10-25 - Institutional racism and discrimination is built...

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Institutional racism and discrimination is built into the customs The number of foreclosures is the highest in 50 years In an effort to make home ownership more of a possibility, ARM was introduced: Adjustable rate mortgages o For people who would never be able to own a house o Start with a teaser rate of 4-5% After 2 or 3 years it could increase to 6-10% People start to fault when rates increase In the high end homes (median value 200,000) there are more homes on the market than they can sell o Middle class people were trading there houses to bigger houses and now they’re defaulting Government made incentives on home ownership as a oppose to rent o Allow to take off interest on mortgage from your taxable income o Home equity is yours and you came borrow that home equity; the borrow is deductible against income tax Lending, owner, policy all intertwine in wealth Housing has such an affect on Education because o We are all required to go to school until age 16
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This note was uploaded on 03/27/2008 for the course SOCI 122 taught by Professor Hastings during the Fall '08 term at UNC.

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10-25 - Institutional racism and discrimination is built...

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