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A Monte Carlo examination of bias tests in mortgage lending

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  • Paul W. Bauer
  • Brian A. Cromwell

Abstract

An exploration of the effectiveness of testing procedures in uncovering discrimination by mortgage lenders, reflecting perceived shortcomings in the scope of data provided by the Home Mortgage Disclosure Act, which indicates that the rejection rate for black mortgage applicants is much higher than for whites. The authors find that for plausible levels of bias, the sample size is critical, but that low levels of bias can be difficult to detect even with large sample sizes.

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File URL: http://www.clevelandfed.org/Research/Review/1994/94-q3-bauer.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1994)
Issue (Month): Q III ()
Pages: 27-40

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Handle: RePEc:fip:fedcer:y:1994:i:qiii:p:27-40:n:v.30no.3

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Keywords: Mortgages ; Discrimination in mortgage loans;

References

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  1. Munnell, Alicia H. & Geoffrey M. B. Tootell & Lynn E. Browne & James McEneaney, 1996. "Mortgage Lending in Boston: Interpreting HMDA Data," American Economic Review, American Economic Association, vol. 86(1), pages 25-53, March.
  2. Robert B. Avery & Patricia E. Beeson & Mark S. Sniderman, 1993. "Lender consistency in housing credit markets," Working Paper 9309, Federal Reserve Bank of Cleveland.
  3. Robert B. Avery & Patricia E. Beeson & Mark S. Sniderman, 1993. "Lender consistency in housing credit markets," Proceedings 417, Federal Reserve Bank of Chicago.
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Cited by:
  1. Douglas D. Evanoff & Lewis M. Segal, 1996. "CRA and fair lending regulations: resulting trends in mortgage lending," Economic Perspectives, Federal Reserve Bank of Chicago, issue Nov, pages 19-46.
  2. Douglas D. Evanoff & Lewis M. Segal, 1996. "Strategic responses to bank regulation: evidence from HMDA data," Working Paper Series, Issues in Financial Regulation WP-96-7, Federal Reserve Bank of Chicago.
  3. David G. Blanchflower & Phillip B. Levine & David J. Zimmerman, 1998. "Discrimination in the Small Business Credit Market," NBER Working Papers 6840, National Bureau of Economic Research, Inc.
  4. Jed L. DeVaro & Jeffrey M. Lacker, 1995. "Errors in variables and lending discrimination," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 19-32.

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