This paper examines mortgage outcomes for a large, representative sample of individual home purchases and refinances linked to credit scores in seven major US markets in the recent housing boom and bust. Among those with similar credit scores and loan attributes, black and Hispanic homeowners had much higher rates of delinquency and default in the downturn. There is important heterogeneity within minorities: black and Hispanics that live in areas with lower employment rates and that have high debt to income ratios are the driving force behind the observed racial and ethnic differences in foreclosures and delinquencies. Moreover, these estimated differences are especially pronounced for loans originated near the peak of the housing boom even after controlling for the effect of origination timing on households’ equity position. These findings suggest that black and Hispanic homeowners drawn into the market near the peak were especially vulnerable to adverse economic shocks and raise concerns about homeownership as a mechanism for reducing racial disparities in wealth.
{"title":"The Vulnerability of Minority Homeowners in the Housing Boom and Bust","authors":"P. Bayer, Fernando V. Ferreira, Stephen L. Ross","doi":"10.1257/POL.20140074","DOIUrl":"https://doi.org/10.1257/POL.20140074","url":null,"abstract":"This paper examines mortgage outcomes for a large, representative sample of individual home purchases and refinances linked to credit scores in seven major US markets in the recent housing boom and bust. Among those with similar credit scores and loan attributes, black and Hispanic homeowners had much higher rates of delinquency and default in the downturn. There is important heterogeneity within minorities: black and Hispanics that live in areas with lower employment rates and that have high debt to income ratios are the driving force behind the observed racial and ethnic differences in foreclosures and delinquencies. Moreover, these estimated differences are especially pronounced for loans originated near the peak of the housing boom even after controlling for the effect of origination timing on households’ equity position. These findings suggest that black and Hispanic homeowners drawn into the market near the peak were especially vulnerable to adverse economic shocks and raise concerns about homeownership as a mechanism for reducing racial disparities in wealth.","PeriodicalId":137537,"journal":{"name":"AARN: Race","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114667736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Two remarkable events took place in the 1930s in Borneo: a myth spread among the tribal societies of the interior, warning them that the introduced Para rubber tree was hostile to their swidden rice; and the International Rubber Regulation Agreement was established, in an attempt to protect plantation rubber production by restricting smallholder production through export duties and other measures. A comparative analysis of these two interlinked events makes the tribal dream look less fantastic and the international regulation look less rational than they otherwise do. This analysis contributes to current debates about the peasant tendency to differentiate the production of food crops and cash crops, the scholarly failure to link local and global histories, and the anthropological failure to integrate symbolic and political-economic studies.
{"title":"Rice-Eating Rubber and People-Eating Governments: Peasant versus State Critiques of Rubber Development in Colonial Borneo","authors":"M. Dove","doi":"10.2307/483343","DOIUrl":"https://doi.org/10.2307/483343","url":null,"abstract":"Two remarkable events took place in the 1930s in Borneo: a myth spread among the tribal societies of the interior, warning them that the introduced Para rubber tree was hostile to their swidden rice; and the International Rubber Regulation Agreement was established, in an attempt to protect plantation rubber production by restricting smallholder production through export duties and other measures. A comparative analysis of these two interlinked events makes the tribal dream look less fantastic and the international regulation look less rational than they otherwise do. This analysis contributes to current debates about the peasant tendency to differentiate the production of food crops and cash crops, the scholarly failure to link local and global histories, and the anthropological failure to integrate symbolic and political-economic studies.","PeriodicalId":137537,"journal":{"name":"AARN: Race","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1996-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130201777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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