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Race, Gender, Power, and the US Subprime Mortgage and Foreclosure Crisis: A Meso Analysis

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  • Gary Dymski
  • Jesus Hernandez
  • Lisa Mohanty

Abstract

This study addresses two largely unanswered questions about the United States subprime crisis: why were minority applicants, who had been excluded from equal access to mortgage credit prior to the spread of subprime loans, superincluded in subprime mortgage lending? And why didn't the flood of mortgage credit in the 2000s housing boom -- an oversupply of credit suggesting supercompetition -- reduce the proportion of minority and women borrowers burdened with unpayable subprime mortgages? This contribution develops a meso analysis showing how banking strategies were shaped by and reinforced patterns of racial and gender inequality, permitting lenders in evolving financial markets to offer new loan instruments to previously excluded loan applicants, and to exercise social power over -- and thus extract rent from -- these borrowers.

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File URL: http://hdl.handle.net/10.1080/13545701.2013.791401
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Feminist Economics.

Volume (Year): 19 (2013)
Issue (Month): 3 (July)
Pages: 124-151

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Handle: RePEc:taf:femeco:v:19:y:2013:i:3:p:124-151

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  1. Holmes, Andrew & Horvitz, Paul, 1994. " Mortgage Redlining: Race, Risk, and Demand," Journal of Finance, American Finance Association, vol. 49(1), pages 81-99, March.
  2. 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.
  3. Farmer, Roger, 2010. "Expectations, Employment and Prices," OUP Catalogue, Oxford University Press, number 9780195397901, September.
  4. 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.
  5. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
  6. Stiglitz, Joseph E, 1987. "The Causes and Consequences of the Dependence of Quality on Price," Journal of Economic Literature, American Economic Association, vol. 25(1), pages 1-48, March.
  7. Jesus Hernandez, 2009. "Redlining Revisited: Mortgage Lending Patterns in Sacramento 1930-2004," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 291-313, 06.
  8. Lisa Mohanty & Gary Dymski, 1999. "Credit and Banking Structure: Asian and African-American Experience in Los Angeles," American Economic Review, American Economic Association, vol. 89(2), pages 362-366, May.
  9. Calomiris, Charles W & Kahn, Charles M & Longhofer, Stanley D, 1994. "Housing-Finance Intervention and Private Incentives: Helping Minorities and the Poor," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(3), pages 634-74, August.
  10. G A Dymski & J M Veitch, 1996. "Financial transformation and the metropolis: booms, busts, and banking in Los Angeles," Environment and Planning A, Pion Ltd, London, vol. 28(7), pages 1233-1260, July.
  11. Glenn B. Canner & Wayne Passmore, 1994. "Residential lending to low-income and minority families: evidence from the 1992 HMDA data," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Feb, pages 79-108.
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