Publications Tagged ‘subprime lending’
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Policy Brief
The High Cost of Segregation: The Relationship Between Racial Segregation and Subprime Lending
This study examines whether the likelihood that borrowers of different races received a subprime loan varied depending on the level of racial segregation where they live. It looks both at the role of racial segregation in metropolitan areas across the country and at the role that neighborhood demographics within communities in New York City played.
Amy Armstrong, Vicki Been, Ingrid Gould Ellen, Josiah Madar. November 2009.
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Article
The High Cost of Segregation: Exploring Racial Disparities in High Cost Lending
Research consistently has found evidence of significant racial disparities in the incidence
of subprime lending. This paper investigates the relationship between the residential
racial segregation in a metropolitan area and disparities in the share of loans members of
different racial groups in that area received that are subprime. Specifically, we evaluate
the impact that the extent of black-white and Hispanic-white segregation in each of about
200 of the country’s metropolitan areas has on the likelihood that a black or Hispanic
borrower in the area will receive a subprime loan. In addition, using data from New York
City, we examine how the concentration of different racial groups within a neighborhood
affects the probability that borrowers of all races living in the neighborhood will receive
subprime loans.Vicki Been, Ingrid Gould Ellen, Josiah Madar. Fordham Urban Law Journal . April 2009.
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Data Brief
Declining Credit and Growing Disparities: Key Findings from HMDA 2007
This analysis evaluates a recent decline in home purchase and refinance lending activity in New York City and the country as a whole, and identifies disparities in how that decline in lending has affected borrowers of different races.
Furman Center for Real Estate and Urban Policy. October 2008.
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Article
Homeownership and Financial Distress: The Interplay of Tax, Real Estate and Bankruptcy Laws A Report to the Ford Foundation
In recent years, as more low income, racial and ethnic minorities have become
homeowners, the share of mortgage loans originated by so-called “subprime lenders” has
mushroomed. These lenders typically charge higher interest rates and fees than “prime” lenders
in light of the higher risk they sometimes bear. A subset of “subprime lenders” has also preyed
upon households by charging interest rates and fees that bear little relationship to risk and/or by
using misinformation or fraud to get borrowers to take on additional debt. Using our sample of
4 bankrupt borrowers, we seek to learn more about both the characteristics and histories of
households who may have obtained loans from these “predatory” lendersSchill, Michael H., R. Bachieva, Susan M. Wachter, and E. Warren. Bankruptcy Data Project at Harvard . May 2002.
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