The Changing Face of Inequality in Home Mortgage Lending

Richard Williams, Reynold Nesiba and Eileen McConnell

January 2005

Online References

 

Most of the below web links were "live" and working as of mid-January, 2005.  Accessibility, content and location are always subject to change of course.  Also, in many cases, the source is available from an online electronic database if you have access rights. Please feel free to contact us if you find a link that has been changed or is no longer working.  Click here for the complete paper.

 

AARP.  1999.  "More Than Three in Four Manufactured Homes Have Problems, AARP Survey of Owners Finds." AARP News Release, July 21.  Retrieved February 16, 2000 (http://www.aarp.org/press/1999/nr072199.html). [Note: Link no longer works]

ACORN.  2004.  "Progress in the Fight Against Predatory Lending."  Retrieved July 9, 2004 (http://www.acorn.org/index.php?id=749). [Note: Content may have changed since we accessed it.]

Apgar, William.  2000.  "Testimony of the Assistant Secretary for Housing Federal Housing Commissioner William Apgar Before the House Committee on Banking and Financial Services, May 24, 2000."  Retrieved January 9, 2005 (http://financialservices.house.gov/banking/52400apg.htm).

Apgar, William, Allegra Calder, Gary Fauth and the staff of the Joint Center for Housing Studies at Harvard University.  2004.  Credit, Capital and Communities: The Implications of the Changing Mortgage Banking Industry for Community Based Organizations.  Joint Center for Housing Studies, Harvard University.  Retrieved January 9, 2005 (http://www.jchs.harvard.edu/publications/communitydevelopment/ccc04-1.pdf).

Arrow, Kenneth J.  1998. "What Has Economics to Say about Racial Discrimination?"  The Journal of Economic Perspectives 12(2): 91-100. Retrieved January 10, 2005 Available: JSTOR Online Journals.

Avery, Robert B., Raphael W. Bostic, Paul S. Calem, and Glenn B. Canner. 1999.  "Trends in Home Purchase Lending: Consolidation and the Community Reinvestment Act." Federal Reserve Bulletin, February 1999, pp. 81-102.  Retrieved January 8, 2005 (http://www.federalreserve.gov/pubs/bulletin/1999/0299lead.pdf).  

Becker, Gary. The Economics of Discrimination. 1957. Chicago: University of Chicago Press.

Bradford, Calvin. 1998.  The Two Faces of FHA: A Case of Government Sponsored Discrimination Against Minority and Racially Changing Communities.  Chicago, IL: Chicago Area Fair Housing Alliance.

Bradley, Donald S. 1997.  "Will Manufactured Housing Become Home of First Choice?"  Secondary Mortgage Markets 14(2):29-33.    Retrieved January 8, 2005 (http://www.freddiemac.com/finance/smm/july97/pdfs/bradley.pdf).

Bradley, Jeanette and Peter Skillern.  2000.  "Predatory Lending: Banks Trick Poor into Expensive Loans." Dollars and Sense January/February 2000, pp. 12-15.  Retrieved January 10, 2005 Available: EBSCO Business Source Premier.

Branch, Shelley.  1998.  "Where Cash is King."  Fortune, June 8, 1998, pp. 201-5.  Retrieved January 10, 2005 Available: EBSCO Academic Search Premier.

Brice, Rutherford.  1999.  "Prepared Testimony of Mr. Rutherford Brice, Member of the Board of Directors, American Association of Retired Persons, October 5, 1999, Before the Senate Banking Committee Subcommittee on Housing and Transportation." Retrieved January 10, 2005 (http://banking.senate.gov/99_10hrg/100599/brice.htm).

Campen, James. 1998.  "Neighborhoods, Banks, and Capital Flows: The Transformation of the U.S. Financial System and the Community Reinvestment Movement." Review of Radical Political Economics 30(4):29-59.

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 1999, pp. 709-23.  Retrieved January 8, 2005 (http://www.federalreserve.gov/pubs/bulletin/1999/1199lead.pdf).

Consumer Reports.  1998a. "Dream Home…or Nightmare?"  Consumer Reports, February, pp. 30-35. Retrieved January 10, 2005 (http://www.consumersunion.org/mh/docs/01tips/000799.html).

