Residential-Mortgage Lending Discrimination and Lender-Risk-Compensating Policies

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Residential-Mortgage Lending Discrimination and Lender-Risk-Compensating Policies by : Henry Buist

Download or read book Residential-Mortgage Lending Discrimination and Lender-Risk-Compensating Policies written by Henry Buist and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Boston Federal Reserve study (Munnell et al. 1996) concluded that illegal discrimination is a statistically significant contributor to the observed gap between white and minority residential-mortgage rejection rates. The Boston study speculated that discrimination arises because lenders do not equally apply risk compensation or mitigation policies for imperfect loans. Using the same 1990 Boston loan application data, our study specifically examines the relation between compensating policies and discrimination. Since compensating policies are encouraged by secondary-mortgage-market sale guidelines, we model both the lender's origination decision and its loan sale decision. Using a rule-based artificial-intelligence technique applied to each lender, we infer compensating policies (rules) that equally apply to all races and explain lending decisions. A minority-race indicator loses its statistical significance when an indicator of compensating-policy violations appears in the loan acceptreject equation. This result reflects the fact that the risk levels of marginal minority loans tend to be more extreme than those of marginal white loans. However, the result does not necessarily reject the existence of discrimination. Equally applied policies may be empirically indistinguishable from unfairly applied policies. In addition, equally applied policies may fail the adverse-impact doctrine if they do not serve a business necessity (such as profits). The industry's move away from discretionary, rule-based decisions to mortgage scoring answers the need for a decision framework that rigorously uses loan performance to evaluate all loan applicants fairly.

Mortgage Lending, Racial Discrimination and Federal Policy

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Publisher : Routledge
ISBN 13 : 0429827954
Total Pages : 665 pages
Book Rating : 4.4/5 (298 download)

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Book Synopsis Mortgage Lending, Racial Discrimination and Federal Policy by : John Goering

Download or read book Mortgage Lending, Racial Discrimination and Federal Policy written by John Goering and published by Routledge. This book was released on 2018-12-20 with total page 665 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

What We Know About Mortgage Lending Discrimination in America

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Publisher : DIANE Publishing
ISBN 13 : 0788187945
Total Pages : 69 pages
Book Rating : 4.7/5 (881 download)

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Book Synopsis What We Know About Mortgage Lending Discrimination in America by : Margery Austin Turner

Download or read book What We Know About Mortgage Lending Discrimination in America written by Margery Austin Turner and published by DIANE Publishing. This book was released on 2000-07 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Department of Housing and Human Development (HUD) presents the report "What We Know About Mortgage Lending Discrimination in America." The report outlines how discrimination can affect access to mortgage capital for minorities.

Discriminating Risk

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Publisher : Cornell University Press
ISBN 13 : 1501729969
Total Pages : 264 pages
Book Rating : 4.5/5 (17 download)

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Book Synopsis Discriminating Risk by : Guy Stuart

Download or read book Discriminating Risk written by Guy Stuart and published by Cornell University Press. This book was released on 2018-07-05 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. home mortgage industry first formalized risk criteria in the 1920s and 1930s to determine which applicants should receive funds. Over the past eighty years, these formulae have become more sophisticated. Guy Stuart demonstrates that the very concepts on which lenders base their decisions reflect a set of social and political values about "who deserves what." Stuart examines the fine line between licit choice and illicit discrimination, arguing that lenders, while eradicating blatantly discriminatory practices, have ignored the racial and economic-class biases that remain encoded in their decision processes. He explains why African Americans and Latinos continue to be at a disadvantage in gaining access to loans: discrimination, he finds, results from the interaction between the way lenders make decisions and the way they shape the social structure of the mortgage and housing markets.Mortgage lenders, Stuart contends, are embedded in and shape a social context that can best be understood in terms of rules, networks, and the production of space. Stuart's history of lenders' risk criteria reveals that they were synthesized from rules of thumb, cultural norms, and untested theories. In addition, his interviews with real estate and lending professionals in the Chicago housing market show us how the criteria are implemented today. Drawing on census and Home Mortgage Disclosure Act data for quantitative support, Stuart concludes with concrete policy proposals that take into account the social structure in which lenders make decisions.

Discrimination in Home Mortgage Lending

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Publisher :
ISBN 13 :
Total Pages : 318 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Discrimination in Home Mortgage Lending by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Consumer and Regulatory Affairs

Download or read book Discrimination in Home Mortgage Lending written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Consumer and Regulatory Affairs and published by . This book was released on 1990 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Mortgage Money, who Gets It?

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Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Mortgage Money, who Gets It? by : United States Commission on Civil Rights

Download or read book Mortgage Money, who Gets It? written by United States Commission on Civil Rights and published by . This book was released on 1974 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Mortgage Lending Discrimination

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Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis Mortgage Lending Discrimination by : United States. Congress. House. Committee on Financial Services

Download or read book Mortgage Lending Discrimination written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2008 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Redlining and Disinvestment as a Discriminatory Practice in Residential Mortgage Loans

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Publisher :
ISBN 13 :
Total Pages : 270 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Redlining and Disinvestment as a Discriminatory Practice in Residential Mortgage Loans by : University of Illinois at Chicago Circle. Urban-Suburban Investment Study Group

Download or read book Redlining and Disinvestment as a Discriminatory Practice in Residential Mortgage Loans written by University of Illinois at Chicago Circle. Urban-Suburban Investment Study Group and published by . This book was released on 1977 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Unlawful Discrimination in Residential Mortgage Lending

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Publisher :
ISBN 13 :
Total Pages : 82 pages
Book Rating : 4.:/5 (45 download)

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Book Synopsis Unlawful Discrimination in Residential Mortgage Lending by : Center for National Policy Review (U.S.)

