We propose adding forbearance into the loss mitigation waterfall for a limited set of circumstances. The borrower would be able to contact their servicer and provide the necessary documentation at any time (instead of waiting until they are already late or missing payments).
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Janneke Ratcliffe
@JRatcliffeHFPC
Vice President, Housing Finance Policy Center
Janneke Ratcliffe’s Tweets
.: Closing homeownership gaps and small business gaps by race is going to require intentionality. #CRA could and should recognize and encourage proactive work to bridge those gaps. That's what's missing. urbn.is/3wCzvXQ
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It’s one of many factors the city is examining as it seeks to increase #homeownership among Black and middle-income households. See our recommendations.
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In 2022, the median days a property is on the market in San Diego fell below 20 days. San Diego properties were sold much faster than they were nationwide and were sold slightly faster than they were statewide, highlighting market competitiveness.
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In the 90s, financial crisis, & pandemic, our tools improved to avoid unnecessary foreclosures with high costs for lender, borrower, and society. Now my colleagues argue for using what we have learned going forward in more circumstances … #doingwhatworks
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When borrowers encounter life events that disrupt their ability to make their mortgage payments over several months, foreclosure is often the result. Temporary forbearance can give many borrowers a chance to get back on track.
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Approximately 1 in 5 borrowers has used alternative financing like land contracts, lease-purchase, seller-finance & chattel loans instead of traditional mortgages. We’ll discuss alternative pathways to #homeowership on 8/10. Register to join us. urbn.is/3zo3hBl
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#SavetheDate - Aug. 10 - for The Push and Pull of Alternative Pathways to Affordable Homeownership
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We want your feedback! August 5 is the last day for comments on the recently issued Notice of Proposed Rulemaking to strengthen and modernize the #CommunityReinvestmentAct. To view and make comments on the NPR, visit federalregister.gov/documents/2022… #CRA
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.: We thought that this rulemaking would be an opportunity to really mold the CRA tool into being an effective tool for advancing on racial equity. If the rule stays the way that it is, we think it's a missed opportunity. urbn.is/3wCzvXQ
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.: "The average price of manufactured homes last year was about a third of the average price for a site-built home excluding land. And so that’s a huge, huge advantage right there." (via )
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A must listen. speaks with about the homeownership crisis across the country, and innovative ways to address these issues. Listen here:
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Build a forbearance option into the loss mitigation waterfall for circumstances that are common and where third-party documentation can be easily obtained to avoid fraud and to maintain efficiency: job loss, death of a coborrower, divorce proceedings, or a FMLA health issue.
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Is there a relationship between student debt and #homeownership? I talked about it with . chanzuckerberg.com/newsroom/liste
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.: The rule still emphasizes low- and moderate-income issues, and I think we all have seen that focusing on low- and moderate-income issues is not going to…close the racial wealth gap or the racial homeownership gap. urbn.is/3wCzvXQ
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You're invited to a conversation on alternative pathways to homeownership, such as lease-purchase agreements, manufactured housing chattel financing, and small-dollar mortgages.
Details here: urban.org/events/push-an
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If we can decrease foreclosure rates across the board, write Alexei Alexndrov, and Ted Tozer, it will increase the homeownership rate in general and will allow us to expand the credit box further. urbn.is/3BannAd
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A lot has changed in the banking industry since the last major revision of the Community Reinvestment Act in 1995. That’s why we’ve partnered with the and to propose new rules to modernize #CRA. Let us know what you think ➡️ federalregister.gov/documents/2022
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The city is exploring how to improve #homeownership through its First-Time Homebuyer Program. We conducted an analysis and offered a series of recommendations.
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San Diego has experienced the impact of California’s housing crisis most acutely. Although there are seasonal fluctuations, the stock of for-sale homes in San Diego has continuously declined since 2018, dropping to below 500 in February 2022.
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These market conditions have increased the importance of subsidies and assistance in giving prospective new homeowners a path to ownership.
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One of the results of this crisis is intense competition between homebuyers, putting upward pressure on home prices and reducing homeownership opportunities for average first-time homebuyers.
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California is facing a severe housing supply crisis, with the currently available housing stock falling far short of growing demand.
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Leaders from and Home Partners of America will join us on Aug. 10 for a webinar on alternative pathways to #homeownership. You’re invited to join us. urban.org/events/push-an
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. & : Short-term fixes to rising rents aren't enough. Federal, state and local policymakers need to consider long-term solutions that promote financial stability and wealth-building among renters.
My first op-ed with and so many collaborators
Opinion: Without real solutions, renters will continue to be worse off | CNN Business -
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. & will present their latest findings on pathways to homeownership, such as lease-purchase agreements, manufactured housing chattel financing, and small-dollar mortgages. You're invited to join us on Aug. 10 at noon ET.
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is looking for a senior fellow to continue and build our work on housing justice and racial equity. Come work with us! urban.wd1.myworkdayjobs.com/en-US/Urban-Ca
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Black families comprise 32.6% of homeowners in low-income neighborhoods, but get only 17.4% of bank mortgages, writes .
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. on new proposed #CRA rules: You bring all these improvements together, and the potential is there to really turbocharge what has already been, I think, a signature achievement of CRA, which is community development. urbn.is/3wCzvXQ
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. asked my thoughts about innovative solutions to resolve the nation's housing crises. This is how I answered. chanzuckerberg.com/newsroom/liste
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📅 Join and on Aug. 10th for The Push and Pull of Alternative Pathways to Affordable Homeownership. With
Michael Stegman Bill Young and
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See more of our analysis in San Diego’s First-Time Homebuyer Program: Exploring the Feasibility of Increasing Opportunities for Middle-Income and Black Homebuyers
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This share decreased continuously to 48.2 percent by 2020. Currently, the dissimilarity index is highest between Latino and white populations. Though this number has declined since 2000, it is still higher than it was in 1980.
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For example, in 1980, 63.6 percent of Black San Diegans would have needed to move to a different neighborhood for each neighborhood to have an equal share of Black population and white population in San Diego.
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The value ranges from 0 to 100, with a high value indicating that the two groups tend to live in different census tracts.
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This segregation continues today, though there have been improvements. The dissimilarity index calculates the degree of symmetry between two groups by measuring whether one group is located across census tracts within the city in the same way as a comparison group.
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