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Supbrime Lending/Foreclosure Crisis, Jacob Rugh
Supbrime Lending/Foreclosure Crisis, Jacob Rugh
Faculty Publications
Subprime mortgage lending in the USA rose alongside home prices and lasted about 15 years, ending abruptly in late 2007, setting off a national foreclosure crisis. Between 2007 and 2012 there were 9 to 12 million foreclosures filings and 4 to 5 million completed foreclosures. The ensuing foreclosure crisis stemmed more from falling home prices but its unequal distribution across society by race and space was also the product of legacies of exclusion and a shared consensus on the expansion of mortgage credit and home ownership. Modest federal interventions to buffer communities and homeowners from the crisis likely reinforced the …
The Great Recession And The Destruction Of Minority Wealth, Douglas S. Massey, Jacob S. Rugh
The Great Recession And The Destruction Of Minority Wealth, Douglas S. Massey, Jacob S. Rugh
Faculty Publications
It seems obvious now, but there was a time when social scientists paid little attention to wealth as a factor in America's system of racial stratification. For many years, researchers focused primarily on black-white differentials in education, employment, and earnings; and in these dimensions progress was clearly being made. From 1963 (just before the passage of major civil rights legislation) to 2001 (just after the economic boom of the 1990s), the ratio of black-to-white median household income rose from 33 percent to 64 percent. Over the same period, the black-white ratio for high school graduates climbed from 51% to 89%, …