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Lost Ground

Lost Ground

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Published by Foreclosure Fraud
4closureFraud.org
4closureFraud.org

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Published by: Foreclosure Fraud on Dec 01, 2011
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www.responsiblelending.org
Lost Ground, 2011:
Disparities in Mortgage Lendingand Foreclosures
Debbie Gruenstein Bocian,Wei Li, Carolina ReidCenter or Responsible LendingRoberto G. QuerciaCenter or Community Capital,University o North Carolina Chapel Hill November 2011
 
 Center for Responsible Lending
1
ExecutiveSummary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7BackgroundandLiteratureReview
. . . . . . . . . . . . . . . . . . . . . . . . .8
Data/Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12AnalysisandFindings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31Appendix1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33Appendix2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38Endnotes.........................................43
Table of ConTenTs 
 
 Acknowledgments
This report was made possible through the generous support o the Sears ConsumerProtection and Education Fund.
 About this Research
In June 2010, the Center or Responsible Lending published
Foreclosures by Race& Ethnicity: The Demographics of a Crisis,
which showed the disparate impacts o oreclosures on Arican American and Latino homeowners and other communitieso color. That report relied on oreclosure rates rom a national dataset o mortgagesthat were matched with loan inormation collected under the Home MortgageDisclosure Act (HMDA).Like the previous report, the current research examines the geographic anddemographic dimensions o oreclosures by relying on proprietary loan inormationmatched with HMDA data. Here we also incorporate a third data source and newloan-matching methodologies, allowing us to examine outcomes on a larger portiono the mortgage market, and more variables related to those outcomes (e.g., loantype), during the peak years o the subprime boom. Our results are based onapproximately 27 million matched loans, representing 63 percent o mortgagesincluded in HMDA data that were originated between 2004 and 2008.

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