170
Views
5
CrossRef citations to date
0
Altmetric
Articles

Originating lender localness and mortgage sustainability: an evaluation of delinquency and foreclosure in Indiana's mortgage revenue bond program

Pages 581-617 | Published online: 04 Oct 2010

References

  • Alexander , William P. , Grimshaw , Scott D. , McQueen , Grant R. and Slade , Barrett A. 2002 . Some loans are more equal than others: third party originators and defaults in the subprime mortgage industry . Real Estate Economics , 30 ( 4 ) : 667 – 697 .
  • Apgar , William and Duda , Mark . 2003 . The twenty-fifth anniversary of the community reinvestment act: past accomplishments and future regulatory challenges . Federal Reserve Board of New York Policy Review , 9 ( 2 ) : 169 – 191 .
  • Avery , Robert B. , Bostic , Raphael W. , Calem , Paul S. and Canner , Glenn B. 1999 . Trends in home purchase lending: consolidation and the community reinvestment act . Federal Reserve Bulletin , February : 81 – 102 .
  • Avery , Robert B. , Beeson , Patricia E. and Sniderman , Mark S. 1999 . Neighborhood information and home mortgage lending . Journal of Urban Economics , 45 : 287 – 310 .
  • Avery , Robert B. , Bostic , Raphael W. , Calem , Paul S. and Canner , Glenn B. 1996 . Credit risk, credit scoring, and the performance of home mortgages . Federal Reserve Bulletin , 82 ( July ) : 621 – 648 .
  • Baku , Esmail and Smith , Marc . 1998 . Loan delinquency in community lending organizations: case studies of NeighborWorks organizations . Housing Policy Debate , 9 ( 1 ) : 151 – 175 .
  • Barakova , Irina , Bostic , Raphael , Calem , Paul and Wachter , Susan . 2003 . Does credit quality matter for homeownership? . Journal of Housing Economics , 12 : 318 – 336 .
  • Belsky , Eric C. and Essene , Ren S. 2008 . Consumer and mortgage credit at a crossroads: preserving expanded access while informing choices and protecting consumers . Joint Center for Housing Studies , Harvard University. UCC08-01
  • Bostic , Raphael and Robinson , Breck . 2004 . The impact of CRA agreements on community banks . Journal of Banking and Finance , 28 ( 12 ) : 3069 – 3095 .
  • Bostic , Raphael and Robinson , Breck . 2005 . What makes community reinvestment act agreements work? A study of lender responses . Housing Policy Debate , 16 ( 34 ) : 513 – 540 .
  • Calem , Paul S. and Wachter , Susan M. 1999 . Community reinvestment and credit risk: evidence from an affordable home loan program . Real Estate Economics , 27 ( 1 ) : 105 – 134 .
  • Campen , James T. 1993 . “ Banks, communities and public policies ” . In Transforming the US financial system: equity and efficiency for the 21st century , Edited by: Dymski , G. A. , Epstein , G. and Pollin , R. 221 – 249 . Armonk, NY : M.E. Sharpe .
  • Carasso , Adam , Bell , Elizabeth , Olsen , Edgar O. and Steuerle , Eugene . 2005 . Improving homeownership among poor and moderate income households . The Urban Institute , 2 ( June )
  • Cutts , Amy Crews and Green , Richard K. 2005 . “ Innovative servicing technology: smart enough to keep people in their houses? ” . In Building assets, building credit: creating wealth in low-income communities , Edited by: Retsinas , Nicolas P. and Belsky , Eric S. 348 – 377 . Washington, DC : JCHS/Brookings Press .
  • Cutts , Amy Crews and Merrill , William A. 2008 . “ Interventions in mortgage default: policies and practices to prevent home loss and lower costs ” . In Borrowing to live: consumer and mortgage credit revisited , Edited by: Retsinas , Nicolas P. and Belsky , Eric S. 203 – 254 . Washington, DC : Brookings Institution Press .
  • Deng , Yongheng and Gabriel , Stuart . 2006 . Risk based pricing and enhancement of mortgage credit availability among underserved and higher risk populations . Journal of Money, Credit and Banking , 38 : 1431 – 1460 .
  • Deng , Yongheng , Quigley , John and Van Order , Robert . 2000 . Mortgage terminations, heterogeneity and the exercise of mortgage options . Econometrica , 68 : 275 – 307 .
