Affordable Housing Essay

American History. Detroit’s economic stronghold placed the city in a position that was once beneficial. From the surging employment opportunities perpetuated by the booming automotive market to the development, and implementation of substandard housing and the casual labor market, Detroit became the land of opportunity that loomed with an air of new beginnings. Today, however, Detroit continues to reap the aftermath of contradictory political

Congress enacted “affordable housing” goals for two giant government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp (Freddie Mac).”7 The government sponsored entities, Fannie Mae and Freddie Mac were reporting insufficient and inaccurate data to the government regarding their purchases of the mortgages, thus feeding the growth of the existing housing bubble.8 Low down payment mortgages inflated housing prices because buyers

During the spring of 2008, rumors were circulating that the investment bank Bear Stearns would fail due to their massive investments in subprime mortgages, or “toxic assets.” These rumors were able to decline the companyʻs stock from $171 to $57 dollars a share, and bankruptcy was imminent. Ben Bernanke, the chairman of the Federal Reserve, realized that Bear Stearns could not be allowed to go bankrupt because they were deeply connected to many other firms, which would result in major economic failure

decline until we hit all-time lows in 2012. The United States housing bubble burst will be talked about for years to come including many what caused it and how to prevent such occurrences in the future. Low interest rates, Housing bubble, subprime mortgages, as well as securitization all contributed to the housing market crash of 2008 and will all be explained in this paper. According to the general consensus, most people believe that the housing bubble was the main cause of the 2007-2009 economic recession

can affect both supply and demand of residential housing, and can have direct effects upon the availability of funds to develop. 6. CRITICAL LITERATURE REVIEW 6.1 A Critical Literature review will be undertaken to explore the existing literature relating to the recessions consequences and impacts upon the mortgage market. 6.2 Consequences of the current recession Scanlon & Whitehead discuss the fall in the number of transactions within the housing market and how prices began to fall in December

more Americans are foreclosed on with no alternatives. The foreclosure crisis will not be solved by simply lowering interest rates, firing loan brokers, or other short-term, ineffective solutions. The long term solution to the housing crisis has nothing to do with housing. The government has lost its way and needs to redirect the way the whole economy is run. The reason why the foreclosure crisis calls for such a

BOOK REVIEW: Foster, J. B., & Magdoff, F. (2009). The great financial crisis: Causes and consequences. New York: Monthly Review Press. Cesar Becerra POLS 3394 04/15/2016 “The Great Financial Crisis: Causes and Consequences” By John Bellamy Foster and Fred Magdoff Monthly Review Press, 2009, 160 pages Introduction John Bellamy Foster is the editor of the Monthly Review, a professor of sociology at the University of Oregon and the author of many books, including "The Theory of Naked Capitalism".

Introduction Shah (2010) stated that the global financial crisis which has been brewing for a while has really started to show its effects in the middle of 2007 and into 2008. It started with the default of the subprime housing loans in the United States when its housing bubble burst. It caused a great impact across the globe that first struck down major financial institutions, first in United States and then in Europe, that were directly exposed to the mortgage default risk. After the turbulent

enterprise sectors. As Chanos declared in an interview for International Business Times (2011), China is now in the middle of a huge housing and commercial real estate bubble. Considering what we have previously said, China apparently presents all the classic signs of a bubble. (1). Jianping Y., Chao S., ‘The impact of the financial crisis on China’s housing market’, 2011, pg.230 Since 2005, average prices in China’s real estate market has been growing rapidly every year. Analysts such as

Executive Summary The Government of the Peoples Republic of China (PRC) in 1997 introduced a housing project with the intention of creating an opportunity for affordable housing in Hong Kong (HK). Hong Kong was recognized as having one of the most important ports in the country with a growing middle class. The project would cover a 90 block radius by 1998. Unicon, given an opportunity to complete this project for the PRC, faced a big challenge. The capacity of the project was 90 blocs. The