 The Higher Price of Mortgage Financing for Native AmericansLaura Cattaneo and Donna Feir No 4-2019, Center for Indian Country Development series from Federal Reserve Bank of Minneapolis Abstract: A?ordable access to capital and quality housing is a challenge facing Native Americans. In this paper, we demonstrate that mortgage loans with Native Americans as the primary borrower are systematically more likely to be higher-priced. These loans have an average interest rate nearly 2 percentage points above the average loan for non-Native Americans. We also demonstrate that these higher-priced home loans are predominately found on reservation lands and that manufactured homes account for nearly 25 percent to 35 percent of the di?erence in the cost of ?nancing. These results potentially suggest that without other institutional market reforms, promoting homeownership as a method of increasing Native American equity and assets may be less e?ective than for other populations. Keywords: Indigenous peoples; Native Americans; Mortgage Financing; Home ownership (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:fip:fedmci:2019_004 Access Statistics for this paper More papers in Center for Indian Country Development series from Federal Reserve Bank of Minneapolis Contact information at EDIRC. |
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