The Color of Credit: Mortgage Discrimination, Research Methodology, and Fair-Lending Enforcement: Mortgage Discrimination, Research Methodology and Fair-lending Enforcement Book PDF, ePub eBook

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Book Descriptions:

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.

The Color of Credit: Mortgage Discrimination, Research Methodology, and Fair-Lending Enforcement: Mortgage Discrimination, Research Methodology and Fair-lending Enforcement by Stephen L. Ross

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