Homeownership Done Right Event
April 1, 2010, 9:30am - 11:00am
Center for American Progress
1333 H St. NW, 10th Floor
Washington, DC 20005
We must learn the right lessons, not the wrong lessons, from the subprime mortgage crisis.
In the years before the capital markets fueled a subprime deluge and bad money chased out good, a range of policies and programs effectively created sustainable, affordable homeownership. Participants in these programs were much more likely to sustain homeownership than comparable borrowers in subprime loans, even as economic conditions worsened. Proven on the ground, these programs point to a way forward that provides access to affordable homeownership for those who are ready for it. Their record also helps put to rest the myth that lending to underserved communities--as opposed to poor lending practices--drove the crisis.
At this CAP forum, experts examined evidence derived from close analysis by researchers at the Center for Community Capital at the University of North Carolina, CFED and the Urban Institute. This research demonstrates that we do know how to do affordable lending that works. Panelists will discuss how this research should inform the discussions of the system of housing finance for the future.
In addition, at this event CFED released its new study, in partnership with the Urban Institute: Weathering the Storm: Have IDAs Helped Low-Income Homebuyers Avoid Foreclosure? This new research analyzes the foreclosure rates of low-income homebuyers who participated in Individual Development Account programs across the country to purchase a home.
Sarah Rosen Wartell, Executive Vice President, Center for American Progress
Raphael Bostic, HUD Assistant Secretary for Policy Development and Research
Roberto Quercia, Director, Center for Community Capital, University of North Carolina at Chapel Hill
Ida Rademacher, Research Director, Corporation for Enterprise Development (CFED)
David Abromowitz, Senior Fellow, Center for American Progress
Watch the Taped Event
To view the video of the full event, click here.