Under-specified Models and Detection of Discrimination: A Case Study of Mortgage Lending

This study examines how omitted variables affect underwriting models the OCC estimates during fair lending examinations. The purpose is to assess the effects of omitted variable bias common to most studies of discrimination in mortgage lending. The results show omitted variables have an important impact on both the estimate of the effect of race and on the identification of outliers for review. Further, there appears to be no consistent patterns to the direction of these impacts. This suggests that it is inappropriate to make generalizations concerning the direction of bias based on assumptions about correlations between omitted variables and race.     

Disparities in Mortgage Lending,Bank Performance,Economic Influence,and Regulatory Oversight

This study investigates factors affecting changes in the disparity of home mortgage denial rates between white and minority loan applicants in the U.S. during the period 1991–1997. We develop a two-stage least-squares regression model that incorporates applicant-level characteristics, neighborhood characteristics, regional economic data, and bank-specific data as explanatory variables. Some have argued that mortgage lenders were under increasing pressure from industry regulators to extend additional credit to minorities and low-income groups during the period under study. The model includes each institution's periodic CRA rating as a proxy for regulatory influence. An alternative explanation is that market forces, such as improvements in economic conditions and in bank financial condition and performance, affected default loss estimates and credit standards in a way that disproportionally benefited minority and low-income applicants. The empirical findings are consistent with the latter hypothesis. We conclude that policy makers should consider the impact of market factors when assessing the allocation of mortgage credit in a particular demographic market. The findings also underscore the importance of controlling for lender assessments of credit risk when evaluating compliance with CRA and fair lending statutes.     

The Neighborhood Distribution of Subprime Mortgage Lending

Subprime lending in the residential mortgage market, characterized by relatively high credit risk and interest rates or fees, has developed over the past decade into a prominent segment of the market (Temkin, 2000). Recent research indicates that there is geographical concentration of subprime mortgages in Census tracts where there are high concentrations of low-income and minority households. The growth in subprime lending represents an expansion in the supply of mortgage credit among households who do not meet prime market underwriting standards. Nonetheless, its apparent concentration in minority and lower income neighborhoods has generated concerns that these households may not be obtaining equal opportunity in the prime mortgage market. Such lending may undermine revitalization to the extent that it is associated with so-called predatory practices.     

Do Predatory Lending Laws Influence Mortgage Lending? An Analysis of the North Carolina Predatory Lending Law

In this paper, we examine the effect of the 1999 North Carolina predatory lending law on mortgage activity in that state as compared to other states in the Southeastern United States. Using 1998–2000 Home Mortgage Disclosure Act (HMDA) data, we find that the North Carolina law reduced the overall level of subprime mortgage lending activity. Furthermore, we find that the North Carolina decline was caused by a decline in loan application volume and not by a change in loan denial rates, suggesting less aggressive marketing in that state after the imposition of the law. Finally, the impact of the legislation was different by both the type of financial service provider and borrower. Specifically, non-bank subprime lending contracted faster in North Carolina when compared to the control group, while both minority and low-income applicants were also less likely to get loans following the legislation. These results have wide ranging policy implications given that several predatory lending proposals are currently before Congress, as well as proposed in almost forty other states.     

Mortgage Put Options and Real Estate Markets

In this paper we offer direct evidence that financial intermediation does impact underlying asset markets. We develop a specific observable symptom of a banking system that underprices the put option imbedded in non-recourse asset-backed lending. Using a dataset for 19 countries and over 500 real estate investment trusts, we find that, following a negative demand shock, the “underpricing” economies experience far deeper asset market crashes than economies in which the put option is correctly priced.

Regulation of Subprime Mortgage Products: An Analysis of North Carolina's Predatory Lending Law

This paper estimates the effect of North Carolina's high-cost mortgage law on the subprime mortgage market in that state. The results indicate that creditors sharply restricted lending to higher risk consumers in North Carolina following passage of the law. Creditors did not restrict lending in neighboring states or to lower risk consumers in North Carolina. These results suggest that the restriction in North Carolina was due to rationing in response to higher costs imposed by the law. The findings of this study are of importance beyond North Carolina. Other states and municipalities have proposed or passed similar or more restrictive laws. These laws risk taking back some of the gains in credit availability that lower income and higher risk consumers gained in the 1990s.     

