Few imaginable economic events send the same message of fear and foreboding in America as a housing crisis. For most Americans, their homes are their greatest asset. And for the states, industries dependent on housing are cornerstones for economic growth and fiscal stability.
The foreclosure crisis facing America is a national challenge, and it requires a national response. The federal government must provide leadership and funding to address it. Among other measures, Congress at this writing is considering proposals that would provide federal funds to expand counseling programs for homeowners at risk of foreclosure, tax-exempt bonds for localities to refinance subprime loans and a hefty increase in federally insured mortgages. Congress also is contemplating strengthening underwriting standards.
Pew’s research found that states also have a critical role to play—and today, a growing number of state policy makers are taking action in three major ways: trying to help borrowers facing imminent risk of foreclosure to stay in their homes; preventing high-risk, high-cost mortgage loans from being made in the first place; and taking a comprehensive approach to the crisis by convening stakeholders to develop solutions.
HELPING CONSUMERS AVOID FORECLOSURE AND STAY IN THEIR HOMES
REDUCING THE NUMBER OF HIGH-RISK LOANS BEING MADE
CONVENING STAKEHOLDERS TO DEVELOP COMPREHENSIVE SOLUTIONS
The Pew Health Group’s Safe Checking in the Electronic Age Project investigated checking accounts offered by the ten largest U.S. banks, which held nearly 60 percent of the nation’s deposit volume.
View an interactive graphic presenting a state-by-state overview of Underbanked or Unbanked households.
More info"'Hidden or unexpected' fees are the No. 1 reason given by the working poor for closing bank accounts, a recent study found. The study by the Safe Banking Opportunities Project, a project of the Pew Health Group, surveyed 2,000 predominantly low-income, Hispanic households in the Los Angeles area in a two-phase study. Study participants were screened and recruited through a door-to-door, interviewer-administered survey."
More info"Hidden bank fees are pushing the working poor out of mainstream banking and into riskier, more expensive alternatives to managing their personal finances. A new study released by the Pew Charitable Trusts provides a stark snapshot of how banks’ embrace of sneaky fees hurt the most vulnerable consumers."
More infoLos "cargos ocultos o inesperados" fueron mencionados como la razón principal por la cual los trabajadores pobres del Gran Los Ángeles, aquellos que tienen empleo pero que incluso así permanecen en pobreza relativa, cerraron cuentas de banco el pasado año, por encima de razones como la pérdida del empleo o la falta de dinero, según una encuesta en hogares predominantemente hispanos y de bajos ingresos dada a conocer por el Safe Banking Opportunities Project (Proyecto Oportunidades para Banca Segura) del Pew Health Group.
More info“Hidden or unexpected fees” were cited as the number one reason Greater Los Angeles’ working poor – those who are employed yet remain in relative poverty– closed bank accounts in the past year, surpassing job loss or lack of money, according to a survey of predominately Hispanic, low-income households released by the Pew Health Group’s Safe Banking Opportunities Project.
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