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Assignment Last - ECP 3613 URBAN ECONOMICS Homework...

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ECP 3613 SPRING 2008 URBAN ECONOMICS Homework Questions Due April 24, 2008 Background Readings: Chapters 13-14; Urban Housing Policy in the 1990s) 1. Is there any economic justification for federal, state, or local government to assist in the process of an individual securing a home mortgage? Do these justifications apply equally well to poor and rich people? Yes, as we can find in many places throughout the reading there are many arguments and statistics that show there is a justification for federal, state or even local assistance in the process of securing a home mortgage. In recent years. There has been much controversy and a debate in policy concerning the fair and equal access of low income and moreover minority household ownership. Numerous recent studies using more comprehensive data almost all studies of loan origination, performance and loan instrument choice find significant and sizable differences in mortgage market activity across applicants or borrowers by race or neighborhood racial composition. The justification is basic in nature that there is a need for governments from the federal, to state to even the local government to assist in securing a home mortgage. In my own personal study I have compiled for the Washington DC area shown that from the time of 1990 to the current data of 2000 new home ownership has risen almost 4.3% but conversely the default rate is almost 8.9%. Looking more closely I have shown that the majority of the 8.9% default rate is almost exclusively minority in composition. Using the data that has been obtained from not only this document but the further research I have done with my own family selling a home within the past 4 months, most of our prospective buyers where white in race. Also taking into account is that the neighborhood that our home was sold there is
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