Racial and Ethnic Differences in Foreclosure Race Unconditional - PowerPoint PPT Presentation

Racial and Ethnic Differences in Foreclosure Race Unconditional Underwriting Subprime Contemporaneous Black 0.086*** 0.042*** 0.030*** 0.017*** (0.003) (0.004) (0.004) (0.004) Hispanic 0.091*** 0.038*** 0.031*** 0.025*** (0.002) (0.002) (0.003) (0.003) Sample Size 331,608 331,608 331,608 330,912 R-Squared 0.016 0.074 0.122 0.137

Foreclosure rates by Origination Year Purchase Sample Blacks Hispanics .2 .2 Probability of foreclosure relative to Whites .15 .15 .1 .1 .05 .05 0 0 -.05 -.05 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Origination year Origination year Unconditional model Add risk factor controls Add suprime controls Add contemporaneous controls

Race, High Cost Lending and Foreclosure Risk Foreclosure Risk Conditional on 30 Day Variable Names Baseline High Cost Loan Delinquency African American 0.087*** 0.050*** 0.060*** 0.052*** (0.010) (0.008) (0.010) (0.009) Hispanic 0.069*** 0.029*** 0.038*** 0.029*** (0.009) (0.007) (0.009) (0.006) Lender Foreclosure Risk 3.225*** (0.288) Lender 30 Day Delinquency 2.174*** (0.264) Foreclosure net of rate spread loans 3.584*** (0.609) Observations 94,699 46,532 46,933 46,933 R-squared 0.415 0.488 0.426 0.460

Borrowers with Loans at High Risk Lenders Variable Names Estimates African American 0.038*** (0.003) Hispanic 0.049*** (0.002) Subprime Credit Score 0.106*** (0.003) Subprime Score above Median -0.054558*** (0.003) Prime Score above Median -0.028398*** (0.001) Loan to Value Ratio above 0.80 0.014*** (0.001) Loan to Value Ratio above 0.90 0.018*** (0.002) Loan to Value Ratio above 0.95 0.071*** (0.002) Observations 94,481 R-squared 0.232

Foreclosure and Share High Cost Loans Cross Sectional Variation Credit Score Demographic Risk Factors Contemporaneous PUMA Share High Cost 0.370*** 0.293** 0.243*** 0.214*** (0.042) (0.044) (0.044) (0.044) R-squared 0.027 0.039 0.053 0.055 PUMA by Credit Year Fixed Effects Credit Score Demographic Risk Factors Contemporaneous PUMA Share High Cost 0.499*** 0.500*** 0.506*** 0.484*** (0.066) (0.070) (0.070) (0.071) R-squared 0.021 0.032 0.046 0.046 PUMA Trends on Observables Credit Score Demographic Risk Factors Contemporaneous PUMA Share High Cost 0.421*** 0.451*** 0.439*** 0.445*** (0.100) (0.106) (0.104) (0.104) R-squared 0.021 0.030 0.044 0.045 Observations 302,619 302,619 302,619 301,902

Alternative Location Controls Lenders>0.2 Blacks Hispanics Low Income Lender FE High Cost Loans PUMA Share 0.366*** 0.539*** 0.605*** 0.449*** 0.147 High Cost (0.123) (0.127) (0.158) (0.107) (0.200) PUMA Share of 0.078 -0.046* -0.064* 0.202* Loans to (0.048) (0.028) (0.036) (0.112) Observations 301,902 301,902 301,902 301,902 301,902 R-squared 0.045 0.045 0.045 0.051 0.045

Correlations with Housing Price Changes Housing Price Changes 04 to 06 06 to 08 05 to 06 04 to 05 Share Rates Spread Loan 0.5129 -0.453 0.4063 0.2121 Share High Cost lender 0.638 -0.5842 0.3701 0.2954 Share black -0.0301 0.0628 -0.1312 0.1364 Share Hispanics 0.4689 -0.4899 0.0842 0.3326 Share Low Income 0.2909 -0.2082 0.1768 0.1009

Racial and Ethnic Differences in Foreclosure Race Unconditional - PowerPoint PPT Presentation

Racial and Ethnic Differences in Foreclosure Race Unconditional Underwriting Subprime Contemporaneous Black 0.086* 0.042* 0.030* 0.017* (0.003) (0.004) (0.004) (0.004) Hispanic 0.091* 0.038* 0.031* 0.025* (0.002)

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Racial and Ethnic Differences in Foreclosure Race Unconditional - PowerPoint PPT Presentation

Racial and Ethnic Differences in Foreclosure Race Unconditional Underwriting Subprime Contemporaneous Black 0.086*** 0.042*** 0.030*** 0.017*** (0.003) (0.004) (0.004) (0.004) Hispanic 0.091*** 0.038*** 0.031*** 0.025*** (0.002)

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Racial and Ethnic Differences in Foreclosure Race Unconditional Underwriting Subprime Contemporaneous Black 0.086* 0.042* 0.030* 0.017* (0.003) (0.004) (0.004) (0.004) Hispanic 0.091* 0.038* 0.031* 0.025* (0.002)

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