住房按揭还款新模型研究

住房按揭还款主要采用等额还款和等本还款两种方式,这主要适用于前后收入较均衡的居民,但对前后期收入差异大的居民可能出现贷款风险。本文以按揭等额还款的现金流分析为切入点,在假定所选各还款区间的月数相等且能整除贷款期限总月数的基础上,建立区间递增(递减)还款的数学模型,并依此模型设计了简便实用的还款因子表,为住房按揭提供两组新模型、四种还款方式,使区间递增(递减)还款在理论上科学化,在实际操作中可用、简便易行。     

The Community Reinvestment Act and Targeted Mortgage Lending

We analyze residential mortgage lending by banks in periods surrounding upgrades or downgrades in their ratings under the Community Reinvestment Act (CRA). Empirical results indicate that upgraded banks had higher relative levels of lending than did downgraded banks prior to ratings changes. Additionally, both downgraded and upgraded banks increased lending following implementation of reforms to the CRA in the 1990s, which were intended to more closely align rating assessment with lending outcomes. Little support is provided, on the other hand, for a hypothesis that banks respond to downgrades by increasing lending (despite apparent incentives for them to do so).     

资产证券化中资产抵押权从属性研究

抵押权的从属性问题对资产证券化中的资产转移有着非常重要的影响,本文通过对债权保全型抵押与投资型抵押的比较以及登记公示原则的分析,探讨了抵押权从属性是如何影响资产证券化资产转移的过程,最后,还研究了抵押权从属性的缓和问题,探讨了抵押权从属性的未来发展趋势对资产证券化的影响.     

The Impact of the 2007 Liquidity Shock on Bank Jumbo Mortgage Lending

This paper explores the consequences of the collapse of the private‐label residential mortgage‐backed securities market in 2007 on banks’ originations of jumbo mortgages. We show that jumbo lending declined by more at banks that were more dependent on this market and were less well capitalized. In contrast, banks that had little dependence on this market and were well capitalized increased jumbo originations. These findings highlight how dependence on the secondary market may cause amplification of financial shocks, and the potential value of capital requirements that are higher during periods of economic growth in mitigating the amplification effects.     

Economic Consequences of Transparency Regulation: Evidence from Bank Mortgage Lending

We examine the economic consequences of a rule designed to improve consumers' understanding of mortgage information. The 2015 TILA-RESPA Integrated Disclosures rule (TRID) simplifies the mortgage disclosures provided to consumers. As a consequence, TRID-affected mortgages become a less attractive investment opportunity to banks. Our main results document that mortgage applications affected by TRID are less likely to be approved following the rule's effective date. We find evidence consistent with both a decrease in consumers' information processing costs and an increase in banks' secondary market frictions, providing insight into the potential channels through which this reduction in mortgage credit operates. We also find that banks partially compensate for reduced mortgage lending by increasing small business lending, and that fintechs absorb mortgage demand in areas with reduced mortgage lending by banks. Our study documents real actions that firms take in response to disclosure transparency regulation and contributes to the literature on the economic consequences of such regulation.     

广州房地产按揭行业的历史演进及未来趋势

通过文献整理和行业专家访谈,本文对广州房地产按揭行业的产生与发展的历史脉络进行了系统梳理,首次提出广州房地产按揭行业发展经历了准备期、萌芽期、成长期、调整期和发展期等五个历史阶段,并对每一历史时期的代表性事件进行了阐述。以此为依据,对当前广州房地产按揭行业存在的突出问题进行了分析,指出房地产按揭证券化、互联网技术应用、批发按揭和共建按揭行业生态圈是广州房地产按揭行业未来发展方向。     

网络借贷生态环境的缺陷及其治理研究

网络借贷作为金融与科技融合的数字金融业态,市场需求旺盛,未来必然会长期作用于民间金融。网络借贷在发展中存在着诸多问题,是源于网络借贷生态环境的缺陷。网络借贷需要在规范经营中探索业务模式和监管方式的创新,加强监管协调,引入"监管沙盒"机制。因此,需要加强大数据、云计算、人工智能在网络借贷中的应用,并完善社会征信体系和法制体系,改善社会信用环境,完善行业自律机制,建立良好的网络借贷生态环境,以促进网络借贷健康可持续发展。     

Bank Lending to Native American Applicants: An Investigation of Mortgage Flows and Government Guarantee Programs on Native American Lands

We investigate the efficacy of government guarantee programs for mortgage loans made on tribal lands by comparing lending outcomes for White applicants and Native Americans (NAs) living on- and off reservation lands. Simultaneous equations models with the loan-to-income ratio endogenous indicate both on- and off-reservation NA applicants experience higher conditional denial rates compared with otherwise similar White applicants. NAs living on-reservation are equally as likely to be approved for mortgage loans as off-reservation NAs. On-reservation applicants self-select lower loan-to-income ratios, and are held to a higher standard for this credit variable, likely because lower housing values and other economic variables challenge on-reservation applicants. Our findings suggest lack of financial resources, lack of applicant education about and experience with the mortgage process, low creditworthiness, and lender reluctance to confront burdensome bureaucracy limit on-reservation guarantee program success.     

