Old Wine in Private Equity Bottles? The Resurgence of Contract‐for‐Deed Home Sales in US Urban Neighborhoods
Old Wine in Private Equity Bottles? The Resurgence of Contract‐for‐Deed Home Sales in US Urban Neighborhoods
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私募股权瓶中的老酒？美国城市社区契约房屋销售的复苏
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发表时间：
2018
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通讯作者：
Dan Immergluck
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作者：
Dan Immergluck
这篇文章描述了在抵押贷款危机之后，在美国主要是黑人社区的掠夺性金融实践的重新出现：契约合同（CFD）。芝加哥金融城有着臭名昭著的城市历史;它是20世纪60年代芝加哥社会正义组织的焦点，这有助于为美国两项重要法律的倡导奠定基础：1975年的《住房抵押贷款披露法》和1977年的《社区再投资法》。本文将CFD的重新出现置于危机后的住房投资和撤资周期，估计CFD所有权的最小规模，并研究亚特兰大地区一家知名CFD卖家的地理位置。随着美国政策制定者在次贷危机后努力限制由私人标签证券化推动的掠夺性贷款，资本市场转向私人股本金融家，他们为城市住房市场提供了新的监管宽松的资本供应。以黑人为主的社区成为高回报计划的牺牲品，这些计划旨在从弱势居民身上榨取尽可能多的现金流，为他们提供拥有房屋的幻想。调查结果显示，差价合约卖方专注于黑人社区，并表明其从这一活动中获得的利润相当丰厚。【作者摘要】
This article describes the reemergence, in the wake of the mortgage crisis, of a predatory financial practice in predominantly black neighborhoods in the US: the contract for deed (CFD). The CFD has a notorious urban history; it was a focus of social justice organizing in 1960s Chicago, which helped lay the groundwork for advocacy that culminated in two important laws in the US: the Home Mortgage Disclosure Act of 1975 and the Community Reinvestment Act of 1977. This article places the reemergence of the CFD in the post‐crisis cycle of housing investment and disinvestment, estimates the minimum scale of CFD ownership, and examines the geography of a well‐known CFD seller in the Atlanta area. As policymakers in the US took efforts to restrict predatory lending fueled by private‐label securitization following the subprime crisis, capital markets shifted toward private equity financiers who provided a new supply of lightly regulated capital for urban housing markets. Predominantly black neighborhoods became prey for high‐return schemes meant to extract as much cash flow out of vulnerable residents as possible, offering them the illusion of homeownership. The findings show that the CFD seller focused on black neighborhoods and suggests that its profits from this activity have been quite lucrative. [ABSTRACT FROM AUTHOR]