Big Take One Reason Buying A House Can Be So Hard
Oct 4, 2023
This podcast discusses the challenges of buying a house in the US despite government support, including limited access to essential services in rural areas. It explores the difficulties individuals face in accessing the financial system and obtaining mortgage approvals, highlighting disparities in lending practices. The podcast also addresses the flaws in the housing market system, potential reforms, and the role of institutions in addressing the affordable housing crisis.
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Drew, Mississippi
- Drew, Mississippi, located in the Mississippi Delta, is a rural town with limited resources.
- Many residents struggle with access to basic necessities, including groceries and banking services.
James Green's Struggle
- James Green, a heavy machine operator in Drew, struggled for 13 years to get a home loan.
- Despite a steady job and income, five banks, including his own, rejected his applications due to a low credit score.
Federal Home Loan Banks
- The Federal Home Loan Bank system, established during the Great Depression, aims to make homeownership more accessible.
- It provides government-backed, low-interest loans to banks, enabling them to offer more mortgages.