Consumer Reports.  1998b. "Poverty, Inc." Consumer Reports, July, pp. 28-33. Retrieved January 10, 2005 Available: EBSCO Academic Search Premiere.

Consumer Reports.  2000.  "Cracking Down on Payday Loans."  Consumer Reports, March, p. 6. Retrieved January 10, 2005 Available: EBSCO Academic Search Premiere.

Davidson, Steven. 1995. "Rating the B and C Secondary Market: B and C Mortgage-Backed Securities."  America's Community Banker 4(8):38-41.  Retrieved January 10, 2005 Available: Factiva.

Day, Kathleen.  2000.  "Lending Survey Finds Gains for Minorities."  The Washington Post, August 9, p. E01.  Retrieved January 13, 2005 Available: Factiva.

Dedman, Bill.  1999.  "Study Discerns Disadvantages for Blacks in Home Mortgages."  The New York Times, November 14, Section 1, p. 18.  Retrieved  January 8, 2005 (http://query.nytimes.com/gst/fullpage.html?res=9F07E7D6143DF937A25752C1A96F958260).

Evanoff, Douglas D. and Diana Fortier. 1986. "Geographic Expansion in Commercial Banking:  Inferences from Intrastate Activity." Pp. 39-58 in Toward Nationwide Banking: A Guide to the Issues, edited by Herbert Baer and Sue F. Gregorash.  Chicago, IL:  Federal Reserve Bank of Chicago.

Fannie Mae Foundation.  1998.  African American and Hispanic Attitudes on Homeownership: A Guide for Mortgage Industry Leaders.  Washington: Fannie Mae Foundation.

Farley, Reynolds and William H. Frey. 1994.  "Changes in the Segregation of Whites from Blacks During the 1980's:  Small Steps toward a More Integrated Society."  American Sociological Review 59(1):23-45.  Retrieved January 13, 2005 Available: JSTOR Online Journals.

Feagin, Joe R.  1999.  "Excluding Blacks and Others from Housing: The Foundation of White Racism."  Cityscape 4(3):79-91.  Retrieved January 10, 2005 (http://www.huduser.org/periodicals/cityscpe/vol4num3/feagin.pdf).

Federal Financial Institutions Examination Council.  2000.  FFIEC Press Release, August 8, 2000. Retrieved January 8, 2005 (http://www.ffiec.gov/hmcrpr/hm080800.htm).

Fitzgerald, Mike.  2003.  "Sleazy Mortgage Tricks Run Rampant."  Belleville-News Democrat, August 11. Retrieved January 8, 2005 (http://www.belleville.com/mld/belleville/news/6504997.htm).

Fleishman, Sandra.  1999. "Groups War Over Mobile Homes Bills; AARP Contends Proposals Weaken Standards."  The Washington Post, October 2, p. G01.  Retrieved January 13, 2005 Available: Factiva.

Gates, Susan Wharton, Vanessa Gail Perry, and Peter M. Zorn.  2002.  "Automated Underwriting in Mortgage Lending: Good News for the Underserved?" Housing Policy Debate 13(2):369-91. Retrieved January 8, 2005 (http://www.fanniemaefoundation.org/programs/hpd/pdf/hpd_1302_gates.pdf).

Goldstein, Deborah.  1999.  Understanding Predatory Lending: Moving Toward a Common Definition and Workable Solutions.  Report prepared for the Neighborhood Reinvestment Corporation and the Joint Center for Housing Studies of Harvard University. Retrieved January 8, 2005 (http://www.jchs.harvard.edu/publications/finance/goldstein_w99-11.pdf).

Gramlich, Edward.  2004.  "Subprime Mortgage Lending." National Mortgage News, May 31, p. 4. Retrieved January 10, 2005 Available: EBSCO Business Source Premier.

Heckman, James J. 1998. "Detecting Discrimination." The Journal of Economic Perspectives 12(2):101-16.  Retrieved January 13, 2005 Available: JSTOR Online Journals.

Henriques, Diana.  2000.  "New Front Opens in Battle Against Race Bias in Loans."  The New York Times, October 22, Section 1 p. 1.  Retrieved January 9, 2005 (http://www.nytimes.com/2000/10/22/national/22LOAN.html).

