Mortgage Finance, Mortgage Default & Foreclosure, Regulation & Reform
Book Chapter | 2011

Navigating the Housing Downturn and Financial Crisis: Home Appreciation and Equity Accumulation Among Community Reinvestment Homeowners

The American Mortgage System Crisis and Reform
Sarah F. Riley, Roberto G. Quercia, Susan M. Wachter and Marvin M. Smith, Editors

A new book on the U.S. housing finance system features data and analysis by UNC Center for Community Capital researchers Sarah Riley, senior research economist, and Roberto Quercia, center director.

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Center researchers contribute data and analysis in a book edited by Susan M. Wachter and Marvin M. Smith that examines key elements of the mortgage meltdown.

Contributors address the influence of the Community Reinvestment Act, which is often blamed for the crisis. They uncover how the government-sponsored enterprises Fannie Mae and Freddie Mac invested outside the housing market with disastrous results. They present surprising information about low-income borrowers and the strengths of local banks.

The collection of studies includes extensive analysis of loan practices and the creation of unstable mortgage securities, presenting data largely unavailable until now. It also offers solutions to the problems facing the future of American home ownership, including identifying asset price bubbles, calculating risk and preventing discrimination in lending.

The UNC Center for Community Capital conducts research and policy analysis on ways to make financial services work better for more people and communities.


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