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According to a study released in April by Demos, a public policy group in New York City, people are borrowing more than their homes are worth, and as a result, the amount of home equity has fallen from 68 percent in the early 1970s to 55 percent last year. Florida's red-hot real estate market may have a serious downside. Fraud.
Javier Silva of Demos, a New York-based think tank, yesterday opposed any change. Raising the limit would extend a dangerous trend of loosening lending standards to enable consumers to buy homes they can't truly afford, Silva said. "The answer is to find ways to lower home prices, not simply raise debt limits to allow inflated prices to soar even higher," he said.
A proposal to reduce housing costs by relaxing federal lending limits in pricey real estate markets drew a mixture of praise and sharp criticism yesterday from real estate analysts.
But a recent report by Demos, a think tank in New York, said the refinance boom has put many homeowners at financial risk because inflated appraisals that are used to refinance homes can leave homeowners with negative equity in their properties.
As falling interest rates transformed millions of U.S. homes into virtual ATM machines, critics say the real estate appraisal system has become rife with conflicts of interest as inflated appraisals justify ever-riskier loans.
The study revealed some startling results that suggest a college education has become unaffordable to many young adults. For example, more students are taking on debt to finance their college education because of a shift in federal student aid programs. In 1980, the most common form of college funding was federal grants, which amounted to 52 percent of the government's student aid system. Loans followed at 45 percent. But by 2000, loans had risen to 58 percent of the student aid pie while grants dropped to 41 percent.
New York, NY — Today, the Building Movement Project, a national initiative to promote nonprofit organizations to work towards social change, announces the release of Up Next: Generation Change and the Leadership of Nonprofit Organizations. The report, produced in conjunction with the Annie E. Casey Foundation, with support from the Evelyn and Walter Haas, Jr. Fund, finds that young leaders in nonprofits face critical challenges that threaten organizational sustainability and must be addressed before their Boomer counterparts retire.
Heather McGhee, economic-policy analyst with Demos said progressives value "shared prosperity."
Campus Progress, a project of billionaire George Soros's Center for American Progress (CAP), seeks to "empower a new generation of progressive leaders."
New York, NY — As the National Governor's Association convenes today in Des Moines, Iowa, the Right to Vote Campaign applauds Governors Vilsack, Warner, Guinn, Riley, and others who took action to restore voting rights for thousands of people with felony convictions.
New York, NY — As the National Association of Secretaries of State convenes today in St. Paul, Minnesota, the Right to Vote Campaign applauds Secretaries Pedro A. Cortes of Pennsylvania, Rebecca Vigil-Giron of New Mexico, and Cathy Cox of Georgia in their efforts to streamline the process for restoring voting rights to thousands of people with felony convictions by making registration information more easily accessible.
New York, NY — In the shadow of the U.S. Federal Courthouse in Foley Square, standing before the African Burial Ground Memorial Sculpture, New Yorkers representing persons with felony convictions will stand in silent protest on June 22, 2005 at 2:30 p.m. to demand the full restoration of voting rights to the formerly incarcerated.