Hill-Holtzman, Nancy.  1999.  "Mobile Home Owners Voice Complaints: A State Senate Hearing Focuses on Allegations that Park Operators Thwart Sales by Offering Rival Properties."  Los Angeles Times, November 18, Metro Part B p. 8.  Retrieved October 25, 2000 Available: LexisNexis Academic Universe.

Housing Assistance Council. 2004. "Run While You Still Can: Subprime Demand and Predatory Lending in Rural Areas." Retrieved January 10, 2005 (http://www.ruralhome.org/pubs/subprimereport.pdf).

Immergluck, Dan and Geoff Smith.  2004.  Risky Business: An Econometric Analysis of the Relationship Between Subprime Lending and Neighborhood Foreclosure. Chicago, IL: Woodstock Institute.  Retrieved January 8, 2005 (http://woodstockinst.org/document/riskybusiness.pdf).

Immergluck, Daniel and Marti Wiles.  1999.  Two Steps Back: The Dual Mortgage Market, Predatory Lending, and the Undoing of Community Development.  Chicago, IL: Woodstock Institute.

Jaffee, Dwight and Joseph Stiglitz. 1990.  "Credit Rationing."  Pp. 837-88 in Handbook of Monetary Economics, Volume II, edited by Benjamin M. Friedman and Frank H. Hahn.  New York:  Elsevier Science Publishers.

Jewel, Kevin.  2003.  "Market Failures Evident in Manufactured Housing."  Consumer's Union. Retrieved January 10, 2005 (http://www.consumersunion.org/consumeronline/pastissues/housing/marketfailure.html).

Joint Center for Housing Studies of Harvard University.  2000.  The State of the Nation's Housing: 2000.  Retrieved January 8, 2005 (http://www.jchs.harvard.edu/publications/markets/son_2000_intro.html).

Lee, Matthew.  1999. "Strategies to Combat Predatory Subprime Lending, Particularly When Targeted at Communities of Color." National Fair Housing Advocate Online, May. Retrieved January 8, 2005 (http://www.fairhousing.com/index.cfm?method=page.display&pageID=3251).

Levin, Lloyd P.  1999.  "Borrowers with Poor Credit have Right to Home Ownership." The Milwaukee Journal Sentinel, May 18, p. 19.  Retrieved January 12, 2005 Available: Factiva.

Lind, John E. 2000.  Social Performances of the Government Sponsored Enterprises Fannie Mae and Freddie Mac for the Years 1996-1998. San Francisco: CANICCOR.

Longhofer, Stanley D. and Stephen R. Peters. 2004.  "Self-Selection and Discrimination in Credit Markets." Unpublished Manuscript, June.  Social Science Research Network Electronic Library.  Retrieved January 8, 2005 (http://ssrn.com/abstract=118088).

Lundberg, Shelly J. and Richard Startz. 2000. "Inequality and Race: Models and Policy." Pp. 269-95 in Meritocracy and Economic Inequality, edited by Kenneth Arrow, Samuel Bowles, and Steven Durlauf. Princeton, N.J.: Princeton University Press.

Manufactured Housing Institute.  2004. "Understanding Today's Manufactured Housing."  Retrieved January 8, 2005 (http://www.manufacturedhousing.org/understanding_today2004/mhi_understanding_today.pdf)

Manufactured Housing Institute.  2000.  "106th Congress Approves Manufactured Housing Improvement Act."  Retrieved January 8, 2005 (http://www.manufacturedhousing.org/media_center/press_releases_detail.asp?id=12).

Massey, Douglas S., and Nancy A. Denton.  1993.  American Apartheid:  Segregation and the Making of the Underclass.  Cambridge: Harvard University Press.

Matesi, Ann.  2000.  "Affordable Solutions to Inner-City Housing Woes."  Professional Builder, January, p. 90.  Retrieved January 10, 2005 Available: EBSCO Business Source Premier.

