Building Assets, Building Credit: Creating Wealth in by Nicolas P. Retsinas, Eric S. Belsky, Edward Gramlich PDF

By Nicolas P. Retsinas, Eric S. Belsky, Edward Gramlich

ISBN-10: 0815774095

ISBN-13: 9780815774099

ISBN-10: 0815797842

ISBN-13: 9780815797845

Poor humans spend their funds residing everyday. How can they acquire wealth? within the usa, homeownership is frequently the reply. houses not just offer preserve but additionally are resources, and therefore a method to create fairness. loan credits turns into a very important issue. extra american citizens than ever now have a few entry to credits. despite the fact that. thank you largely to the expansion of worldwide capital markets and larger use of "credit scores," now not all householders have benefited both from the opened spigots. diversified phrases and prerequisites suggest that a few candidates are overpaying for loan credits, whereas a few have become in over their heads. And the door is left extensive open for predatory creditors. during this very important new quantity, entire analysts research the location, illustrate its ramifications, and suggest steps to enhance it. at the present time, low-income americans have extra entry to credits than ever prior to. The problem is to extend the probabilities that homeownership turns into the hot pathway to asset-building that everybody hopes it is going to be.

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Extra resources for Building Assets, Building Credit: Creating Wealth in Low-income Communities (James a. Johnson Metro Series)

Sample text

Reducing the Number of Unbanked, Increasing Incentives to Save Moving low-income households into the banking sector can expand their opportunities. As Seidman and Tescher note in chapter 13, a bank account allows customers to receive a paycheck quickly and safely, and access funds using checks, automated teller machines, and debit cards. Moreover, establishing a banking relationship can increase financial literacy, create opportunities to establish a credit history, and culminate in access to high-quality credit products.

Indeed, Hilgert, Hogarth and Beverly (2003) have argued that there is an important policy distinction between providing information and providing education. Only the latter is likely to produce a behavioral change. qxd 7/7/2005 10:09 PM Page 36 36 credit matters Expanding and Improving Risk Mitigation Tools for Consumers Lenders insure themselves against repayment risk through the interest rates and fees they charge, third-party credit enhancements they purchase, and mortgage insurance they demand that the borrower pay.

Only the latter is likely to produce a behavioral change. qxd 7/7/2005 10:09 PM Page 36 36 credit matters Expanding and Improving Risk Mitigation Tools for Consumers Lenders insure themselves against repayment risk through the interest rates and fees they charge, third-party credit enhancements they purchase, and mortgage insurance they demand that the borrower pay. Low-income borrowers pick up the tab for these insurances but are not themselves protected by them. They could therefore benefit from insurance products that protect them rather than the lender.

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Building Assets, Building Credit: Creating Wealth in Low-income Communities (James a. Johnson Metro Series) by Nicolas P. Retsinas, Eric S. Belsky, Edward Gramlich


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