A Test of Cultural Affinity in Home Mortgage Lending

This paper assess cultural affinity as a potential explanation for observed racial disparities in mortgage rejection rates. Two formulations of the theory have evolved in the literature. The taste-based cultural affinity hypothesis asserts that lenders have a blanket preference for members of the same race, while the common bond hypothesis asserts that cultural affinity allows lenders to better assess the credit quality of members of the same race. The analysis involves tests that focus on the experiences of applicants with marginal credit quality, as the two theories offer conflicting predictions regarding their application patterns and treatment by lenders. The results of these tests provide weak support for the existence of taste-based cultural affinity, but contradict the predictions of the common bond form of the theory.     

网络借贷与互联网征信

近年来,我国网络借贷交易规模和平台数量快速发展,但也存在一些问题,如网络借贷机构难以得到传统银行同等待遇,网络信贷征信机构之间数据难以共享,网络借贷征信机构数据积累过少. 为促进网络借贷行业健康发展,需要提升央行征信中心个人征信系统等对网络信贷平台的服务能力,积极推动互联网征信机构与央行征信中心个人征信系统的数据共享,加大征信产品开发力度,为互联网征信的发展提供法律保障.     

Discrimination in Lending: Theory and Evidence

Using a general equilibrium model of credit market discrimination, I find that both taste-based discrimination and statistical discrimination have similar predictions for the intergroup differences in loan terms. The commonly held view has been that if taste-based discrimination exists, loans approved to minority borrowers will have higher expected profitability than those to majorities with comparable credit background. I show that the validity of this profitability view depends crucially on how expected loan profitability is measured. I also show that taste-based discrimination must exist if loans to minority borrowers have higher expected rates of return or lower expected rates of default loss than those to majorities with the same exogenous characteristics observed by lender at the time of loan originations. My analysis suggests that the valid method to test for taste-based discrimination should be reduced-form regressions. Empirically, I fail to find supporting evidence for the existence of taste-based discrimination.     

我国融资融券担保制度的法律困境与解决思路

2006年6月30日，中国证监会发布了《证券公司融资融券业务试点管理办法》，为我国融资融券业务的开展提供了具体的法律依据。《管理办法》在构建融资融券的担保制度时，充分借鉴了美国等国家和地区的做法，创造性地引入了让与担保。然而，当前我国法律尚未确立让与担保制度，这就导致了我国按照让与担保模式设定的融资融券担保制度陷入了法律困境。本文试以境外市场的成功经验为借鉴，探讨我国现行融资融券担保制度法律困境的解决思路。     

Subprime Borrowers: Mortgage Transitions and Outcomes

Public policy concerns increasingly have focused on subprime lending. Our research uses a survey of prime and subprime borrowers to address whether borrowers inappropriately are channeled to the subprime segment, if once having taken out a subprime mortgage borrowers are stuck in this market segment, and whether borrowers face higher costs by taking out subprime mortgages. We find that subprime borrowers are less knowledgeable about the mortgage process, are less likely to search for the best mortgage rates, and are less likely to be offered a choice among alternative mortgage terms and instruments—possibly making them more vulnerable to unfavorable mortgage outcomes. Our analysis of market segmentation confirms that typical mortgage underwriting criteria are most important in explaining whether borrowers obtain prime or subprime mortgages—higher credit risk borrowers are more likely to get a subprime loan. Our results further show that search behavior and other demographic factors including adverse life events, age, and Hispanic ethnicity contribute to explaining market segment, suggesting that borrowers may inappropriately receive subprime mortgages. While we find some persistence to market segment—borrowers are more likely to take out a subprime mortgage if their previous mortgage came from the subprime segment—we also find that market segment is not immutable. Analysis of the survey responses indicates that borrowers with subprime mortgages significantly are more dissatisfied with their mortgage outcomes. This is not surprising because subprime borrowers look worse across typical mortgage underwriting criteria. Consistent with policy concerns, however, despite holding constant these and other factors, taking out a mortgage in the subprime segment, by itself, appears to increase dissatisfaction with mortgage outcomes. We do not provide a definitive answer to the question of whether subprime lending, on balance, serves homebuyers well by providing access to mortgage credit to those otherwise constrained, or rather serves homebuyers poorly by inappropriately assigning them to a market where costs are high and the ability to transition to more attractive prime mortgages remains low. Our analysis, however, does provide some empirical support for concerns raised by critics of subprime lending, and for this reason justifies continued public policy debate and analysis.     

西班牙公共借阅权制度研究

1992年11月9日,欧盟《知识产权领域中的出租权、出借权及某些邻接权的指令》（EC92/100）颁布后,要求各成员国在1994年7月1日前完成在国内法的转换,西班牙作为欧盟成员国之一,理应遵守欧盟指令,本文主要阐述西班牙公共借阅权的发展历程及现状.