Neighborhood patterns of subprime lending: Evidence from disparate cities

Housing Policy Debate

Volumn 15, Issue 3, 2004, Pages 603-622

  Calem, Paul S ^a   Hershaff, Jonathan E ^a   Wachter, Susan M ^b  

^a FEDERAL RESERVE BOARD   (United States)

^b UNIVERSITY OF PENNSYLVANIA   (United States)

Author keywords

Discrimination; Neighborhood; Subprime and predatory lending

Indexed keywords

EID: 25444448407     PISSN: 10511482     EISSN: 10511482     Source Type: Journal    
DOI: 10.1080/10511482.2004.9521515     Document Type: Article

References (25)

1. Apgar, William, Allegra Calder, and Gary Fauth. 2004. Credit, Capital, and Communities: The Implications of the Changing Mortgage Banking Industry for Community-Based Organizations. Cambridge, MA: Harvard University, Joint Center for Housing Studies.
2. Avery, Robert B., Paul S. Calem, and Glenn B. Canner. 2003. The Effects of the Community Reinvestment Act on Local Communities. Unpublished paper. Board of Governors of the Federal Reserve System.
3. Calem, Paul S., Kevin Gillen, and Susan Wachter. 2004. The Neighborhood Distribution of Subprime Mortgage Lending. Journal of Real Estate Finance and Economics, forthcoming.
4. Calem, Paul S., and Susan Wachter. 1999. Community Reinvestment Portfolio and Credit Risk: Evidence from an Affordable Home Loan Program. Real Estate Economics 27(1):105-34.
5. Canner, Glenn B., Wayne Passmore, and Elizabeth Laderman. 1999. The Role of Specialized Lenders in Extending Mortgages to Lower-Income and Minority Homebuyers. Federal Reserve Bulletin, November, pp. 709-26.
6. Chomsisengphet, Souphalag, and Anthony Pennington-Cross. 2004. Borrower Cost and Credit Rationing in the Subprime Mortgage Market. Office of Housing Enterprise Oversight. World Wide Web page (accessed July 9).
7. Courchane, Marsha J., Brian J. Surette, and Peter M. Zorn. 2004. Subprime Borrowers: Mortgage Transitions and Outcomes. Journal of Real Estate Finance and Economics 29(4), forthcoming.
8. Deng, Yongheng, Stephen Ross, and Susan M. Wachter. 2003. Racial Differences in Homeownership: The Effect of Residential Location. Regional Science and Urban Economics 33(5):517-56.
9. Dietrich, Jason. 2001. The Effects of Choice-Based Sampling and Small-Sample Bias on Past Fair Lending Exams. E&PA Working Paper 2001-2. Office of the Comptroller of the Currency. June. World Wide Web page (accessed July 9, 2004).
10. Federal Financial Institutions Examination Council. 2003. Home Mortgage Disclosure Act. World Wide Web page (accessed February 2004).
11. Huck, Paul. 2001. Home Mortgage Lending by Applicant Race: Do HMDA Figures Provide a Distorted Picture? Housing Policy Debate 12(4):719-36.
12. Immergluck, Daniel, and Marti Wiles. 1999. Two Steps Back: The Dual Mortgage Market, Predatory Lending, and the Undoing of Community Development. Chicago: Woodstock Institute.
13. Lax, Howard, Michael Manti, Paul Raca, and Peter Zorn. 2004. Subprime Lending: An Investigation of Economic Efficiency. Housing Policy Debate 15(3):533-72.
14. Lundberg, Shelly, and Richard Startz. 1998. Race, Information, and Segregation. University of Washington, Department of Economics. World Wide Web page (accessed July 9, 2004).
15. National Community Reinvestment Coalition. 2003. The Broken Credit System: Discrimination and Unequal Access to Affordable Loans by Race and Age. Subprime Lending in Ten Large Metropolitan Areas. Washington, DC.
16. Pennington-Cross, Anthony, Anthony Yezer, and Joseph Nichols. 2000. Credit Risk and Mortgage Lending: Who Uses Subprime and Why? Working Paper No. 00-03. Research Institute for Housing America.
17. Ross, Stephen L., and Geoffrey M. B. Tootell. 2004. Journal of Urban Economics 55(2):278-97.
18. Ross, Stephen L., and John Yinger. 2002. The Color of Credit: Mortgage Discrimination, Research Methodology, and Fair-Lending Enforcement. Cambridge, MA: MIT Press.
19. Scheessele, Randall M. 2002. Black and White Disparities in Subprime Mortgage Refinance Lending. Housing Finance Working Paper Series. Office of Policy Development and Research. U.S. Department of Housing and Urban Development.
20. Schill, Michael, and Susan Wachter. 1994. Borrower and Neighborhood Racial and Income Characteristics and Financial Institution Mortgage Application Screening. Journal of Real Estate Finance and Economics 9:223-39.
21. Tootell, Geoffrey M. B. 1996. Redlining in Boston: Do Mortgage Lenders Discriminate against Neighborhoods? Quarterly Journal of Economics 111(4):1049-79.
22. U.S. Bureau of the Census. 2001. 2000 Census of Population and Housing, Summary File 3. World Wide Web page (accessed February 2004).
23. U.S. Department of Housing and Urban Development. 2004. Subprime and Manufactured Home Lender List. World Wide Web page (accessed February 2004).
24. U.S. Department of the Treasury and U.S. Department of Housing and Urban Development. 2000. Joint Report on Recommendations to Curb Predatory Home Mortgage Lending. Washington, DC. World Wide Web page (accessed July 9, 2004).
25. Wyly, Elvin K., and Steven R. Holloway. 2002. The Disappearance of Race in Mortgage Lending. Economic Geography 78(2):129-69.