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3 - U.S. Support for Homeowners

Published online by Cambridge University Press:  05 July 2014

Mechele Dickerson
Affiliation:
University of Texas, Austin
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Summary

For years, U.S. political leaders and governmental agencies have supported campaigns that were designed to educate renters about the value of homeownership and the benefits of living in a single-family home. Even though the U.S. government has encouraged and extolled homeownership since the eighteenth century, the federal government’s role in the housing market was largely passive until the twentieth century, and the United States did not actively participate in mortgage finance markets until the Great Depression. The economic consequences of the Depression, including widespread bank failures, skyrocketing unemployment rates, and record foreclosures caused the government to intervene in the private housing finance market with the explicit goals of stimulating home sales, reducing the risk of borrower default, protecting the stability of banks, and keeping home sales high. The government has continued to subsidize homeownership by guaranteeing private mortgage loans, buying private mortgage loans in the secondary market, and providing tax benefits for people who buy and occupy houses. In addition to these financial subsidies, the United States increases the attractiveness of homeownership by giving homeowners the power to exclude certain types of property uses – and frequently certain types of residents – from their neighborhoods.

Type
Chapter
Information
Homeownership and America's Financial Underclass
Flawed Premises, Broken Promises, New Prescriptions
, pp. 38 - 63
Publisher: Cambridge University Press
Print publication year: 2014

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References

Green, Richard K. & Wachter, Susan M., The American Mortgage in Historical and International Context, 19–4 J. Econ. Persp. (Fall 2005)CrossRefGoogle Scholar
Kolb, Robert W., The Financial Crisis of Our Time 2–4 (2011)
Gordon, Adam, The Creation of Homeownership: How New Deal Changes in Banking Regulation Simultaneously Made Homeownership Accessible to Whites and Out of Reach for Blacks, 115 Yale L. J. 186 (2005)Google Scholar
McCarthy, Jonathan & Peach, Richard W., Monetary Policy Transmission to Residential Investment, Econ. Pol’y. Rev. 139–58 (2002)Google Scholar
Krueckeberg, Donald A., The Grapes of Rent: A History of Renting in a Country of Owners, 10 Hous. Pol’y Debate 9 (1999)Google Scholar
Bassett, Edward M. & McNamara, Katherine, Zoning: The Laws, Administration, and Court Decisions During the First Twenty Years (Russell Sage Foundation ed., 1948)
Hills, Roderick J., Jr. & Schleicher, David, Balancing the “Zoning Budget,” 63 Case West. L. Rev. (2011)Google Scholar
Fischel, William A., An Economic History of Zoning and a Cure for Its Exclusionary Effects, Urban Studies (Feb. 2004)Google Scholar
Onishi, Norimitsu, Lucasfilm Retreats in Battle with Wealthy Neighbors, N.Y. Times (May 21, 2012)Google Scholar

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  • U.S. Support for Homeowners
  • Mechele Dickerson, University of Texas, Austin
  • Book: Homeownership and America's Financial Underclass
  • Online publication: 05 July 2014
  • Chapter DOI: https://doi.org/10.1017/CBO9781139839280.003
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  • U.S. Support for Homeowners
  • Mechele Dickerson, University of Texas, Austin
  • Book: Homeownership and America's Financial Underclass
  • Online publication: 05 July 2014
  • Chapter DOI: https://doi.org/10.1017/CBO9781139839280.003
Available formats
×

Send book to Google Drive

To send content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Google Drive.

  • U.S. Support for Homeowners
  • Mechele Dickerson, University of Texas, Austin
  • Book: Homeownership and America's Financial Underclass
  • Online publication: 05 July 2014
  • Chapter DOI: https://doi.org/10.1017/CBO9781139839280.003
Available formats
×