Minority Lending and the U.S. Subprime Mortgage Foreclosure Crisis

2012 ◽  
Author(s):  
Henock Louis
Keyword(s):  
Subprime Mortgage ◽  
Foreclosure Crisis ◽  
The U.S

scholarly journals Why the Community Reinvestment Act Cannot be Blamed for the Subprime Crisis

2009 ◽  
Vol 8 (3) ◽  
pp. 346-350 ◽  
Author(s):  
Manuel B. Aalbers
Keyword(s):  
Global Financial Crisis ◽  
Community Reinvestment Act ◽  
Subprime Crisis ◽  
Mortgage Loans ◽  
Subprime Mortgage ◽  
Community Reinvestment ◽  
Foreclosure Crisis ◽  
Conservative Media ◽  
The Global Financial Crisis ◽  
The U.S

It has  become common practice—and in particular, but not exclusively, in conservative media—to blame the Community Reinvestment Act (CRA) of 1977 for the U.S. subprime mortgage and foreclosure crisis that triggered the global financial crisis. It is argued that the CRA forced lenders to give mortgage loans to high–risk borrowers. This is nonsense for at least five reasons.

Foreclosure Stories: Neoliberal Suffering in the Great Recession

2012 ◽  
Vol 47 (1) ◽  
pp. 49-68 ◽  
Author(s):  
ANDREW LAWSON
Keyword(s):  
Social Relations ◽  
Great Recession ◽  
Financial Management ◽  
Credit Scoring ◽  
Mortgage Lending ◽  
Human Beings ◽  
Subprime Mortgage ◽  
The Great Recession ◽  
Foreclosure Crisis ◽  
Crisis Of Representation

This article examines how the foreclosure crisis has been represented in a range of narrative genres: the reportage of Paul Reyes's Exiles in Eden: Life among the Ruins of Florida's Great Recession (2010), Michael Moore's documentary film Capitalism: A Love Story (2009), and Paul Auster's novel Sunset Park (2010).These narratives attempt to contextualize the human beings caught in the center of the subprime mortgage storm, but in the process each of them runs up against an opacity or obscurity, a crisis of representation. The article argues that underlying the financial crisis is an inability to recognize and comprehend deeply embedded structures of inequality, a failure common to both the financial system and the wider culture. Drawing on recent accounts of the techniques of credit scoring and mortgage securitization in the disciplines of business history, accounting, financial management, and human geography, the article concludes that subprime mortgage lending involved social relations of supremacy and subordination, as well as representational strategies which identified individuals solely in terms of credit risk, while failing to grasp the conditions of poverty and disadvantage which constituted them as a class.

Analyzing Rates of Seriously Delinquent Mortgages in Asian Census Tracts in the United States

2017 ◽  
Vol 55 (2) ◽  
pp. 616-638 ◽  
Author(s):  
Katrin B. Anacker
Keyword(s):  
Race And Ethnicity ◽  
Weighted Least Squares ◽  
The United States ◽  
Community Survey ◽  
Descriptive Statistics ◽  
Social Differences ◽  
Metropolitan Statistical Areas ◽  
Census Tracts ◽  
Foreclosure Crisis ◽  
The U.S

Although race and ethnicity have been analyzed and discussed in the context of the national foreclosure crisis, there has been little work on neighborhoods in which different Asian subgroups reside, which is surprising given the relatively large demographic, economic, and social differences. Based on NSP 3 data, provided by the U.S. Department of Housing and Urban Development (HUD), and 2005/2009 American Community Survey (ACS) data, provided by the U.S. Bureau of the Census, this article utilizes descriptive statistics and weighted least squares (WLS) regressions to analyze rates of seriously delinquent mortgages for Census tracts in all Metropolitan Statistical Areas (MSAs), differentiating among different Asian subgroups. Findings show that neighborhoods with Hmong, Laotian, and Cambodian households had relatively high rates of seriously delinquent mortgages, whereas neighborhoods with Chinese, Japanese, and Pakistani households had relatively low rates of seriously delinquent mortgages.

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