Subprime mortgage segmentation in the American urban system

Tijdschrift voor Economische en Sociale Geografie

Volumn 99, Issue 1, 2008, Pages 3-23

  Wyly, Elvin K ^a   Moos, Markus ^a   Foxcroft, Holly ^a   Kabahizi, Emmanuel ^a  

^a UNIVERSITY OF BRITISH COLUMBIA   (Canada)

Author keywords

Housing; Logistic regression; Mortgages; Racial discrimination; Subprime; United States

Indexed keywords

EID: 39049172590     PISSN: 0040747X     EISSN: 14679663     Source Type: Journal    
DOI: 10.1111/j.1467-9663.2007.00436.x     Document Type: Article

References (67)

1. Abariotes, A., S. Ahuja, H. Feldman, C. Johnson, L. Subaiya, N. Tiller, J. Urban & S.L. Myers, Jr. (1993), Disparities in Mortgage Lending in the Upper Midwest: Summary Results Using 1992 Home Mortgage Disclosure Act Data. Paper presented at the Fannie Mae University Colloquium on Race, Poverty, and Housing Policy. Minneapolis, MN, December 3.
2. Ambrose, B.W. & A. Pennington -Cross (2000), Local Economic Risk Factors and the Primary and Secondary Mortgage Markets. Regional Science and Urban Economics 30, 683-701.
3. Anderson, J. & V. Bajaj (2007), Calm Returns to Market, but Worries Persist over Subprime Loans. New York Times, 1 March, pp. C1, C4.
4. Ashton, P. (2005), Advantage or Disadvantage? The Changing Institutional Landscape of Central City Mortgage Markets. (Ph.D. Thesis. New Brunswick, NJ: Edward J. Bloustein School of Planning and Public Policy, Rutgers University).
5. Bajaj, V. (2007a), More Lenders Feeling Pain from Defaults. New York Times, 31 July, pp. C1, C2.
6. Bajaj, V. (2007b), Prospering in an Implosion. New York Times, 1 June, pp. C1, C10.
7. Bajaj, V. & J. C reswell (2007), Big Investors Jumping Back into Shaky Home Loans. New York Times, 1 June, p. C1.
8. Berry, B.J.L. (1964), Cities as Systems within Systems of Cities. Papers of the Regional Science Assocation 13, pp. 147-163.
9. Berry, B.J.L., ed. (1972), City Classification Handbook: Methods and Applications. New York: Wiley-Interscience.
10. Berry, B.J.L & J.D. K asarda (1977), Contemporary Urban Ecology. New York: Macmillan.
11. Calem, P.S., J.E. Hershaff & S.M. Wachter (2004), Neighbourhood Patterns of Subprime Lending: Evidence from Disparate Cities. Housing Policy Debate 15, pp. 603-622.
12. Cervantes, I. & P.J. Shimkus (2004), USA Credit Analysis: Popular, Inc. Chicago: Fitch Ratings.
13. Chomsisengphet, S. & A. Pennington-Cross (2006), The Evolution of the Subprime Mortgage Market. Federal Reserve Bank of St. Louis Review 88, pp. 31-56.
14. Collins, J.M., E.S. Belsky & K.E. Case (2005), Exploring the Welfare Effects of Risk-Based Pricing in the Subprime Mortgage Market. In: N.P. Retsinas & E.S. Belsky, eds., Building Assets, Building Credit, pp. 138-151. Cambridge, MA/Washington, DC: Joint Center for Housing Studies, Brookings Institution Press.
15. Creswell, J. & V. Bajaj (2007a), Jittery Stock Market Drops as Mortgage Fallout Spreads. New York Times, 1 August, pp. C1, C2.
16. Creswell, J. & V. Bajaj (2007b), Mortgage Crisis Begins to Spiral, and the Casualties Mount. New York Times, 5 March, pp. C1, C4.
17. Du Bois, W.E.B. (2003 [1903]), The Souls of Black Folk. New York: Barnes & Nobles Classics.
18. Durkin, T.A. & M.E. Staten, eds. (2002), The Impact of Public Policy on Consumer Credit. Boston, MA: Kluwer.
19. Dymski, G. (1999), The Bank Merger Wave: The Economic Causes and Social Consequences of Financial Consolidation. Armonk, NY: M.E. Sharpe.
20. Engel, K.C. & P.A. Mc Coy (2002), A Tale of Three Markets: The Law and Economics of Predatory Lending. Texas Law Review 80, pp. 1255-1381.