Download or read book Unlawful Discrimination in Residential Mortgage Lending written by Center for National Policy Review (U.S.) and published by . This book was released on 1973 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Residential Mortgage Lending Disparities in Washington, D.C.

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Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Residential Mortgage Lending Disparities in Washington, D.C. by : United States Commission on Civil Rights. District of Columbia Advisory Committee

Download or read book Residential Mortgage Lending Disparities in Washington, D.C. written by United States Commission on Civil Rights. District of Columbia Advisory Committee and published by . This book was released on 1998 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Discrimination in Mortgage Lending

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Publisher : MIT Press (MA)
ISBN 13 :
Total Pages : 432 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Discrimination in Mortgage Lending by : Robert Schafer

Download or read book Discrimination in Mortgage Lending written by Robert Schafer and published by MIT Press (MA). This book was released on 1981 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Mortgage Discrimination

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Publisher :
ISBN 13 :
Total Pages : 370 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Mortgage Discrimination by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Consumer and Regulatory Affairs

Download or read book Mortgage Discrimination written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Consumer and Regulatory Affairs and published by . This book was released on 1990 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Mortgage Lending, Racial Discrimination, and Federal Policy

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Publisher :
ISBN 13 :
Total Pages : 743 pages
Book Rating : 4.:/5 (119 download)

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Book Synopsis Mortgage Lending, Racial Discrimination, and Federal Policy by :

Download or read book Mortgage Lending, Racial Discrimination, and Federal Policy written by and published by . This book was released on 1996 with total page 743 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Rooting Out Discrimination in Mortgage Lending

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Publisher :
ISBN 13 :
Total Pages : 460 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis Rooting Out Discrimination in Mortgage Lending by : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations

Download or read book Rooting Out Discrimination in Mortgage Lending written by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations and published by . This book was released on 2007 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Mortgage Lending

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Publisher :
ISBN 13 :
Total Pages : 206 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Mortgage Lending by :

Download or read book Mortgage Lending written by and published by . This book was released on 1990 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Feasibility Study on a Methodology for Measuring Discrimination in Residential Mortgage Lending

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Publisher : The Corporation
ISBN 13 :
Total Pages : 73 pages
Book Rating : 4.:/5 (623 download)

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Book Synopsis Feasibility Study on a Methodology for Measuring Discrimination in Residential Mortgage Lending by : Canada Mortgage and Housing Corporation

Download or read book Feasibility Study on a Methodology for Measuring Discrimination in Residential Mortgage Lending written by Canada Mortgage and Housing Corporation and published by The Corporation. This book was released on 1995 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mortgage discrimination has been at the centre of housing policy research in the United States for the past two decades. Despite increasing levels of regulation to eliminate this practice, a furious debate remains over whether it exists at all. Increasingly sophisticated research has produced ambiguous results. There is no evidence to suggest that mortgage market discrimination is a problem in Canada. However, because it exists in many other areas of society, there is no reason to assume that the mortgage lending process is immune. Because discrimination may potentially eliminate otherwise credit-worthy borrowers, standard economic theory argues that profit maximizing lenders will not discriminate. Discrimination may, however, result from lack of experience or understanding of certain groups of borrowers. For example, lenders who are conservative in the face of uncertainty may discriminate inadvertently. In other cases, lenders may be willing to forego profit if discrimination is practised for personal, cultural or social reasons. This paper examines the concept of discrimination in residential mortgage lending, reviews and evaluates the approaches that have been developed to detect the existence of discrimination in the U.S., and presents a possible research program suitable for lending firms and governments in Canada.

Fair Lending Compliance

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Publisher : John Wiley & Sons
ISBN 13 : 9780470241899
Total Pages : 356 pages
Book Rating : 4.2/5 (418 download)

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Book Synopsis Fair Lending Compliance by : Clark R. Abrahams

Download or read book Fair Lending Compliance written by Clark R. Abrahams and published by John Wiley & Sons. This book was released on 2008-03-14 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Fair Lending ComplianceIntelligence and Implications for Credit Risk Management "Brilliant and informative. An in-depth look at innovative approaches to credit risk management written by industry practitioners. This publication will serve as an essential reference text for those who wish to make credit accessible to underserved consumers. It is comprehensive and clearly written." --The Honorable Rodney E. Hood "Abrahams and Zhang's timely treatise is a must-read for all those interested in the critical role of credit in the economy. They ably explore the intersection of credit access and credit risk, suggesting a hybrid approach of human judgment and computer models as the necessary path to balanced and fair lending. In an environment of rapidly changing consumer demographics, as well as regulatory reform initiatives, this book suggests new analytical models by which to provide credit to ensure compliance and to manage enterprise risk." --Frank A. Hirsch Jr., Nelson Mullins Riley & Scarborough LLP Financial Services Attorney and former general counsel for Centura Banks, Inc. "This book tackles head on the market failures that our current risk management systems need to address. Not only do Abrahams and Zhang adeptly articulate why we can and should improve our systems, they provide the analytic evidence, and the steps toward implementations. Fair Lending Compliance fills a much-needed gap in the field. If implemented systematically, this thought leadership will lead to improvements in fair lending practices for all Americans." --Alyssa Stewart Lee, Deputy Director, Urban Markets Initiative The Brookings Institution "[Fair Lending Compliance]...provides a unique blend of qualitative and quantitative guidance to two kinds of financial institutions: those that just need a little help in staying on the right side of complex fair housing regulations; and those that aspire to industry leadership in profitably and responsibly serving the unmet credit needs of diverse businesses and consumers in America's emerging domestic markets." --Michael A. Stegman, PhD, The John D. and Catherine T. MacArthur Foundation, Duncan MacRae '09 and Rebecca Kyle MacRae Professor of Public Policy Emeritus, University of North Carolina at Chapel Hill