Word: homeownership
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Dates: during 2010-2019
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Lowenstein is terrific at walking the reader through complex economic events, and he artfully traces the development of the subprime-mortgage disaster. It sounds like a lofty ideal when Angelo Mozilo, a co-founder of Countrywide, says in a speech in 2003, "Expanding the American dream of homeownership must continue to be our mission, not solely for the purpose of benefiting corporate America, but more importantly, to make our country a better place." Countrywide and others made mortgages available to anyone with a pulse, aided and abetted by Wall Street, which created the market for exotic mortgage derivatives...
...financial crisis hit in 2008, threatened a cherished pillar of urban policy - affordable housing, which has long been regarded as essential for maintaining vibrant diversity in our cities. The victims are among the huge numbers of Americans (estimated at close to 100 million before the latest housing boom promoting homeownership) who rent their primary residences - poor, working-class and even middle-class folks - who have been overshadowed in the deluge of media coverage of the debacle in single-family housing. (Affordable housing refers to that costing no more than a third of a family's income...