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Discriminating Risk : The U.S. Mortgage Lending Industry in the Twentieth Century / Guy Stuart.

By: Material type: TextTextPublisher: Ithaca, NY : Cornell University Press, [2018]Copyright date: ©2003Description: 1 online resource (272 p.) : 6 charts/graphs, 4 maps, 2 halftones, 1 line drawing, 11 tablesContent type:
Media type:
Carrier type:
ISBN:
  • 9781501729966
Subject(s): DDC classification:
  • 332.7/22/0973 22
LOC classification:
  • HG2040.5.U5 S747 2003eb
Other classification:
  • online - DeGruyter
Online resources:
Contents:
Frontmatter -- Contents -- Figures and Tables -- Acknowledgments -- Introduction -- 1. The Meaning of Value -- 2. Rules for Assessing the Borrower and Managing Behavioral Risk -- 3. The Loan Application Process -- 4. Constructing Housing Markets -- 5. Lending Discrimination -- 6. Constructing Risk -- 7. New Policy Approaches to Discrimination and Subprime Lending -- Appendix -- Abbreviations -- Notes -- References -- Index
Summary: The U.S. home mortgage industry first formalized risk criteria in the 1920s and 1930s to determine which applicants should receive funds. Over the past eighty years, these formulae have become more sophisticated. Guy Stuart demonstrates that the very concepts on which lenders base their decisions reflect a set of social and political values about "who deserves what." Stuart examines the fine line between licit choice and illicit discrimination, arguing that lenders, while eradicating blatantly discriminatory practices, have ignored the racial and economic-class biases that remain encoded in their decision processes. He explains why African Americans and Latinos continue to be at a disadvantage in gaining access to loans: discrimination, he finds, results from the interaction between the way lenders make decisions and the way they shape the social structure of the mortgage and housing markets.Mortgage lenders, Stuart contends, are embedded in and shape a social context that can best be understood in terms of rules, networks, and the production of space. Stuart's history of lenders' risk criteria reveals that they were synthesized from rules of thumb, cultural norms, and untested theories. In addition, his interviews with real estate and lending professionals in the Chicago housing market show us how the criteria are implemented today. Drawing on census and Home Mortgage Disclosure Act data for quantitative support, Stuart concludes with concrete policy proposals that take into account the social structure in which lenders make decisions.
Holdings
Item type Current library Call number URL Status Notes Barcode
eBook eBook Biblioteca "Angelicum" Pont. Univ. S.Tommaso d'Aquino Nuvola online online - DeGruyter (Browse shelf(Opens below)) Online access Not for loan (Accesso limitato) Accesso per gli utenti autorizzati / Access for authorized users (dgr)9781501729966

Frontmatter -- Contents -- Figures and Tables -- Acknowledgments -- Introduction -- 1. The Meaning of Value -- 2. Rules for Assessing the Borrower and Managing Behavioral Risk -- 3. The Loan Application Process -- 4. Constructing Housing Markets -- 5. Lending Discrimination -- 6. Constructing Risk -- 7. New Policy Approaches to Discrimination and Subprime Lending -- Appendix -- Abbreviations -- Notes -- References -- Index

restricted access online access with authorization star

http://purl.org/coar/access_right/c_16ec

The U.S. home mortgage industry first formalized risk criteria in the 1920s and 1930s to determine which applicants should receive funds. Over the past eighty years, these formulae have become more sophisticated. Guy Stuart demonstrates that the very concepts on which lenders base their decisions reflect a set of social and political values about "who deserves what." Stuart examines the fine line between licit choice and illicit discrimination, arguing that lenders, while eradicating blatantly discriminatory practices, have ignored the racial and economic-class biases that remain encoded in their decision processes. He explains why African Americans and Latinos continue to be at a disadvantage in gaining access to loans: discrimination, he finds, results from the interaction between the way lenders make decisions and the way they shape the social structure of the mortgage and housing markets.Mortgage lenders, Stuart contends, are embedded in and shape a social context that can best be understood in terms of rules, networks, and the production of space. Stuart's history of lenders' risk criteria reveals that they were synthesized from rules of thumb, cultural norms, and untested theories. In addition, his interviews with real estate and lending professionals in the Chicago housing market show us how the criteria are implemented today. Drawing on census and Home Mortgage Disclosure Act data for quantitative support, Stuart concludes with concrete policy proposals that take into account the social structure in which lenders make decisions.

Mode of access: Internet via World Wide Web.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 26. Apr 2024)