Affordable Housing Still Eludes the U.S., But Private and Public Innovations Hold Promise

If you believe that the housing market’s affordability is any better than it was during the housing crisis of 2008 and 2009, you may want to take a quick...
todd lubar - baltimore housing

If you believe that the housing market’s affordability is any better than it was during the housing crisis of 2008 and 2009, you may want to take a quick look into today’s eviction data, current foreclosure rates, and available household spending information.

According to a 2016 article in the New Yorker, the majority of the poor who rent their dwellings spend more than half their income on housing, and millions are evicted every year. In fact, nearly 4.5 million foreclosures have occurred since the financial crisis of 2008, according to CoreLogic National Foreclosure Report, which also reports that a million homes are currently in the process of foreclosure.

Moreover, about 2.3 million home mortgages (or 5.6 percent of mortgages) are severely delinquent.

Global Research, which compiled reports and stats from various news sources and agencies—both current and historical—suggests that the U.S. is suffering foreclosure rates equal to the Great Depression of the 1930s. This is an ominous analysis considering that in 1933, about 1,000 home loans were encountering foreclosures from banks every single day, according to the Federal Home Loan Bank Board of that day.

Worse, a chief economist from Moody’s Analytics estimates that foreclosures will hit 3 million more homes over the next 3-4 years. This means the current figure of 10 million displaced since the housing crisis will only continue to grow.

It is important to note that these evictions stretch across the economic board: trailers, ranches, bungalows, mini-mansions, prefabs, duplexes, apartments, and townhouses as well as everything in between. The evicted also span the broad spectrum: black, white, formerly rich, poor, all religious denominations, and varying sectors in general.

Much of this demise stems from the predatory lending practices of financial institutions, including the infamous “subprime” loans. Half of all such loans—called financial time-bombs by The New York Times—were issued to African Americans.

Currently, in Baltimore and other areas of the Potomac, some rentals are crumbling to the sidewalks. Some earn the label of “open-air” rentals, units in which the windows are completely blown out while the renters continue to reside inside.

It is a time for bolder action and more egalitarian housing practices. Longtime lending and financing experts such as Todd Lubar recognize the need for more innovative yet connected approaches to rescuing the underserved in the world of home mortgages and loans.


Todd Lubar spent a decade of his career in the finance and loan industry before discovering how many in need of workable financing were being ignored by his industry. So, the president of TDL Global Ventures, LLC, decided to leverage his network of financers, developers, and real estate experts, as well as his overall resume of success, in response to this void of service.


After nearly 20 years of building trusted partnerships and financial lending teams founded on openness and ingenuity— “like-minded people” as Lubar calls them—the man who started as a loan originator for Crestar Mortgage Corporation decided to form Legendary Properties, LLC and Charter Funding.


Lubar’s objective: to serve a growing number of underserved clients, according to his website. His affiliations and former partnerships enable him to access a wide array of financial programs and products, many conducive to the underserved market he seeks to help. To date, his Legendary Properties has facilitated more than 200 real estate transactions.


In essence, Lubar decided to allocate the liquidity of his Legendary Properties to help borrowers unable to access loans from other lending institutions.


Sometimes answers to the mortgage-stressed and rent-challenged come from such people as Lubar, who sculpted their solutions from expertise and careers honed deep inside the industry. Meanwhile, cities such as Baltimore are turning to voters and those in need of better and more affordable housing.


Baltimore Mayor Catherine Pugh recently spearheaded a campaign to place a bond on the 2018 ballot that allocates $40 million of its $160 million total toward “broadly defined” affordable housing. It spreads the allocation across the board of underserved when it comes to housing: keeping seniors in their current homes through loan programs and subsidies, preservation of existing rentals that maintain moderate rates, and, of course, new affordable housing development.


Meanwhile, an alternative proposal calls for raising taxes on property sales and transfers to the tune of $10 million more for affordable housing.


Through versatile funding measures, such as those embodied in Baltimore’s bond issue, and private innovations as exemplified by Todd Lubar and others of the like, the United States still may be able to start turning the tide of evictions and mortgage foreclosures wrought by recklessness among the “too big to fail” banks and financial institutions which began 10 years ago.

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