The Role Of Government Affordable Housing Policy - 1424 Words

That direct quote is from a staff report of the U.S. House of Representatives Committee on Oversight and Government Reform, â€Å"The Role of Government Affordable Housing Policy in Creating the Global Financial Crisis of 2008† which took place July 7th 2009. When Occupy Wall Street was happening Michael Bloomberg backed up this observation. â€Å"At President Clinton’s direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties. The threat was codified in a 20-page â€Å"Policy Statement on Discrimination in Lending† and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining. The edict — completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media — was signed by then-HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig and Federal Reserve Chairman Alan Greenspan, along with the heads of six other financial regulatory agencies. †¦ (Morrissey 2011)† So what you had was again government getting in the way of sound business practices. Forcing banks and otherShow MoreRelatedBriefing paper on rural housing1482 Words   |  6 Pagesï » ¿ Table of Contents Briefing paper on Rural Housing Statement Britain has experienced a series of affordable housing crisis in the early 1980s and early 1990s (Bramley, 1994). As Andrew Stonell (2010) stated â€Å"Localism works-all over the country there are villages very keen to have low-cost housing for local people and they are prevented by the planning system from having it.† This briefing paper refutes Stonell’s claim and is written to the North Eastern Farming and Rural AdvisoryRead MorePolicy Models Or Frameworks.. The Assignment Seeks To Explore1523 Words   |  7 PagesPolicy Models or Frameworks. The assignment seeks to explore the Housing Legislation Amendment Bill/Policy issue and discuss about the present roles the New Zealand government is doing, recognizing relevant concepts and frameworks which are used clarify the roles for government in New Zealand and my country of origin. Furthermore, a dissimilar framework will be applied to the housing policy issue and its implications will be scrutinized for understanding the roles of the government and other stakeholdersRead MoreHousing Services Act Essay795 Words   |  4 PagesThe Housing Services Act is designed to regulate community-based planning and the delivery of housing and homelessness services and to provide for families with low-income resources. This policy has an oversight by the provincial government and offers policy direction. It also has a purpose to provide a flexible service for managers and housing providers to retain requirements with respect to the current housing programs that prelude the Act and housing projects that are focused on the specific programsRead MoreThe Appropriateness Of Public Private Partnership1728 Words   |  7 PagesAppropriateness of Public-Private Partnership in Economically Affordable Housing in the Context of China 1 Introduction In recent decades, the rapid urbanisation in China has led to the fast economic growth alone with many social issues, especially housing problem. The Chinese government tried to build public housing to ease this situation. However, the lack of incentives and benefits in local government often obstruct the public housing projects from implementing. Thus, the increasing urbanisationRead MoreThe City s Housing Market975 Words   |  4 Pagesthat, since 1976, the residential population has doubled, with more than 240000 people living in the Area and the ownership share has increased by almost two times since 1996 (City of Toronto. 2014b). Accordingly, the City s housing market is dealing with more and more housing needs (CHBA, 2012; Landau, 2013). Also, Toronto Official Plan identifies the Area, as a place to accommodate significant population growth by 2041 (Ontario. Ministry of Finance, 2014). As a consequence, the value of land inRead MoreEffects Of Rights On The Housing Market Of Uk1420 Words   |  6 PagesEffects of Right to Buy in Housing Market of UK This proposed study examines the development of housing policy and right to buy from the view of government mentality of UK. This study focused on the difficulties not only to the purchaser of council house but also to those tenants who have not purchase tenancies in UK. This proposed study also discusses the role of social housing in 21st century housing policy. Aim of this study is to provide a framework to the researcher and to identify differentRead MoreThe Current Affordable Housing Crisis875 Words   |  4 PagesHousing policy in the mid 20th century was predicated on the notion that only certain people could gain access to class mobility and all subsequent policies were constructed in that vision. Those who benefited from those policies exploited the very people, whose denial of mobility propelled them into their position, leaving a class long neglected by the U.S. government stuck in the same position of exclusion with no aid in sight. The current affordable housing crisis in the United States is anRead MoreSocial Problems, Poverty, Housing, Immigration, Infrastructure And Goods Movement1511 Words   |  7 Pagesthere can be many social problems that can arise in a large community like Peel (Dale 2015). In this piece of writing, I will discuss the following five social problems, poverty, afforable housing, immigration, infrastructure and goods movement, and senior healthcare. I will also suggest a few social policies that I believe can address three major issues mentioned above. Peel’s low-income population is increasing as people are faced with unemployment and other stess-induced dilemmas. As a matterRead MoreAlternative Solution To Gentrification967 Words   |  4 Pagesdisplacement and increased rent burdens-are driven by rent or housing cost increases† (152). The only way to resolve this problem is to regulate so people are not becoming homeless due to gentrification. The alternative solution to gentrification in Boyle Heights can be three solutions to it. One, the city or the government should not release land to build new property in a high cost to the neighborhood, unless it’s on a lower cost that can be affordable to the citizens of East Los Angeles. Two, regulateRead MoreApplied Economic Theory1086 Words   |  5 Pagessome owners with little equity may have walked away from their properties, especially owner-investors who do not occupy the home and thus have little attachment to it beyond purely financial considerations.   Regional economic problems have played a role as well; for example, some of the states with the highest delinquency and foreclosure rates are among those most hard-hit by job cuts in the auto industry. The rate of serious delinquencies--corresponding to mortgages in foreclosure or with payments