This issue of Community Investments is a special issue on homeownership preservation. Inside, we explore some of the recent trends in homeownership and mortgage lending, with special attention to the risks that have emerged through the increased availability of alternative mortgage products and expansion of the subprime market. The articles also examine policies and programs to prevent foreclosure and summarize the recent regulatory agency guidance on nontraditional mortgage products. We include a perspective from the Center for Responsible Lending, a research and policy organization dedicated to protecting homeownership and family wealth.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System. Material herein may be reprinted or abstracted provided Community Investments is credited. Please provide our Community Development Department with a copy of any publication in which material is reprinted.
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Table of Contents
Introduction by Scott Turner
Homeownership at High Cost: Recent Trends in the Mortgage Lending Industry
Naomi Cytron and Laura Lanzerotti
Preventing Foreclosure: Initiatives to Sustain Homeownership
Calculated Risk: Assessing Nontraditional Mortgage Products
Paul Leonard and Michael Calhoun
Nontraditional Mortgage Guidance
Homeownership at High Cost: Foreclosure Risk and High Cost Loans in California