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How Do Predatory Lending Laws Influence Mortgage Lending in Urban Areas? A Tale of Two Cities

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Author Info

  • Keith D. Harvey

    ()
    (Boise State University, Boise, ID 83725)

  • Peter J. Nigro

    ()
    (Bryant College, Smithfield, RI 02917)

Abstract

This paper examines the effects of predatory lending laws in the cities of Chicago and Philadelphia. The level of mortgage activity in each of the cities is compared during the pre- and post-legislative periods relative to other parts of the state to assess the impact of localized legislation. In Chicago, where the predatory lending law focused on banks, a subprime origination in the city was found to be more likely to be made by a nonbank after the passage of the law. In Philadelphia, however, where the predatory legislation was aimed at all financial service providers, a decline was observed in the likelihood of a subprime loan being originated in the city during the post-legislation period, with the minority and low-income market segments experiencing the largest reduction.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol25n04/07.479_508.pdf
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Bibliographic Info

Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 25 (2003)
Issue (Month): 4 ()
Pages: 479-508

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Handle: RePEc:jre:issued:v:25:n:4:2003:p:479-508

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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Cited by:
  1. Giang Ho & Anthony Pennington-Cross, 2005. "The impact of local predatory lending laws," Working Papers 2005-049, Federal Reserve Bank of St. Louis.
  2. W. Scott Frame & Lawrence J. White, 2009. "Technological Change, Financial Innovation, and Diffusion in Banking," Working Papers 09-03, New York University, Leonard N. Stern School of Business, Department of Economics.
  3. Giang Ho & Anthony Pennington-Cross, 2006. "The impact of local predatory lending laws on the flow of subprime credit," Working Papers 2006-009, Federal Reserve Bank of St. Louis.
  4. Allen C. Goodman & Brent C. Smith, 2010. "Housing default: theory works and so does policy," Working Paper 10-10, Federal Reserve Bank of Richmond.
  5. Anthony Pennington-Cross & Giang Ho, 2008. "Predatory Lending Laws and the Cost of Credit," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(2), pages 175-211, 06.
  6. Danny Ben-Shahar, 2008. "Default, Credit Scoring, and Loan-to-Value: a Theoretical Analysis under Competitive and Non-Competitive Mortgage Markets," Journal of Real Estate Research, American Real Estate Society, vol. 30(2), pages 161-190.
  7. Giang Ho & Anthony Pennington-Cross, 2007. "The varying effects of predatory lending laws on high-cost mortgage applications," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 39-60.
  8. Goodman, Allen C. & Smith, Brent C., 2010. "Residential mortgage default: Theory works and so does policy," Journal of Housing Economics, Elsevier, vol. 19(4), pages 280-294, December.

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