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Subprime Loans, Foreclosure, and the Credit Crisis: What Happened and Why?

Subprime Loans, Foreclosure, and the Credit Crisis: What Happened and Why?
2008Fair Credit/Fair Housing

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In early October of 2008, the Kirwan Institute convened close to 200 civil rights, housing, and legal activists and scholars for an in-depth look at the subprime and foreclosure crisis, its disproportionate effects on communities of color, and possible pathways forward. One need that participants articulated was for an introductory primer on the crisis that would dispel erroneous myths, contextualize the crisis, and start a productive discussion on where we go from here. This primer is a response to this request. We are indebted to the expertise, insight, time and effort of all of our conference participants and particularly, those who authored commissioned papers for us on various structural aspects of the crisis: Rick Cohen, Ira Goldstein, and Christopher Peterson.