ALFRED DELLIBOVIThe American dream of homeownership is a reality for a record number of, families because community bankers are doing their jobs., Our record rate of homeownership has become the envy of the world. From nations all over the globe, government officials, ... , Published in American Banker (2000)
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1 000 homesteaders 1 43.6% of Americans owned their own homes. By 1950 1 55% had achieved this dream 1 ALFRED DELLIBOVIThe American dream of homeownership is a reality for a record number of 1 After decades of fierce debate 1 Ask those who want your vote to pledge their support for homeownership more ... 1 Citizens like us have carried the battle to public policymakers before 1 Congress converted Fannie Mae to a private company with some government 1 During the Great Depression a shortage of building and mortgage credit 1 Eastern employers did not want workers to have the option of leaving low-paying jobs to farm in the West 1 Fannie 1 Fannie Mae was 1 Fannie and the Federal Home Loan banks revolutionized the housing industry by pioneering the then-novel lower-down-payment 1 France 1 Freddie 1 Germany 1 Great Britain 1 Housing and Urban Development predicts that it may soon reach 67.5% 1 However 1 In the earliest days of our republic 1 Now as we work together to maintain our home lending system as the envy 1 Obstacles to growth in the real estate sector persisted 1 Our record rate of homeownership has become the envy of the world. From nations all over the globe 1 The lower interest rates 1 The success and resiliency of the U.S. housing finance system did not 1 They discover that a major part of the answer involves prudent public 1 This is an election year 1 To further increase the mortgage market's liquidity 1 Today the homeownership rate stands at 67.2% 1 Today we take the 30-year mortgage for granted 1 Washington decision makers combined the best of 1 We moved from 55% in 1950 to where we are today because 1 We must remember that those who fought to enact the Homestead Act did 1 When the Home Loan banks were established 1 With consumer choice goes an uninterrupted flow of mortgage credit and 1 Yet there was always significant opposition to the homestead movement 1 amortizing residential mortgage instrument that has become the foundation of homeownership in America 1 and affordable rental housing. Generation after generation of fighting the public policy battle produced these gains 1 and broader availability of these loans have significantly increased the volume of funds in the mortgage market and enhanced all types of home borrowing 1 and community leaders come to the United States to find out how our nation has been able to create so many homeowners in such a relatively short period 1 and eastern landowners feared the threat to land values posed by a huge public domain available free to anyone willing to settle it 1 and investors to 1 and preserving the government-sponsored enterprises 1 and the Department of 1 and the Home Loan 1 available in Canada 1 bankers 1 banks all worked with Wall Street 1 builders 1 but at least they do not have a party 1 but it is still not 1 community bankers 1 connections in 1968. Two years later Freddie Mac received its federal charter 1 continual economic growth 1 conventional 1 create and develop the secondary market -- and the industry is successful 1 created a few years later. Working with community lenders 1 cycle 1 during the 1 enterprises that advanced the goal of widespread homeownership. They are government-sponsored but privately capitalized and owned 1 even during troubled times in the financial 1 families because community bankers are doing their jobs 1 government officials 1 happen by chance. These qualities grew out of a clear national policy to promote competition 1 homeownership 1 in 1862. The measure was a success. By 1900 more than 80 million acres had been claimed by 600 1 late 1960s and early 1970s 1 long-term 1 lower risk 1 mortgage bankers 1 mutual fund managers 1 of the world 1 or Japan 1 people did not know whether 1 people in the home lending industry continued 1 policy decisions 1 public- and private-sector attributes to form an efficient group of 1 revenue was strongly supported. As the population grew and moved west 1 selling public land to raise 1 so when there was a national Know-Nothing Party. That type of thinking continues today. They still don't know anything 1 special interests organize themselves to roll back government homeownership incentives. They whisper that Americans are housed too well and warn that we spend too much on housing 1 the 30-year mortgage transformed the lending industry. During the early 1940s 1 the Federal Home Loan Bank Act was signed into law in July 1932 1 the Homestead Act was signed into law 1 the mortgage banking industry became a significant generator of loans 1 these actions 1 they would be able to get a mortgage. Today the homebuyer has a wide variety of mortgage products from which to choose. This consumer choice for the homebuyer is a given 1 to innovate. Because of the expansion of the secondary mortgage market 1 was painfully obvious. To help meet this credit need 1 which authorized national banks to make mortgage loans 1 will there be bumps in the road? Absolutely. Just as in earlier periods See All ... less ...