Assignment : Working Poor and the Subprime Crisis
Housing is a critical issue for the working poor. Key findings of the Department of Housing and Urban Development (HUD) (2000) analysis show the following:
1. From 1993 to 1998, the number of subprime refinancing loans increased ten-fold.
2. Subprime loans are three times more likely in low-income neighborhoods than in high-income neighborhoods.
3. Subprime loans are five times more likely in black neighborhoods than in white neighborhoods.
4. Homeowners in high-income black areas are twice as likely as homeowners in low-income white areas to have subprime loans.
Using the module readings, Argosy University online library resources, and the Internet, research the subprime crisis. Then, answer the following:
• How much is housing related to the "American Dream"?
• How did this housing crisis affect the working poor?
• Identify any new policies in place to help the working poor find affordable housing.
Write a 4-page paper in Microsoft Word format, following current APA formatting. Include a separate page for your references, and use at least 4 scholarly sources.
United States Department of Housing and Urban Development. (2000). Unequal burden: Income and racial disparities in subprime lending in America.