Medine, David.  2000.  "Prepared Statement of the Federal Trade Commission Before the House Committee on Banking and Financial Services on Predatory Lending Practices in the Subprime Industry, May 24, 2000."  Retrieved January 8, 2005 (http://www.ftc.gov/os/2000/05/predatorytestimony.htm)

Mengle, David L.  1990. "The Case for Interstate Branch Banking."  Economic Review (Federal Reserve Bank of Richmond) 76(6):3--17.  Retrieved January 9, 2005 Available: EBSCO Academic Search Premier. 

Merrick, Bill.  1999. "Serving High-Risk Members."  Credit Union Magazine, March 1999, pp. 62--67.  Retrieved January 10, 2005 Available: Proquest ABI/INFORM Global.

Miller, Hugh.  1999.  "Attacking the Myth of Predatory Lending."  American Banker, June 15 Supplement, pp. 5A-6A. Retrieved January 10, 2005 Available: EBSCO Business Source Premiere.

Mortgage Marketplace.  1998.  "Fannie, Freddie Eye Burgeoning Manufactured Housing."  Mortgage Marketplace, September 7, p. 3.  Retrieved January 10, 2005 Available: EBSCO Business Source Premiere.

Munnell, Alicia H., Geoffrey M.B. Tootell, Lynn E. Browne, and James McEneaney. 1996. "Mortgage Lending in Boston: Interpreting HMDA Data." American Economic Review 86(1):25--53.  Retrieved January 13, 2005 Available: JSTOR Online Journals.

National Community Reinvestment Coalition.  2003.  "New Mystery Shopping Survey Finds Subprime Lenders Give Preference to Whites."  Reinvestment Works, Winter 2003, pp. 1, 7.  Retrieved January 9, 2005 (http://www.ncrc.org/pressandpubs/reinvestment_works-archives/RWorks_Winter_2003.pdf)

Nesiba, Reynold F.  1996.  "Racial Discrimination in Residential Lending Markets: Why Empirical Researchers Always See it and Economic Theorists Never Do." Journal of Economic Issues 30(1):51-77.  Retrieved January 9, 2005 Available: EBSCO Business Source Premier.

Patty, Mike.  1999.  "Mobile Misery: Manufactured Housing Can Leave Park Renters Trapped by Rising Costs with Nowhere to Go."  Denver Rocky Mountain News, January 24, p. 34A.  Retrieved January 14, 2005 Available: LexisNexis Academic.

Raines, Franklin D.  2000.  "Remarks by Franklin D. Raines, Chairman and Chief Executive Officer of Fannie Mae, before the Rainbow/Push Wall Street Conference, "Building Bridges to Expand the Marketplace -, New York, NY, January 13, 2000."  Retrieved January 9, 2005 (http://www.fanniemae.com/media/speeches/printthispage.jhtml?repID=/media/speeches/2000/speech_114.xml).

Ross, Stephen L. and John Yinger.  2002.  The Color of Credit: Mortgage Discrimination, Research Methodology, and Fair-Lending Enforcement. Cambridge, MA: MIT Press.

Schafer, Robert, and Helen F. Ladd. 1981. Discrimination in Mortgage Lending. Cambridge: MIT Press.

Scheessele, Randall M. 1999. "1998 HMDA Highlights."  HUD Housing Finance Working Paper Series HF-009.  Retrieved January 9, 2005 (http://www.huduser.org/publications/hsgfin/workpapr9.html).

Shepard, Paul. 2000. "HUD to Focus on Predatory Lending."  Associated Press, March 31.  Retrieved January 9, 2005 (http://www.gfn.com/archives/story.phtml?sid=5532). 

Smith, Adam C.  1999. "Mobile Home Group Rallies to Rebound."  St. Petersburg Times, November 28, p. 1B.  Retrieved January 14, 2005 Available: LexisNexis Academic.

Squires, Gregory D. and Sally O'Connor.  1998.  "Fringe Banking in Milwaukee."  Urban Affairs Review 34(1):126-49.  Retrieved January 10, 2005 Available: Galegroup Infotrac Expanded Academic ASAP.

Stein, Eric.  2001.  Quantifying the Economic Cost of Predatory Lending.  Coalition for Responsible Lending.  Retrieved January 9, 2005 (http://www.predatorylending.org/pdfs/Quant10-01.PDF).

