On an annual basis, United for a Fair Economy (UFE), publishes a State of the Dream Report that focuses on an event that is tied the the economy and the distribution of wealth in the United States. In 2008, the organization published the report entitled Foreclosed. This report focused on the 2008 financial crisis.
If you are interested in visiting the UFE website, click on the link below.
http://www.faireconomy.org/ (Links to an external site.)
Click link below for report.
United for a Fair Economy State of the Dream Report Foreclosed.pdf
After reading pages, ii – 20, 32-42, and reviewing webpages on the website, you will respond to questions below.
1. Click on link to respond to questions below. http://www.faireconomy.org/what_we_believe (Links to an external site.)
1a. Briefly discuss the mission of UFE.
1b. What are the guiding principles for UFE?
1c. What is the general vision of UFE?
2. Of the nine key findings, which three findings made an impression on you? For each finding that resonated with you, provide a reason why the finding impressed you.
3. What are the three purposes of Foreclosed: State of the Dream 2008?
4. Explain the difference between wealth and income.
5. Why is homeownership central to wealth accumulation for families in the United States?
6. Why did subprime mortgage lending appear in the financial market?
7. Explain the difference between subprime loans and conventional loans for homes.
8. How did mortgage brokers and mortgage lenders benefit from steering individuals to subprime loans?
9. Identify and briefly explain the six factors that qualify a loan to be a predatory subprime loan.
10. Based on Senator Charles Schumer’s speech at the Brooking Institute, what facts does he present that negate the four myths outlined in the reading? Identify each method and briefly discuss facts presented by Senator Schumer.
11. What is meant by the term free market?
12. Based on information presented in both tables on page 14, which demographic experienced disproportionate suffering in the subprime crisis?
13. Based on information presented in the table on page 17, what do the data suggest would have happened if the subprime loans were distributed on an equal basis?
14. According to UFE, what three strategies should be implemented to mitigate the homeownership divide?
15. According to UFE, what four asset assistance strategies can be implemented for wealth development and wealth education?
16. How can tax wealth be used to build wealth? Identify the four strategies and briefly describe each strategy.
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