Homeownership and America's Financial Underclass

'The myth that everyone should be a homeowner is just that - a myth, argues Professor Mechele Dickerson in this penetrating book, and a dangerous one at that. She reveals how financial institutions and real estate professionals, backed by the US government, promoted increasingly risky credit in service to the homeownership myth - with particularly disastrous consequences for minority groups, the elderly, and low- and moderate-income neighborhoods. Professor Dickerson demonstrates that, contrary to their supposed goals, the numerous incentives for homeownership often distort financial planning and destabilize residential areas, and she argues that many of our fellow citizens would be better served by programs that invest in education and earning opportunities, so as to provide a firm platform for stable communities that include renters along with homeowners.' Carol M. Rose, University of Arizona College of Law, coauthor of Saving the Neighborhood: Racially Restrictive Covenants, Law, and Social Norms
'A bold, clear-eyed, and refreshingly blunt appraisal of the problems with the homeownership proposition for struggling middle-class and poorer workers. Mechele Dickerson's book is a must-read for anyone in housing policy.' Patricia A. McCoy, Liberty Mutual Professor of Law, Boston College Law School