Stiglitz, Joseph, and Andrew Weiss.  1981. "Credit Rationing in Markets with Imperfect Information." American Economic Review 71(3):393-410.  Retrieved January 14, 2005 Available: JSTOR Online Journals.

Tanoue, Donna. 2000.  "Remarks by Donna Tanoue, Chairman, Federal Deposit Insurance Corporation, Before the Seventh Annual Greenlining Economic Development Summit, Sacramento, California, June 13, 2000."  Retrieved January 9, 2005 (http://www.fdic.gov/news/news/speeches/archives/2000/sp13June00.html).

Tillman, Robert and Michael Indergaard. 1999.  "Field of Schemes: Health Insurance Fraud in the Small Business Sector."  Social Problems 46(4):572-90.

Timmons, Heather.  1999.  "Two States' Lawmakers Targeting Predatory Lending."  American Banker, June 9, p. 9.  Retrieved January 10, 2005 Available: EBSCO Business Source Premiere.

Turner, Margery A. and Felicity Skidmore.  1999.  "Introduction, Summary and Recommendations."  Pp. 1-22 in Mortgage Lending Discrimination: A Review of Existing Evidence, edited by Margery A. Turner and Felicity Skidmore. Washington: The Urban Institute. Retrieved January 9, 2005 (http://www.urban.org/UploadedPDF/mortgage_lending.pdf).

U.S. Census Bureau. 2004.  "Shipments of New Manufactured Homes, 1959-2000." Retrieved January 9, 2005 (http://www.census.gov/const/mhs/shiphist.pdf). 

U.S. Department of Housing and Urban Development (U.S. HUD). 1995.  The National Homeownership Strategy: Partners in the American Dream.  Retrieved June 30, 1999 (http://www.huduser.org/publications/affhsg/homeown/toc.html). [Note: Link no longer works]

------.  1999. Building Communities and New Markets for the New Century: 1998 Consolidated Report.  Retrieved January 9, 2005 (http://www.huduser.org/publications/polleg/98con/newmarkets.pdf).

------.  2000a. "Manufactured Home and Subprime Lender list."  Retrieved October 31, 2000 (http://www.huduser.org/datasets/manu.html). [Note: Link works as of January 2005 but content has been updated since we accessed it to get the data for our paper]

------.  2000b. "Proposed Regulatory Changes for Fannie Mae and Freddie Mac."  Retrieved October 31, 2000 (http://www.hud.gov/gse/). [Note: Link no longer works]

------.  2000c.  "U.S. Homeownership Rate Highest in Nation's History."  HUD Press Release No. 00-311.  Retrieved January 9, 2005 (http://www.hud.gov/library/bookshelf18/pressrel/pr00-311.html).

------.  2000d. Unequal Burden: Income and Racial Disparities in Subprime Lending in America. Retrieved January 9, 2005 (http://www.huduser.org/publications/fairhsg/unequal.html).

U.S. Department of Housing and Urban Development and U.S. Department of the Treasury (U.S. HUD and U.S. Treasury).  2000.  Curbing Predatory Home Mortgage Lending.  Retrieved January 9, 2005 (http://www.huduser.org/publications/pdf/treasrpt.pdf).

Vermeer, Kimberly and Josephine Louie. 1997.  The Future of Manufactured Housing.  The Joint Center for Housing Studies of Harvard University.    Retrieved January 9, 2005 (http://www.jchs.harvard.edu/publications/markets/R97-1_vermeer_louie_Futmanhousing.pdf).

Walter, John R. 1995. "The Fair Lending Laws and Their Enforcement." Economic Quarterly (Federal Reserve Bank of Richmond) 81(4):61--77.  Retrieved January 14, 2005 Available: EBSCO Academic Search Premier.

Williams, Richard, Eileen McConnell and Reynold Nesiba.  2001.  "The Effects of the GSEs, CRA, and Institutional Characteristics on Home Mortgage Lending to Underserved Markets."  Cityscape 5(3):9-106.  Retrieved January 9, 2005 (http://www.huduser.org/Periodicals/CITYSCPE/VOL5NUM3/williams.pdf).