  • Ding , Lei , Quercia , Roberto , Ratcliffe , Janneke and Li , Wei . 2008 . Risky borrowers or risky mortgages: disaggregating effects using propensity score models . Center for Community Capital , Working Paper October
  • Ergungor , Emre O. 2007a . “ Bank branch presence and access to credit in low-to moderate income neighborhoods ” . Working Paper. Federal Reserve Bank of Cleveland, June 11, 2007
  • Ergungor , Emre O. 2007b . “ Foreclosures in Ohio: does lender type matter? ” . Working Paper 07-24, Federal Reserve Bank of Cleveland, December 2007
  • Essene , Ren and Apgar , William . 2007 . Understanding mortgage market behavior: creating good mortgage options for all Americans . Joint Center for Housing Studies , Harvard University, April, 25
  • FHFA. Federal Housing Finance Agency . 2010 . “ Foreclosure prevention and refinance report third quarter 2009: disclosure and analysis of Fannie Mae and Freddie Mac mortgage loan data ” . Federal Housing Finance Agency, January 8, 2010. Available online at: http://www.fhfa.gov/webfiles/15345/3Q2009ForeclosurePreventionRefinanceRpt10810.pdf
  • Firestone , Simon , Van Order , Robert and Zorn , Peter . 2007 . The performance of low income and minority mortgages . Real Estate Economics , 35 ( 4 ) : 479 – 504 .
  • Fishbein , Allen J. 1992 . The ongoing experiment with “regulation from below”: expanded reporting requirements for HMDA and CRA . Housing Policy Debate , 3 ( 2 ) : 601 – 636 .
  • Freddie Mac . 2008 . Primary market mortgage survey Available online at: http://www.freddiemac.com/pmms/pmms_archives.html
  • Goldberg , Gerson and Harding , John . 2003 . Investment characteristics of low and moderate income mortgage loans . Journal of Housing Economics , 12 ( 3 ) : 151 – 180 .
  • Hartarska , Valentina , Gonzalez-Vega , Claudio and Dobos , David . 2002 . Credit counseling and the incidence of default on housing loans by low income households , Rural Finance Program, The Ohio State University .
  • Harvey , Keith D. , Cary Collins , M. , Nigro , Peter and Robinson , Breck . 2001 . Disparities in mortgage lending, bank performance, economic influence and regulatory oversight . The Journal of Real Estate Finance and Economics , 23 ( 3 ) : 379 – 410 .
  • Hirad , Abdighani and Zorn , Peter M. 2002 . “ Pre-purchase homeownership counseling: a little knowledge is a good thing ” . In Low income homeownership: examining the unexamined goal , Edited by: Retsinas , N. P. and Belsky , E. S. 146 – 174 . Washington, DC : The Brookings Institute .
  • Hoffman , Susan . 2001 . Politics and banking: ideas, public policy, and the creation of financial institutions , Baltimore : The John Hopkins University Press .
  • Holmes , Jessica , Isham , Jonathan , Petersen , Ryan and Sommers , Paul . 2007 . Does relationship lending still matter in the consumer banking sector? Evidence from the automobile loan market . Social Science Quarterly , 88 ( 2 ) : 585 – 597 .
  • Holyoke , Thomas T. 2004 . Community mobilization and credit: the impact of nonprofits and social capital on community reinvestment lending . Social Science Quarterly , 85 ( 1 ) : 187 – 205 .
  • HUD. US Department of Housing and Urban Development . 2004 . The sustainability of homeownership: factors affecting the duration of homeownership and rental spells Report prepared by Abt Associates Inc. Washington, DC
  • Immergluck , Dan . 2004 . Credit to the community: community reinvestment and fair lending policy in the United States , New York : M.E. Sharpe .
  • Immergluck , Dan . 2008 . Out of the goodness of their hearts? Regulatory and regional impacts on bank investment in housing and community development in the United States . Journal of Urban Affairs , 30 ( 1 ) : 1 – 20 .
  • Kennedy , Peter . 2003 . A guide to econometrics , 5th edn , MA : MIT Press .
