atlanta, and brick-faced bungalows in Chicago. In total, Wall Street investors have bought more than 200,000 cheap, mostly foreclosed houses in some of the cities hardest hit by the economic meltdown. But they're not simply flipping these ... Read more

ICELAND LETS BANKS FAIL; 2% UNEMPLOYMENT IN SIGHT

ICELAND LETS BANKS FAIL; 2% UNEMPLOYMENT IN SIGHT
Unlike other countries who haven’t seemed to learn the lessons that the financial crisis forced upon them, Iceland’s position was “never again.” Frankly, Icelanders knew they couldn’t afford to let banks play dice with their entire country’s economy. Repeated over and over in the streets and in Iceland’s parliamentary house came the words “Let banks fail.” In 2008, while America was hastily putting together a bailout package for its largest ... Read more