The Effect of Racial, Economic, and Institutional Characteristics on Home Mortgage Lending to Underserved Markets

尽管美国不同种族、族裔群体和社区之间的住房拥有率存在很高的不平等，但少数族裔和低收入群体最近的趋势显示，住房拥有率达到了创纪录的高水平。 为了了解这一发展，本项目研究了在过去十年中，个人和社区的种族和收入如何影响住房抵押贷款。 它还特别注意导致贷款变化的体制因素以及少数民族和低收入群体购买住房的能力。 一方面，银行业放松管制可能以服务于所有收入群体的方式增加了竞争，《社区再投资法》下的新业绩准则可能促使法律所涵盖的贷款人为服务不足的市场做更多的工作。 另一方面，制度因素可能没有那么积极的影响：住房抵押贷款行业的迅速变化可能导致使用不太有利的贷款条件，消费者保护不足，以及为质量差的住房提供资金。为了解决这些问题，本项目分析了住房抵押贷款制度变化的后果，使用全国范围内的数据，从1992年至2001年的住房抵押贷款披露法。 它衡量抵押贷款申请人和贷款人的特点，所要求的贷款金额和要求的结果，以及住房附近的人口普查特点。 然后，分析说明了向少数群体和低收入群体提供的贷款随时间的变化，以及决定拒绝贷款申请的决定因素。 通过将印第安纳州调查员以前的工作扩展到全国，并使用未充分研究的数据源，该项目有助于我们了解住房不平等是如何出现的，以及近年来的变化。

Despite high levels of inequality in home ownership across races, ethnic groups, and neighborhoods in the United States, recent trends among minorities and low-income groups reveal record high levels of home ownership. In aiming to understand this development, this project examines how the race and income of both individuals and neighborhoods affect home mortgage lending to underserved neighborhoods over the last decade. It also gives special attention to the institutional factors responsible for changes in lending and the ability of minority and low-income groups to purchase homes. On one hand, banking deregulation may have increased competition in ways that serve all income groups, and new performance guidelines under the Community Reinvestment Act may have prompted lenders covered by the law to do more for underserved markets. On the other hand, institutional factors may have had less positive effects: the rapid changes in the home mortgage lending industry may have resulted in the use of less favorable loan terms, inadequate consumer protection, and financing of poor quality housing. To address these issues, this project analyzes the consequences of institutional changes in home mortgage lending using nation-wide data from 1992-2001 from the Home Mortgage Disclosure Act. It measures characteristics of the mortgage applicants and lenders, the requested loan amount and the outcome of the request, and the census characteristics of the neighborhood of the housing. The analysis then describes changes over time in the loans made to minority and low-income groups, and in the determinants of the decision to deny a loan application. By extending the previous work of the investigator on Indiana to the nation as a whole, and using an under-studied data source, the project contributes to our understanding of how housing inequality emerges and has changed in recent years.