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Evidence and Actions on Mortgage Market Disparities: Research, Fair Lending Enforcement and Consumer Protection

Marsha J. Courchane () and Stephen Ross ()
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Marsha J. Courchane: Charles River Associates

No 2018-052, Working Papers from Human Capital and Economic Opportunity Working Group

Abstract: In this article, we present overviews of the research on discrimination in mortgage underwriting and pricing, the experiences of minority borrowers prior to and during the financial crisis and federal efforts to mitigate foreclosures during the crisis. We next discuss the history of legal cases alleging disparate treatment of minority borrowers, and recent cases alleging disparate impact in the wake of the Supreme Court’s “Inclusive Communities” decision. Using these discussions as a background, we discuss and examine mortgage regulations issued by the Consumer Finance Protection Bureau following the financial crisis, describe recent developments in the FinTech industry discussing their implications for fair lending policy and minority borrowers more generally, and finally draw conclusions and make recommendations for improving the mortgage market outcomes of minority borrowers and increasing minority borrowers’ access to credit.

Keywords: Fair Housing Act; mortgage discrimination; HMDA; risk-based pricing; financial crises; mortgage foreclosure; subprime lending; HAMP; legal settlements; disparate impact; inclusive communities; Consumer Finance Protection Bureau; FinTech (search for similar items in EconPapers)
JEL-codes: G01 G21 G23 G28 J15 J16 K23 L85 R30 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-law and nep-pay
Date: 2018-08
Note: MIP
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http://humcap.uchicago.edu/RePEc/hka/wpaper/Courch ... -mortgage-market.pdf First version, August, 2018 (application/pdf)

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