Asset Diversification and Low Debt Are the Keys to Building and Maintaining Wealth

Ray Boshara and William Emmons

Cascade, 2014, vol. 1

Abstract: Greatly expanded access to home mortgages during the 1980s, 1990s, and 2000s appeared to make the American dream a reality for millions of families. Homeownership was attainable by many who, for the first time, were able to take out a mortgage with an extremely low or no down payment ? even if they had a blemished credit history or none at all. For those with access to their accumulated home equity through mortgage refinancing or other home-secured borrowing, as well as to other sources of credit, lack of available cash no longer meant that they had to delay making routine purchases, buying a new car, starting a home renovation project, or pursuing the dream of college for a family member.

Keywords: Mortgage debt; wealth building; savings accounts; household debt (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedpca:0009

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