SOCIOL 130AC Lecture Notes - Lecture 14: Concentrated Poverty, Residential Segregation In The United States, Subprime Lending
Document Summary
Lack of affordable housing leads to increase in social maladies (homelessness and material hardship - school instability and health disparities) Connections b/n stable housing and well-being (process?) Political economic and cultural forces resulted in concentrated poverty neighborhoods. Home ownership disparities by race, and links b/n homeownership and affordability. From little access to credit to systematic marketing of predatory home loans to blacks (latinos) Residential segregation to a cause of the housing crisis. Systematic targeting of subprime loans in minority communities. Blacks and hispanics much more likely to hold subprime mortgages (63% eligible for lower rate, conventional loan. Housing crisis wiped out wealth gains for black and hispanic households.
