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Race and Default in Credit Markets by Michael A. Stegman Pdf
A research & commentary on the critical policy issue of whether or not racial discrimination exists in the home mortgage lending industry. A collection of essays on this topic by experts such as John Yinger, Stephen Ross, & George Galster. Also includes commentaries on mortgage performance & housing market discrimination, default rates & their place in the controversy, & the role of FHA data in the lending discrimination discussion. Graphs, charts.
Credit Markets for the Poor by Patrick Bolton,Howard Rosenthal Pdf
Access to credit is an important means of providing people with the opportunity to make a better life for themselves. Loans are essential for most people who want to purchase a home, start a business, pay for college, or weather a spell of unemployment. Yet many people in poor and minority communities—regardless of their creditworthiness—find credit hard to come by, making the climb out of poverty extremely difficult. How dire are the lending markets in these communities and what can be done to improve access to credit for disadvantaged groups? In Credit Markets for the Poor, editors Patrick Bolton and Howard Rosenthal and an expert team of economists, political scientists, and legal and business scholars tackle these questions with shrewd analysis and a wealth of empirical data. Credit Markets for the Poor opens by examining what credit options are available to poor households. Economist John Caskey profiles how weak credit options force many working families into a disastrous cycle of short-term, high interest loans in order to sustain themselves between paychecks. Löic Sadoulet explores the reasons that community lending organizations, which have been so successful in developing countries, have failed in more advanced economies. He argues the obstacles that have inhibited community lending groups in industrialized countries—such as a lack of institutional credibility and the high cost of establishing lending networks—can be overcome if banks facilitate the community lending process and establish a system of repayment insurance. Credit Markets for the Poor also examines how legal institutions affect the ability of the poor to borrow. Daniela Fabbri and Mario Padula argue that well-meaning provisions making it more difficult for lenders to collect on defaulted loans are actually doing a disservice to the poor in credit markets. They find that in areas with lax legal enforcement of debt agreements, credit markets for the poor are underdeveloped because lenders are unwilling to take risks on issuing credit or will do so only at exorbitant interest rates. Timothy Bates looks at programs that facilitate small-business development and finds that they have done little to reduce poverty. He argues that subsidized business creation programs may lure inexperienced households into entrepreneurship in areas where little profitable investment is possible, hence setting them up for failure. With clarity and insightful analysis, Credit Markets for the Poor demonstrates how weak credit markets are impeding the social and economic mobility of the needy. By detailing the many disadvantages that impoverished people face when seeking to borrow, this important new volume highlights a significant national problem and offers solutions for the future.
Author : Patrick L. Mason,Rhonda M. Williams Publisher : Springer Science & Business Media Page : 195 pages File Size : 47,6 Mb Release : 2012-12-06 Category : Business & Economics ISBN : 9781461561576
Race, Markets, and Social Outcomes by Patrick L. Mason,Rhonda M. Williams Pdf
THE JANUS-FACE OF RACE: REFLEC- TIONS ON ECONOMIC THEORY Patrick L. Mason and Rhonda Williams Many economists are willing to accept that race is a significant factor in US eco nomic and social affairs. Yet the professional literature displays a peculiar schizo phrenia when faced with the task of actually formulating what race means and how race works in our political economy. On the one hand, race matters when the dis cussion is focused on anti-social behavior, social choices, and undesired market outcomes. Inexplicably, African Americans are more likely to prefer welfare, lower labor force participation, and unemployment. On the other hand, race does not matter when the subject of discussion is economically productive or socially accept able activities and legal market choices (for example, wages and employment). This Janus-faced construction of race is maintained by economists' stubborn ad herence to the market power hypothesis. The market power hypothesis asserts that racial discrimination and market competition are inversely correlated. Discrimina tory behavior will persist only in those sectors of society where the competitive forces of the market are least operative. When applied to the labor market, the mar ket power hypothesis suggests that pre- and post-labor market decisions represent disjoint sets. On average, members of a disadvantaged social group may accumulate a lower amount of or a lower quality of productive attributes because of discrimina tion in marital, residential, or school choice, or because of substantial animosity in day-to-day interpersonal relations with members of a privileged group.
The Color of Credit by Stephen L. Ross,John Yinger Pdf
An analysis of current findings on mortgage-lending discrimination and suggestions for new procedures to improve its detection. In 2000, homeownership in the United States stood at an all-time high of 67.4 percent, but the homeownership rate was more than 50 percent higher for non-Hispanic whites than for blacks or Hispanics. Homeownership is the most common method for wealth accumulation and is viewed as critical for access to the most desirable communities and most comprehensive public services. Homeownership and mortgage lending are linked, of course, as the vast majority of home purchases are made with the help of a mortgage loan. Barriers to obtaining a mortgage represent obstacles to attaining the American dream of owning one's own home. These barriers take on added urgency when they are related to race or ethnicity. In this book Stephen Ross and John Yinger discuss what has been learned about mortgage-lending discrimination in recent years. They re-analyze existing loan-approval and loan-performance data and devise new tests for detecting discrimination in contemporary mortgage markets. They provide an in-depth review of the 1996 Boston Fed Study and its critics, along with new evidence that the minority-white loan-approval disparities in the Boston data represent discrimination, not variation in underwriting standards that can be justified on business grounds. Their analysis also reveals several major weaknesses in the current fair-lending enforcement system, namely, that it entirely overlooks one of the two main types of discrimination (disparate impact), misses many cases of the other main type (disparate treatment), and insulates some discriminating lenders from investigation. Ross and Yinger devise new procedures to overcome these weaknesses and show how the procedures can also be applied to discrimination in loan-pricing and credit-scoring.
