Millions of Americans have lost their homes since the start of the recession initiated by the financial crisis of 2008?09. But is the dream of homeownership for America's working families obsolete, an aspiration from a bygone era? "Regaining the Dream" rejects that notion and proposes a way to strengthen the financial system while simultaneously promoting an equitable and viable American homeownership policy.

For the first time, the authors of "Regaining the Dream" offer data-driven evidence on how the mortgage industry can serve working families in the United States, pointing the way to a pragmatic housing policy that promotes the opportunity for sustainable homeownership.

Taking the reader step by step through the lending crisis and what caused it, the authors include useful and clear definitions of terms heard almost daily in news coverage. And they give a fair account of the history behind Fannie Mae and Freddie Mac and the new Dodd-Frank law, explaining what remains to be done to uphold one of the defining characteristics of the American dream.

Since the onset of the mortgage lending crisis and the subsequent Great Recession, there has been ongoing debate about the economic benefits of homeownership. Some say homeownership remains an important contributor to wealth creation, while others believe that renting is a less expensive and less risky option. This debate has raised an interesting question about homeownership: if the home is not guaranteed to provide a solid return on investment, is there a rationale for promoting homeownership beyond whatever financial benefits it may deliver? The authors' research has provided tremendous insights into the extra-financial effects of affordable homeownership. It shows that homeowners, when compared with renters, have better health outcomes, experience less stress in times of financial hardship, experience a greater sense of trust in their neighbors, have access to more social capital resources, and are more likely to vote. Further, the data allows us to explore not only what benefits result from affordable homeownership, but how and why these benefits are transferred. The book ultimately argues that homeownership is not only important for financial reasons, but also functions as a social tool that can improve the lives of low- and moderate-income people.