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Working Paper
Who receives a mortgage modification? Race and income differentials in loan workouts
Loan modifications offer one strategy to prevent mortgage foreclosures by lowering interest rates, extending loan terms and/or reducing principal balance owed. Yet we know very little about who receives loan modifications and/or the terms of the modification. This paper uses data from a sample of subprime loans made in 2005 to examine the incidence of loan modifications among borrowers in California, Oregon and Washington. The results suggest although loan modifications remain a rarely used option among the servicers in these data, there is no evidence that minority borrowers are less likely ...
Journal Article
Confronting the “second wave of the tsunami”: stabilizing communities in the wake of foreclosures
In July 2008, the Federal Reserve Bank of San Francisco convened a symposium in Los Angeles on the topic of stabilizing communities in the wake of foreclosures. The goal of the conference was to identify strategies that could help to mitigate the negative spillover effects of foreclosures on families and neighborhoods.
Monograph
CRA lending during the subprime meltdown
Journal Article
The corner store: investing in a "sense of place"
Working Paper
Lending in low- and moderate-income neighborhoods in California: the performance of CRA lending during the subprime meltdown
The current scale of mortgage delinquencies and foreclosures - particularly in the subprime market - has sparked a renewed debate over the Community Reinvestment Act (CRA) and the regulations governing home mortgage lending. On one side, detractors argue that the CRA helped to precipitate the current crisis by encouraging lending in low- and moderate-income neighborhoods (Walker 2008). On the other side, advocates of the CRA point to a number of reasons why the regulation shouldn?t be blamed for the current subprime crisis. ; What has been missing in this debate has been an empirical ...
Journal Article
Building communities and improving health: Finding new solutions to an old problem
This article provides an overview of the relationship between socioeconomic factors and health, exploring trends in health care costs and coverage, the social determinants of health, and the many linkages between community development and health. There is an incredible opportunity for the health and community development fields to work across conventional policy silos to engage in cross-sector partnerships and solutions, and to build on the two fields? complementary skills and resources.
Journal Article
Affordable housing in high cost areas : an introduction
Conference Paper
Improving evaluation and metrics in youth financial education
The Federal Reserve Bank of San Francisco, the Take Charge America Institute at the University of Arizona, and the Federal Reserve Bank of Minneapolis invited a small group of researchers and practitioners to discuss how to improve the evaluation and metrics of youth financial education programs. The meeting focused specifically on youth ? which we defined as individuals under the age of 25 ? in an effort to distinguish this effort from others that have discussed financial education research more broadly. The goal for the meeting was to help create a research agenda that would move the field ...