21. Engel, K.C. & P.A. McCoy (2007), Turning a Blind Eye: Wall Street Finance of Predatory Lending. Fordham Law Review 75, pp. 2039-2103.
22. Federal Deposit Insurance Corporation (FDIC) (2005), Frequently Asked Questions about the New HMDA Data. Washington, DC: Federal Deposit Insurance Corporation.
23. Federal Financial Institutions Examination Council (FFIEC). (Annual), Home Mortgage Disclosure Act, Raw Loan Application Register Data, CD ROM. Washington, DC: Federal Reserve Board.
24. Henderson, N. (2007), Market Maelstrom: After Two-Day Nosedive, the Talk Ranged from Long-Term to Downturn. Washington Post, 29 July, p. F1.
25. Hibernia Southcoast Capital (2004), W. Holding Company, Inc. Equity Research, Financials, 1 December. New Orleans, LA: Southcoast Capital.
26. Holloway, S.R. (1998), Exploring the Neighborhood Contingency of Race Discrimination in Mortgage Lending in Columbus, Ohio. Annals of the Association of American Geographers 88, pp. 252-276.
27. Holloway, S.R. & E. Wyly (2001), The Color of Money Expanded: Geographically Contingent Mortgage Lending in Atlanta, Georgia. Journal of Housing Research 12, pp. 55-90.
28. Howell, B. (2006), Exploiting Race and Space: Concentrated Subprime Lending as Housing Discrimination. California Law Review 94, pp. 101-147.
29. Immergluck, D. (2004), Credit to the Community: Community Reinvestment and Fair Lending Policy in the United States. Armonk, NY: M.E. Sharpe.
30. Jennings, J. (1994), Understanding the Nature of Poverty in Urban America. Westport, CT: Praeger.
31. Joint Economic Committee (2007), Sheltering Neighborhoods from the Subprime Foreclosure Storm. Senate Banking Committee, Charles E. Schumer, D-NY, Chair. Washington, DC: US Senate.
32. Knox, P.L. & P.J. Taylor, eds. (1995), World Cities in a World-system. Cambridge: Cambridge University Press.
33. Lee, M. (2007), The Wells Fargo Watch. Accessed on 14 March at .
34. Li, W.S. & K. Ernst (2006), The Best Value in the Subprime Market: State Predatory Lending Reforms. Durham, NC: Center for Responsible Lending. (Paper also presented at the American Real Estate and Urban Economics Association Conference, January 2006.)
35. Massey, D. & R. Meegan, eds. (1985), Politics and Method: Contrasting Studies in Industrial Geography. London: Routledge.
36. Myers, S.L., Jr. & T. Chan (1995), Racial Discrimination in Housing Markets: Accounting for Credit Risk. Social Science Quarterly 76, pp. 543-561.
37. Myrdal, G. (1944), An American Dilemma: The Negro Problem and American Democracy. New York: Harper and Row.
38. O ffice of the C omptroller of the Currency (OCC) (2004), Home Mortgage Disclosure Act Examination Procedures. Advisory Letter OCC 2004-15. Washington, DC: OCC.
39. Origination News (2006), HMDA Lender Reports Show Subprime Up 70%. Origination News (Nonprime News section), 16, p. 81.
40. Parker, D.D. (2005), Letter to Richard M. Kovacevich, President and CEO, and James M. Strother, Executive Vice President and General Counsel, Wells Fargo & Company. 19 April. Albany and New York City: New York Department of Law.
41. Pearlstein, S. (2007), No Money Down Falls Flat. Washington Post, 14 March, p. D1.
42. Pennington -Cross, A., A. Yezer & J. Nichols (2000), Credit Risk and Mortgage Lending: Who Uses Subprime and Why? Working Paper No. 00-03. Washington, DC: Research Institute for Housing America.
43. Quercia, R.G., M.A. Stegman & W.R. Davis (2004), Assessing the Impacts of North Carolina's Predatory Lending Law. Housing Policy Debate 15, pp. 573-601.