  • McCarthy , George W. and Quercia , Roberto . 2000 . “ Bridging the gap between supply and demand: the evolution of the homeownership education and counseling industry ” . Institute Report No. 00-01, The Research Institute for Housing America
  • Mills , Edwin and Lubuele , Luan S. 1994 . Performance of residential mortgages in low and moderate income neighborhoods . The Journal of Real Estate Finance and Economics , 9 ( 3 ) : 245 – 260 .
  • Nakamura , Leonard I. 1994 . Small borrowers and the survival of the small bank . Federal Reserve Bank of Philadelphia Business Review , November/December : 3 – 13 .
  • NCSHA. National Council of State Housing Finance Agencies . 2008 . “ Housing bonds for lower income first time buyers ” . http://www.ncsha.org [accessed October 16, 2008]
  • NCRC. National Community Reinvestment Coalition . 2007 . “ CRA manual ” . Available online at: http://www.ncrc.org/images/stories/pdf/cra_manual.pdf
  • Quercia , R. G. and Stegman , M. A. 1992 . Residential mortgage default: a review of the literature . Journal of Housing Research , 3 : 341 – 379 .
  • Quercia , Roberto G. 1999 . Assessing the performance of affordable loans: implications for research and policy . Journal of Planning Literature , 14 ( 1 ) : 16 – 22 .
  • Quercia , Roberto G. , Stegman , Michael , Davis , Walter R. and Stein , Eric . 2002 . “ Performance of community reinvestment loans: implications for secondary market purchases ” . In Low income homeownership: examining the unexamined goal , Edited by: Retsinas , Nicholas P. and Belsky , Eric S. Washington, DC : The Brookings Institution Press .
  • Quercia , Roberto G. , Stegman , Michael and Davis , Walter R. 2007 . The impact of predatory loan terms on subprime foreclosures: the special case of prepayment penalties and balloon payments . Housing Policy Debate , 18 ( 2 ) : 311 – 346 .
  • Schwartz , Alex . 1998 . From confrontation to collaboration? Banks, community groups, and the implementation of Community Reinvestment agreements . Housing Policy Debate , 9 ( 3 ) : 631 – 662 .
  • Sharpe , Steven A. 1990 . Asymmetric information, bank lending and implicit contracts: a stylized model of customer relationships . Journal of Finance , 45 : 1069 – 1087 .
  • Shlay , Anne B. 1999 . Influencing the agents of urban structure: evaluating the effects of community reinvestment organizing on bank residential lending practices . Urban Affairs Review , 35 ( 2 ) : 247 – 278 .
  • Shlay , Anne B. 2006 . Low-income homeownership: American dream or delusion? . Urban Studies , 43 ( 3 ) : 511 – 531 .
  • Stegman , Michael , Quercia , Roberto G. , Ratcliffe , Janneke , Ding , Lei and Davis , Walter . 2007 . Preventive servicing is good for business and affordable homeownership policy . Housing Policy Debate , 18 ( 2 ) : 243 – 278 .
  • Traiger and LLP , Hinckley . 2008 . The community reinvestment act: a welcome anomaly in the foreclosure crisis , New York : Traiger and Hinkley, LLP .
  • Uzzi , Brian . 1999 . Embeddedness in the making of financial capital: how social relations and networks benefit firms seeking financing . American Sociological Review , 64 ( 4 ) : 481 – 505 .
  • Van Order , Robert and Zorn , Peter . 2002 . “ Performance of low income and minority mortgages ” . In Low income homeownership: examining the unexamined goal , Edited by: Retsinas , Nicholas P. and Belsky , Eric S. Washington, DC : Brookings Institution Press .
  • Williams , Richard , Nesiba , Reynold and McConnell , Eileen Diaz . 2005 . The changing face of inequality in home mortgage lending . Social Problems , 52 ( 2 ) : 181 – 208 .
  • Williams , Richard , McConnell , Eileen and Nesiba , Reynold . 2001 . The effects of the GSE's, CRA, and institutional characteristics on home mortgage lending to underserved markets . Cityscapes: A Journal of Policy Development and Research , 5 ( 3 ) : 9 – 106 .
  • Williams , Richard and Nesiba , Reynold . 1997 . Racial, economic and institutional differences in home mortgage loans: St. Joseph County, Indiana . Journal of Urban Affairs , 19 ( 1 ) : 73 – 103 .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.