Review Mortgage Lenders

All American Home Lending

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The 'heartbreaking' decrease in black homeownership

On the Bulneses’ six-block street alone, at least 35 properties were foreclosed between January 2006 and December 2012, according to the Alliance of Californians for Community Empowerment (ACCE), an advocacy group for low-income communities of color.

“We thought the banks were in the business of helping people, but they really didn’t seem to care at all,’’ said Vanessa, 60, who is now active in her community helping others fend off foreclosure. “The whole thing was a very heartbreaking experience.”

In 2004, the pinnacle of homeownership in the United States, nearly half of all African American families owned a home, according to census data.

The record figure, fueled by the housing boom of the early 2000s, was still one-third less than housing rates for whites. But it was widely viewed as a milestone for a minority group that spent generations largely shut out of a fundamental pillar of the American Dream.

Yet, over the past decade, the real estate fortunes for African Americans have reversed course. Despite a strengthening economy, including record low unemployment and higher wages for black workers, homeownership levels for that group have dropped incrementally almost every year since 2004.

In strategic shift, TIAA to close dozens of mortgage offices

TIAA Bank plans to close roughly 65 mortgage origination offices across the country — a move that should reduce costs as the company concentrates more heavily on home lending to its existing customers.

The $36.9 billion-asset bank acquired the home loan offices, which are mainly located along the East and West coasts, as part of its 2017 purchase of EverBank Financial. After they are shut down, consumers will still have the opportunity to apply for a TIAA mortgage online or over the phone.

“The changes we’re making will enable us to deliver mortgage solutions to even more people, using digital technologies that enable clients to work with us efficiently and easily, anywhere and at any time,” Blake Wilson, TIAA Bank's chief executive, said in a press release.

U.S. Bancorp will assume the leases on approximately 40% of the home loan offices, according to TIAA spokesman Michael Cosgrove. The Minneapolis bank will offer jobs to a similar percentage of the affected employees, he added. Financial terms of the agreement between the two banks were not disclosed.

How the Subprime Mortgage Crisis Relates to the Overall Financial Crisis?

I have to write a paper on this, and have tried to understand the whole thing. Please correct me if anywhere in this following summary I am wrong in my understanding! This question is just about the understanding and timeline of the subprime lending crisis.


1) Sorta. Ninja = "no income, no job and no assets"

2) The short version is that people were given loans so they could buy houses that they couldn't afford out of the gate.