Replicating Microfinance in the United States
"With the publication of this volume, knowledge and understanding of the practices of delivering micro-credit reach a new level of consolidation, and the stage is set for important further steps."—from the Foreword by Richard P. Taub, University of Chicago
Microfinance was pioneered in the developing world as the lending of small amounts of money to entrepreneurs who lacked the kinds of credentials and collateral demanded by banks. Similar practices spread from the developing to the developed world, reversing the usual direction of innovation, and today several hundred microfinance institutions are operating in the United States.
Replicating Microfinace in the United States reviews experiences in both developing and industrialized countries and extends the applications of microlending beyond enterprise to consumer finance, housing finance, and community development finance, concentrating especially on previously underserved households and their communities.
Contributors include Nitin Bhatt, Robert M. Buckley, Bruce Ferguson, Elinor Haider, Chi-kan Richard Hung, Sally R. Merrill, Jonathan Morduch, Gary Painter, Sohini Sarkar, Mark Schreiner, Lisa Servon, Ayse Can Talen, Shui-Yan Tang, Kenneth Temkin, Andres Vinelli, J. D. Von Pischke and Marc A. Weiss.
Replicating Microfinance in the United States is based on papers commissioned by the Fannie Mae Foundation and findings from an October 2001 conference jointly held by the Fannie Mae Foundation and Woodrow Wilson International Center for Scholars in Washington, D.C.
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Although it draws from both microenterprise μnance and traditional mortgage μnance, it should be viewed as a unique methodology for assisting low- and moderate-income (LMI) households obtain housing. Particularly in developing markets, ...
New market-based approaches—whereby micro- μnance has been tailored to household needs, abilities, ... These households are bankable only if the traditional rules are changed: They may not have an adequate down payment and may require ...
Together, these constitute microμnance for housing, broadly deμned, which tries to accommodate households ranging from those with moderate income to the very poor by adapting sustainable approaches to their speciμc needs.
However, whether LMI lending is carried out by traditional banks or by community development μnance institutions, it has a speciμc focus on households that have lacked access to formal-sector housing loans. LMI lending for housing is ...
The Importance of Microμnance for Housing Owner-occupied housing—for most countries and for most households— has always been a high priority, and better access to owner-occupied housing for low-income households is a problem in poor and ...