The functioning and regulation of escrow accounts

Abstract

About 40 million Americans have mortgages serviced by escrow accounts. Yet escrow accounts are rarely covered by an explicit agreement between borrower and lender and are often poorly understood. As a result, escrow accounts have become the subject of growing controversy. Federal regulation of escrow accounts has become increasingly detailed and intrusive during the past two decades, and the subject is under almost continuous regulatory review. In the 1990s, the attorneys general of at least 10 states have sued large escrow account servicers over administration of accounts.

The purposes of this article are to explain briefly how escrow accounts work, benefit relevant parties, and are regulated by federal agencies, and to evaluate alternative regulatory programs. Most of the legitimate social goals of federal regulation could be achieved by requiring an explicit escrow agreement at the time of closing on a mortgage. A second‐best requirement would be that interest be paid on escrow balances.     

Introduction to session 3: Estimating the costs: Perspectives on preservation of the nation's lower‐income housing stock

Abstract

This article uses survey data from the Moving to Opportunity demonstration program in Chicago to explore changes for households moving from public housing. The focus is on two key areas: housing and neighborhood conditions, and labor force participation and employment of householders. The experimental design of the program allows the differences between comparison households, which moved with a regular Section 8 voucher, and experimental households, which moved to low‐poverty neighborhoods with housing counseling assistance, to be examined.

The findings, based on interviews an average of 18 months after families moved, reveal dramatic improvements in neighborhood and housing conditions for all participating families; experimental families experienced even greater gains in terms of housing and especially neighborhood conditions. Labor force participation and employment increased for householders in both groups, likely fueled by the robust economy throughout much of the country and supporting similar findings for program participants in New York and Boston.     

Social capital and the revitalization of New York City's distressed inner‐city housing

Abstract

This article presents evidence that social capital can be an effective component of locally sponsored low‐income housing programs. It provides a model for measuring social capital at the building level, where it may be most effective in improving housing quality and security. The study compares five programs in New York City that house the city's poorest, mostly minority residents. The surveys from 487 buildings in Brooklyn, NY, were analyzed to compare the success of programs in maintaining and revitalizing landlord‐abandoned buildings taken by the city in lieu of taxes.

Results of the analysis demonstrate that the positive effects of tenant ownership were largely mediated by the higher levels of social capital found in these buildings. These levels have implications for the survival and economic advancement of poor households and civic participation in poor communities. The study suggests the value of alternative homeownership programs.     

Networks and nonprofits: Opportunities and challenges in an era of federal devolution

Abstract

Community development corporations and other nonprofit organizations are increasingly responsible for producing and managing low‐income housing in urban America. This article examines the network of governmental, philanthropic, educational, and other institutions that channel financial, technical, and political support to nonprofit housing sponsors. We analyze the relationships among these institutions and propose an explanation for their success. We then consider challenges the network must confront if the reinvention of federal housing policy is to succeed.

Block grants and rental vouchers, the dominant emphases of federal policy, present opportunities and constraints for nonprofit housing groups and their institutional networks. While states and municipalities are likely to continue to use block grants for nonprofit housing, the viability of this housing will be severely tested as project‐based operating subsidies are replaced by tenant‐based vouchers. We recommend ways that the federal, state, and local governments should help the institutional support network respond to this challenge.     

The cost‐effectiveness of the low‐income housing tax credit relative to vouchers: Evidence from six metropolitan areas

Abstract

How expensive is the Low‐Income Housing Tax Credit (LIHTC) program relative to vouchers? Are there any market conditions under which the supply‐based LIHTC could be more cost‐effective than demand‐based vouchers? This article examines these questions in six metropolitan areas—Boston, New York, San Jose (CA), Atlanta, Cleveland, and Miami. Controlling for family income and unit size, I compare the development subsidies of new‐construction LIHTC projects with the alternative 20‐year voucher cost in each area.

In general, the LIHTC is found to be more expensive than vouchers. The premium, however, varies significantly by voucher payment standard and local housing market. Assuming a payment standard of 100 percent of fair market rent, the LIHTC is only 2 percent more expensive than vouchers in San Jose, but more than twice as expensive as vouchers in Atlanta. Many factors account for these regional variations. This study emphasizes two: local market conditions and program administration.     

Racial/ethnic differences in housing outcomes for first‐time,low‐income home buyers: Findings from a National homeownership education program

Abstract

Federal housing policies aimed at making homeownership more accessible through education and affordable lending have been successful in raising the homeownership rate among minorities. By marketing homeownership to underserved populations and helping them overcome financial and informational obstacles, such programs might be expected to promote equality in housing outcomes, including housing quality, neighborhood composition, and neighborhood conditions, for minority homeowners.

This article examines the experience of participants in a national home‐ownership education program. While the transition to homeownership has been associated with modest progress, it does not overcome persistent disparities in housing quality. Homeownership appears to lead to poorer neighborhood conditions for all lower‐income buyers—not just minorities—and may be exacerbating social and spatial isolation rather than helping to overcome it. Differences in neighborhood outcomes, however, may be due to locational preference rather than discrimination in housing and mortgage markets.     

误工费赔偿标准的计算方法

在民事审判实践中,误工费赔偿标准往往是当事人争议的焦点,运用不同标准计算确定的误工费赔偿额差距达40%以上。合情、合理、合法的误工费计算方法应该是上一年度职工工资除以＂年计薪天数＂而不是＂日历天数365＂,这一理论不仅适用于＂无固定收入者＂,也同样适用于有固定收入者。建议最高人民法院能在全国范围内将误工费的计算方法予以统一。     

Income changes do not influence political involvement in panel data from six countries

The income gradient in political participation is a widely accepted stylized fact. Based on nine panel datasets from six countries, this research note asks whether income changes trigger short-term effects on political involvement. Irrespective of indicator, specification, and method (hybrid random effects models, fixed effects models with lags and leads, and error correction models), there are few significant short-term effects of income changes. In conjunction with earlier research, this finding suggests that the income gradient in political participation is likely to reflect stable differences between rich and poor voters emerging early in the life course.     

收入分配不和谐的政府行为反思

收入分配的不和谐源于政府行为"失控,"形成于政府行为"扭曲"。构建和谐社会,必须依法规范政府行为,不断完善市场经济体制,以法律手段营造公平的竞争环境,建立有效的社会利益输送渠道,实现收入分配和谐。     

城市最低生活保障家庭收入和财产调查的状况、问题及对策

通过运用民政部在全国九城市进行的"规范城市最低生活保障制度"的调查数据和资料,对基层办保机构调查低保人员收入、财产、隐性就业的方法及效果进行了分析研究;对其在执行低保制度面临的主要障碍进行了梳理评述;对申报对象隐满收入和财产的行为进行了反思;对测评低保家庭收入和财产的指标进行了考察评估。在此基础上,文章对我国现行的城市最低生活保障制度存在的制度性和设计上的缺陷进行了探讨,进而对进一步规范我国城市最低生活保障制度提出了若干对策性建议和思考。