Who Is Foreclosing on Whom? Home Mortgage Lending and Foreclosures In Sioux Falls, South Dakota, 2004-2010
In this paper we combine Home Mortgage Disclosure Act (HMDA) data, information from the U.S. Census Bureau, and data from original mortgage loan documents obtained from Minnehaha County civil case files to investigate three empirical questions. First, which originating lenders in the 2004-2007 period had the largest number of mortgage loan foreclosure starts in the Minnehaha County portion of Sioux Falls in May 2007-May 2010? Second, controlling for the number of originations, which lenders had the highest foreclosure rates? Third and finally, are there discernable geographic patterns? In particular, are low-income and minority census tracts experiencing more foreclosures per 100 owner-occupied-housing-units-with-mortgages than upper-income majority neighborhoods? The unique foreclosure data set used, methods employed, and answers revealed have the potential to help us better understand the housing finance crisis not only in Sioux Falls, but also across the United States.
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