Discrimination in Financial Services: A Special Issue of the by George J. Benston, W. Curt Hunter, George G. Kaufman

By George J. Benston, W. Curt Hunter, George G. Kaufman

Equal therapy in entry to credits has lengthy been a basic social objective within the usa. even if, regardless of the passage of a number of legislation within the U.S. prohibiting discrimination within the provision of economic providers at the foundation of race, gender, and marital prestige, between different components, questions in regards to the lifestyles of racial discrimination in such components as domestic loan loans and small company credits proceed, and confound public coverage makers. This e-book consists of 9 articles and a panel dialogue, initially released as a distinct factor of the Journal of economic companies Research. those contributions discover the advanced factor of discrimination in monetary services.

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Extra resources for Discrimination in Financial Services: A Special Issue of the Journal of Financial Services Research

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If the total number of points exceeds a minimum acceptable threshold, then the category will formally qualify for further comprehensive statistical review. Examiners may exercise discretion, however, in making a final determination whether to conduct the further statistical review. Based on accumulated experience, the score threshold determining qualification for further comprehensive statistical review was recently raised above the level used in this study. As a result, the number of institutions that will qualify for such a review is smaller than this study suggests.

See Munnell et al. (1996) for definitions of these variables. We note iliat these patterns may not be robust to changes in the samples considered. For example, when we removed from the analysis all applications from one anomalous lender, which accounted for almost 10% of the black applicants in the overall 1990 Boston HMDA sample and had an 80% denial rate for these applicants (both whites and blacks), the patterns changed. When this lender is excluded, the differences across the samples are not as striking and the overall predicted difference in denial rates is significantly smaller.

Another 45 applications were from investors (properties not owner occupied) and hence also should have been excluded. Five additional observations were deleted because they represented applicants who were overqualified for participation in special mortgage loan programs targeted to low-income households. In such circumstances, a denial does not indicate that a lender is unwilling to provide financing under a conventional mortgage program. Examination of the data revealed serious inconsistencies for many observations with low loan-to-value ratios.

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