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作者

来源

HOUSING STUDIES,Vol.33,Issue5,P.759-776

语言

英文

关键字

Housing finance; discriminatory lending; racial equity; FORECLOSURE CRISIS; SEGREGATION; RACE; HOMEOWNERSHIP; RELIABILITY; INEQUALITY; LATINOS

作者单位

[Steil, Justin P.] MIT, Dept Urban Studies & Planning, Cambridge, MA 02139 USA. [Albright, Len] Northeastern Univ, Dept Sociol, Boston, MA 02115 USA. [Rugh, Jacob S.] Brigham Young Univ, Dept Sociol, Provo, UT 84602 USA. [Massey, Douglas S.] Princeton Univ, Dept Sociol, Princeton, NJ 08544 USA. Steil, JP (reprint author), MIT, Dept Urban Studies & Planning, Cambridge, MA 02139 USA. E-Mail: steil@mit.edu

摘要

In the decade leading up to the US housing crisis, black and Latino borrowers disproportionately received high-cost, high-risk mortgagesa lending disparity well documented by prior quantitative studies. We analyse qualitative data from actors in the lending industry to identify the social structure though which this mortgage discrimination took place. Our data consist of 220 depositions, declarations and related exhibits submitted by borrowers, loan originators, investment banks and others in fair lending cases. Our analyses reveal specific mechanisms through which loan originators identified and gained the trust of black and Latino borrowers in order to place them into higher cost, higher risk loans than similarly situated white borrowers. Loan originators sought out lists of individuals already borrowing money to buy consumer goods in predominantly black and Latino neighbourhoods to find potential borrowers, and exploited intermediaries within local social networks, such as community or religious leaders, to gain those borrowers' trust.