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Beneath the rhetoric: clarifying the debate on mortgage lending discrimination

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  • Stanley D. Longhofer
  • Stephen R. Peters
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    Abstract

    The authors' simple model of the mortgage underwriting process provides a framework within which to define discrimination and various notions of the default rate. By providing those with differing views a common framework for discussing their positions, the model clarifies and reconciles some of the most controversial issues in the debate over mortgage discrimination. It also shows how this theoretical framework can help in the design of practical policy responses to this vexing social problem.

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    File URL: http://www.clevelandfed.org/Research/review/1998/98-q4-longhofer.pdf
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    Bibliographic Info

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

    Volume (Year): (1998)
    Issue (Month): Q IV ()
    Pages: 2-13

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    Handle: RePEc:fip:fedcer:y:1998:i:qiv:p:2-13:n:v.34no.4

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    Keywords: Discrimination in mortgage loans ; Mortgages;

    References

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    1. William C. Hunter & Mary Beth Walker, 1995. "The cultural affinity hypothesis and mortgage lending decisions," Working Paper Series, Issues in Financial Regulation 95-8, Federal Reserve Bank of Chicago.
    2. Calem Paul & Stutzer Michael, 1995. "The Simple Analytics of Observed Discrimination in Credit Markets," Journal of Financial Intermediation, Elsevier, vol. 4(3), pages 189-212, July.
    3. Hunter, William C & Walker, Mary Beth, 1996. "The Cultural Affinity Hypothesis and Mortgage Lending Decisions," The Journal of Real Estate Finance and Economics, Springer, vol. 13(1), pages 57-70, July.
    4. 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.
    5. Day, Theodore E & Liebowitz, S J, 1998. "Mortgage Lending to Minorities: Where's the Bias?," Economic Inquiry, Western Economic Association International, vol. 36(1), pages 3-28, January.
    6. James A. Berkovec & Glenn B. Canner & Stuart A. Gabriel & Timothy H. Hannan, 1994. "Race, redlining, and residential mortgage loan performance," Proceedings, Federal Reserve Bank of Philadelphia, pages 263-298.
    7. Stanley D. Longhofer, 1995. "Rooting out discrimination in home mortgage lending," Economic Commentary, Federal Reserve Bank of Cleveland, issue Nov.
    8. Ferguson, Michael F & Peters, Stephen R, 1995. " What Constitutes Evidence of Discrimination in Lending?," Journal of Finance, American Finance Association, vol. 50(2), pages 739-48, June.
    9. Paul Calem & Michael Stutzer, 1995. "The simple analytics of observed discrimination in credit markets," Working Papers 95-7, Federal Reserve Bank of Philadelphia.
    10. Lynn Elaine Browne & Geoffrey M.B. Tootell, 1995. "Mortgage lending in Boston: a response to the critics," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 53-78.
    11. Berkovec, James A, et al, 1994. "Race, Redlining, and Residential Mortgage Loan Performance," The Journal of Real Estate Finance and Economics, Springer, vol. 9(3), pages 263-94, November.
    12. Phelps, Edmund S, 1972. "The Statistical Theory of Racism and Sexism," American Economic Review, American Economic Association, vol. 62(4), pages 659-61, September.
    13. Geoffrey M.B. Tootell, 1993. "Defaults, denials, and discrimination in mortgage lending," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 45-51.
    14. Charles W. Calomiris & Charles M. Kahn & Stanley D. Longhofer, 1994. "Housing-finance intervention and private incentives: helping minorities and the poor," Proceedings, Federal Reserve Bank of Cleveland, pages 634-678.
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    Cited by:
    1. Borooah, Vani K., 2001. "Racial bias in police stops and searches: an economic analysis," European Journal of Political Economy, Elsevier, vol. 17(1), pages 17-37, March.
    2. Chakravarty, Shanti P., 2002. "Economic analysis of police stops and searches: a critique," European Journal of Political Economy, Elsevier, vol. 18(3), pages 597-605, September.

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