Mortgage Lending, Racial Discrimination and Federal Policy by John Goering,Ron Wienk Pdf
First published in 1997, this volume features a wealth of contributions discussing mortgage lending discrimination and the role of the FHA, fair lending enforcement and the Decatur case, along with the future of mortgage discrimination research. This key civil rights debate in the wake of the Fair Housing Act 25 years prior is evaluated and clarified through rigorous review of fair lending research, applied projects and enforcement activities to date. It argues forcefully that the right to take out a mortgage to buy a home should be conditioned only upon one’s credit worthiness and not on one’s race or ethnic group.
African Americans in the U.S. Economy by Cecilia Conrad Pdf
The forty-three chapters in African Americans in the U.S. Economy focus on various aspects of the economic status of African Americans, past and present. Taken together, these essays present two related themes: first, when it comes to economics, race matters; second, racial economic discrimination and inequality persist despite the optimistic predictions of standard economic analysis that racial discrimination cannot thrive in a free-market economy. Visit our website for sample chapters!
National Academies of Sciences, Engineering, and Medicine,Health and Medicine Division,Board on Population Health and Public Health Practice,Committee on Community-Based Solutions to Promote Health Equity in the United States
Author : National Academies of Sciences, Engineering, and Medicine,Health and Medicine Division,Board on Population Health and Public Health Practice,Committee on Community-Based Solutions to Promote Health Equity in the United States Publisher : National Academies Press Page : 583 pages File Size : 43,6 Mb Release : 2017-04-27 Category : Medical ISBN : 9780309452960
Communities in Action by National Academies of Sciences, Engineering, and Medicine,Health and Medicine Division,Board on Population Health and Public Health Practice,Committee on Community-Based Solutions to Promote Health Equity in the United States Pdf
In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.
Discrimination in Mortgage Lending by Robert Schafer,Helen F. Ladd Pdf
This book substitutes rigorous and systematic analysis for the undocumented claims that have characterized the debate on "redlining"--the denial of mortgage money to poorer neighborhoods. In addition, Schafer and Ladd discuss discrimination against individuals, appraisal practices, and the likelihood of default, analyze recent policy decisions, and recommend a range of new policies. The thorough documentation that supports this analysis was obtained through an examination of individual mortgage applications--denials as well as approvals--in New York and California, the only two states in which such data is available, its disclosure mandated under state law.One of the book's major findings is that discrimination in home financing is based far more on an individual's race than on the location of the property--that although the redlining debate has turned on the issue of geographic discrimination, the underlying reality is one of racial discrimination, and individuals are more often the targets than are neighborhoods.After an introductory chapter, "Discrimination in Mortgage Lending" takes up default risk in mortgage lending, appraisal practices, the flow of funds, lending decision models, the decision to lend in California, mortgage credit terms in California, the decision to lend in New York, mortgage credit terms in New York, a summary of results, and recommendations.
Andrea Flynn,Susan R. Holmberg,Dorian T. Warren,Felicia J. Wong
Author : Andrea Flynn,Susan R. Holmberg,Dorian T. Warren,Felicia J. Wong Publisher : Cambridge University Press Page : 237 pages File Size : 47,7 Mb Release : 2017-09-08 Category : Business & Economics ISBN : 9781108417549
The Financial Crisis Inquiry Report by Financial Crisis Inquiry Commission Pdf
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Handbook on the Economics of Discrimination by William M. Rodgers Pdf
The papers contained in the first part of the book are particularly valuable as a primer for researchers interested in economic discrimination. On this basis alone this book is recommended for researchers seeking an overview of current techniques for assessing economic discrimination. . . The final section nicely highlights both the importance in understanding the interaction of policy and economic discrimination, and the difficulties in isolating policy effects. Education Economics Editor Rodgers has compiled a very useful book that summarizes the current state of the literature on economic discrimination. . . This reviewer learned something new and interesting in every chapter and particularly appreciated the clear survey of the age discrimination literature. . . This book will be of value to academics and to those in the legal arena. Highly recommended. J.P. Jacobsen, Choice Discrimination s dynamic nature means that no single theory, method, data or study should be relied upon to assess its magnitude, causes, or remedies. Despite some gains in our understanding, these remain active areas of debate among researchers, practitioners and policymakers. The specially commissioned papers in this volume, all by distinguished contributors, present the full range of issues related to this complex and challenging problem. Part 1 explores innovations in methods and data collection that help to provide richer descriptions of inequality. Part 2 reviews empirical evidence on discrimination that people with disabilities, older workers and gay, lesbian and bisexual individuals face. Although discrimination among these groups is not new, this Handbook shows that economists are beginning to more fully document their experiences. Part 3 presents a balanced discussion of anti-discrimination policies and the impact of affirmative action. The methods and data chapters are particularly designed to encourage researchers to utilize the new approaches and develop new data sources. Accessible and comprehensive, the Handbook is the seminal reference on the economics of discrimination for academic and professional economists, graduate students, advanced undergraduates, practitioners, policymakers, and funders of social science research.
Race and Real Estate by Adrienne R. Brown,Valerie Smith Pdf
Race and Real Estate brings together new work by architects, sociologists, legal scholars, and literary critics that qualifies and complicates traditional narratives of race, property, and citizenship in the United States. Rather than simply rehearsing the standard account of how blacks were historically excluded from homeownership, the authors of these essays explore how the raced history of property affects understandings of home and citizenship. While the narrative of race and real estate in America has usually been relayed in terms of institutional subjugation, dispossession, and forced segregation, the essays collected in this volume acknowledge the validity of these histories while presenting new perspectives on this story.
