Borrowing to Live: Consumer and Mortgage Credit Revisited [NOOK Book]

Overview

Americans are awash in debt, and the U.S. economy is in trouble. Credit undergirds daily life more than ever —it has become one of the defining aspects of American life, and the ramifications are becoming clearer by the day. The already considerable damage from a depressed housing market has been exacerbated by the subprime lender implosion, sending shock waves through the financial sector, international economies, and government at all levels. Most low- or moderate-income people borrow, but that should not be ...

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Borrowing to Live: Consumer and Mortgage Credit Revisited

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Overview

Americans are awash in debt, and the U.S. economy is in trouble. Credit undergirds daily life more than ever —it has become one of the defining aspects of American life, and the ramifications are becoming clearer by the day. The already considerable damage from a depressed housing market has been exacerbated by the subprime lender implosion, sending shock waves through the financial sector, international economies, and government at all levels. Most low- or moderate-income people borrow, but that should not be construed as uniformly poor judgment or lack of disciplines —Americans are not borrowing merely to keep up with the Joneses, but too often simply to stay afloat.

In Borrowing to Live, the Joint Center for Housing Studies of Harvard University brings together a group of experts drawn from the best of academia, research, and public services. Together with editors Nicolas Retsinas and Eric Belsky, they dissect the worrisome current state of consumer and mortgage credit in the United States and help point the way out of the current struggles.

Contributors: Michael S. Barr, Eric S. Belsky, Raphael W. Bostic, Shawn Cole, Amy Crews Cutts, Kathleen C. Engel, Ren S. Essene, Elaine Kempson, Patricia A. McCoy, William A. Merrill, Sendhil Mullainathan, Anthony Pennington-Cross, Elizabeth Renuart, Eldar Shafir, Edna R. Sawady, Jennifer Tescher, John Thompson, Peter Tufano, Susan M. Wachter

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Product Details

  • ISBN-13: 9780815701729
  • Publisher: Brookings Institution Press and Harvard University Joint Center for Housing Studies
  • Publication date: 10/1/2009
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 289
  • File size: 3 MB

Meet the Author

Nicolas P. Retsinas is director of Harvard University's Joint Center for Housing Studies and a member of the faculty of the Graduate School of Design, the Harvard Kennedy School, and the Harvard Business School.

Eric S. Belsky is executive director of the Joint Center for Housing Studies and a member of the faculty of the Graduate School of Design. Together they have edited three previous Brookings/JCHS books: Low-Income Homeownership 2002, Building Assets, Building Credit 2005, and Revisiting Rental Housing 2008.

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Table of Contents

Introduction Borrowing to Live Nicolas P. Retsinas Retsinas, Nicolas P. Eric S. Belsky Belsky, Eric S. 1

1 Consumer and Mortgage Credit at the Crossroads Eric S. Belsky Belsky, Eric S. Ren S. Essene Ren, S. Essene Nicolas P. Retsinas Retsinas, Nicolas P. 5

2 Where Does It Go? Spending by the Financially Constrained Shawn Cole Cole, Shawn John Thompson Thompson, John Peter Tufano Tufano, Peter 65

3 Financial Decisionmaking Processes of Low-Income Individuals Edna R. Sawady Sawady, Edna R. Jennifer Tescher Tescher, Jennifer 92

4 The Legal Infrastructure of Subprime and Nontraditional Home Mortgages Patricia A. McCoy McCoy, Patricia A. Elizabeth Renuart Renuart, Elizabeth 110

5 The Impact of State Antipredatory Lending Laws: Policy Implications and Insights Raphael W. Bostic Bostic, Raphael W. Kathleen C. Engel Engel, Kathleen C. Patricia A. McCoy McCoy, Patricia A. Anthony Pennington-Cross Pennington-Cross, Anthony Susan M. Wachter Wachter, Susan M. 138

6 Behaviorally Informed Home Mortgage Credit Regulation Michael S. Barr Barr, Michael S. Sendhil Mullainathan Mullainathan, Sendhil Eldar Shafir Shafir, Eldar 170

7 Interventions in Mortgage Default: Policies and Practices to Prevent Home Loss and Lower Costs Amy Crews Cutts Cutts, Amy Crews William A. Merrill Merrill, William A. 203

8 Looking beyond Our Shores: Consumer Protection Regulation Lessons from the United Kingdom Elaine Kempson Kempson, Elaine 255

Contributors 269

Index 271

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