44. Relman, J.P., F. Rivera, M. Trehan & S.S. Satoskar (2004), Designing Federal Legislation that Works: Legal Remedies for Predatory Lending. In: G.D. Gregory & D. Squires, ed., Why the Poor Pay More: How to Stop Predatory Lending, pp. 153-184. London: Praeger.
45. Renuart, E. (2004), An Overview of the Predatory Lending Process. Housing Policy Debate 15, pp. 467-502.
46. Reuters (2007), Puerto Rico's Popular Quits U.S. Subprime Business. Reuters Business wire, 9 January.
47. Richardson, C. & J.A. Pagan (2002), Human and Social Aspects of Cross-Border Development in the McAllen/Reynosa Area. Working Paper No. 2002-9. Edinburg, Texas: Center for Border Economic Studies, University of Texas-Pan American.
48. Ross, S.L. & J. Yinger (2002), The Color of Credit: Mortgage Discrimination, Research Methodology, and Fair-Lending Enforcement. Cambridge, MA: MIT Press.
49. Rushton, E.W. (2007), Testimony by Emory Rushton, Senior Deputy Comptroller, Office of the Comptroller of the Currency, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, March 22. Washington, DC: U.S. Senate.
50. Sassen, S., ed. (2002), Global Networks, Linked Cities. New York: Routledge.
51. S chanche, D. Jr. (2003), Pricey Paydays: Critics Say Georgia's Payday-loan Industry is Growing Fast by Targeting the Desperate. Macon Telegraph, 22 June, p. A1.
52. Scheeselle, R.M. (2006), Subprime and Manufactured Home Lending List. Housing Finance Working Paper Series. Office of Policy Development and Research. Washington, DC: U.S. Department of Housing and Urban Development.
53. Short, J.R. (2004), Black Holes and Loose Connections in a Global Urban Network. Professional Geographer 56, pp. 295-302.
54. Sorkin, A.R. (2002), HSBC to Buy a U.S. Lender for $14.2 Billion. New York Times, 15 November, pp. C1, C10.
55. Squires, G., ed. (2004), Why the Poor Pay More: How to Stop Predatory Lending. Westport, CT: Praeger.
56. Stein, S.H. (2005), Office of the Comptroller of the Currencey v. Eliot Spitzer, Opinion and Order; The Clearing House Association v. Eliot Spitzer, Opinion and Order. 05-Civ-5636, 05-Civ-5629. New York: U.S. District Court.
57. Stiglitz, J.E. & A. Weiss (1981), Credit Rationing in Markets with Imperfect Information. American Economic Review 71, 393-410.
58. Sugrue, thomas, J. (2005), The Origins of the Urban Crisis: Race and Inequality in Postwar Detroit. 2nd Edition. Princeton, NJ: Princeton University Press.
59. Surran, C. (2007), On Base: Fort Stewart. Military Money. Accessed on 7 March at .
60. Tam, J. (2007), Rare HSBC Warning Spawns Fear. The Standard (Financial Times, London), 26 February.
61. Taylor, P.J. (2004), World City Network: A Global Urban Analysis. London/New York: Routledge.
62. Timmons, H. & J. Werdigier (2007), Asian Stocks Plunge on Fears over U.S. Economy. New York Times, 15 March, p. C1.
63. Unger, H. (2003), Predatory Lending Bill Sent to Perdue: Consumer Groups Angry Most Parties in Mortgage Financing Chain Won't be Liable. Atlanta Journal-Constitution, 7 March, p. 1A.
64. Wall Street J ournal (2007), Subprime Politics: The Housing Boom is Over; Time to Whoop on the Bankers. Wall Street Journal, 7 February, editorial page.
65. Whitehouse, M. (2007), Day of Reckoning: 'Subprime'Aftermath: Losing the Family Home. The Wall Street Journal, 30 May.
66. Williams, R., R. Nesiba & E. Diaz Mc Connel (2005), The Changing Face of Inequality in Home Mortgage Lending. Social Problems 52, pp. 181-208.
67. Zuckoff, M. (1992), Shawmut is said to Settle over Loan Scams. Boston Globe, 22 February, Metro/Region Section, p. 1.