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Neoliberal Chicago$
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Larry Bennett, Roberta Garner, and Euan Hague

Print publication date: 2016

Print ISBN-13: 9780252040597

Published to Illinois Scholarship Online: September 2017

DOI: 10.5406/illinois/9780252040597.001.0001

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Neighborhood Impacts of the Foreclosure Crisis

Neighborhood Impacts of the Foreclosure Crisis

Chapter:
(p.211) Chapter 9 Neighborhood Impacts of the Foreclosure Crisis
Source:
Neoliberal Chicago
Author(s):

Martha Martinez

, Larry Bennett, Roberta Garner, Euan Hague
Publisher:
University of Illinois Press
DOI:10.5406/illinois/9780252040597.003.0010

Near universal homeownership has been a cornerstone of neoliberal urban policy. However, policies that concentrate on making mortgage credit available rather than affordable precipitated the financial crisis and ensured that the most vulnerable populations, ethnic minorities and lower income groups, suffered the most from the collapse of the housing market in late 2007. Because of a prevalence of expensive subprime loans, Black and Latino neighborhoods suffered the highest levels of foreclosure filings and REOs in Chicago. A tightening of credit policies after the crisis also disproportionally affected Blacks and Latinos. The dynamics of the foreclosure crisis indicates that credit markets favoring expensive but easy mortgage loans are not a substitute for government intervention to face housing challenges in global cities.

Keywords:   neoliberalism, Chicago, home ownership, mortgage foreclosures, housing affordability, ethnic minorities, housing policy, subprime loans

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