[I]n most countries, even if you lose your home because you can't pay back your mortgage, if there's anything outstanding--and usually there is--then your wages get garnished. So, this is something which is very important to US economic democracy, the ability to start over.
Penn Institute for Urban Research Co-Director Susan Wachter is featured in the latest episode of The Wall Street Journal's What's News podcast, "Owning a Piece of America," part of the Journal's USA250: The Story of the World's Greatest Economy series, which examines the institutions and innovations that have shaped the U.S. economy.
Drawing on her decades of research in housing finance and real estate economics, Wachter explains the origins and significance of the 30-year fixed-rate mortgage, one of the defining innovations in American housing finance. Her insights help illuminate how the mortgage transformed access to homeownership, fueled economic growth, and became a cornerstone of the U.S. housing market.
The episode also explores the evolution of American homeownership and the policy choices that continue to influence housing affordability today, with Wachter's commentary as well as that from Penn IUR Scholar Edward Glaeser providing essential historical context for understanding today's housing challenges.
Listen to the episode: https://www.wsj.com/podcasts/whats-news/owning-a-piece-of-america/95208172-124d-4594-a918-fc82dacf1004
Megan Schmidgal
Communications & Publications Director
215-573-8386
megands@upenn.edu
Providing expert commentary on urban topics and highlighting Penn IUR's research in the context of pressing urban issues.
