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Report
Racial Differences in Mortgage Refinancing, Distress, and Housing Wealth Accumulation during COVID-19
Gerardi, Kristopher S.; Lambie-Hanson, Lauren; Willen, Paul S. (2021-06-22)
The COVID-19 pandemic exacerbated racial disparities in U.S. mortgage markets. Black, Hispanic, and Asian borrowers were significantly more likely than white borrowers to miss payments due to financial distress, and significantly less likely to refinance to take advantage of the large decline in interest rates spurred by the Federal Reserve’s large-scale mortgage-backed security (MBS) purchase program. The wide-scale forbearance program, introduced by the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, provided approximately equal payment relief to all distressed borrowers, ...
Current Policy Perspectives

Working Paper
The Impact of Minority Representation at Mortgage Lenders
Frame, W. Scott; Huang, Ruidi; Mayer, Erik J.; Sunderam, Adi (2022-06-21)
We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching the (near) universe of mortgage applications to loan officers, we find that minorities are significantly underrepresented among loan officers. Minority borrowers are less likely to complete mortgage applications, have completed applications approved, and to ultimately take-up a loan. These disparities are significantly reduced when minority borrowers work with minority loan officers. Minority borrowers working with minority loan officers also have lower default rates. Our results ...
Working Papers , Paper 2207

Working Paper
Cost of Banking for LMI and Minority Communities
Migueis, Marco; Suher, Michael; Xu, Jessie (2022-06-28)
Bank accounts are critical for participation in the modern economy. However, these accounts frequently require maintenance fees and incur overdraft charges. We assess whether minimum account balances to avoid fees, account maintenance fee amounts, and non-sufficient funds charges are systematically different in LMI and majority-minority communities, and find that they are generally higher. For example, the minimum account balance to avoid fees in a non-interest checking account is about $50 higher in LMI Census tracts than in higher income tracts, and $75 higher in majority-minority tracts. ...
Finance and Economics Discussion Series , Paper 2022-040

Working Paper
Unauthorized Immigration and Fiscal Competition
Bandyopadhyay, Subhayu; Pinto, Santiago (2014-10-24)
Reflecting upon recent enforcement policy activism of US states and countries within the EU towards unauthorized workers, we examine the overlap of centralized (federal) and decentralized (state or regional) enforcement of immigration policies in a spatial context. Among other results, we find that if interstate mobility is costless, internal enforcement is overprovided, and border enforcement and local goods are underprovided when regions take more responsibility in deciding policies. This leads to higher levels of unauthorized immigration under decentralization. Interregional migration ...
Working Papers , Paper 2014-30

Working Paper
The Higher Price of Mortgage Financing for Native Americans
Feir, Donna; Cattaneo, Laura (2019-10-04)
A?ordable access to capital and quality housing is a challenge facing Native Americans. In this paper, we demonstrate that mortgage loans with Native Americans as the primary borrower are systematically more likely to be higher-priced. These loans have an average interest rate nearly 2 percentage points above the average loan for non-Native Americans. We also demonstrate that these higher-priced home loans are predominately found on reservation lands and that manufactured homes account for nearly 25 percent to 35 percent of the di?erence in the cost of ?nancing. These results potentially ...
Center for Indian Country Development series , Paper 4-2019

Journal Article
Do Family Structure Differences Explain Trends in Wealth Differentials?
Lerman, Robert (2017)
Race and ethnic wealth differentials are wide and increasing. Some of the gaps are associated with education differences, but education alone cannot account for the substantially higher net worth of White families than of Black and Hispanic families. As of 2013, the median wealth of Black college graduate families had fallen to only 13 percent of the median wealth of White families. One possible explanation is the significantly lower shares of married couple and married parent households among minorities. For example, even among college graduates, only 41 percent of Black family heads were ...
Review , Volume 99 , Issue 1 , Pages 85-101

Working Paper
Identifying Taste-Based Discrimination: Effect of Black Electoral Victories on Racial Prejudice and Economic Gaps
Sakong, Jung (2021-05-17)
I test for the causal impact of Black electoral victories in local elections on White Americans’ attitude toward Black Americans. Using Race Implicit Attitude Test scores as a measure of racial prejudice and close-election regression-discontinuity design for causal inference, I find Black electoral victories cause measures of racial bias to rise, by 4% of the average Black-White difference in IAT scores. Simultaneously, they widen racial gaps in unemployment and mortgage denials. Interpreting these close electoral victories as instrumental variables, I find a large causal effect of ...
Working Paper Series , Paper WP-2021-07

Working Paper
Updating the Racial Wealth Gap
Thompson, Jeffrey P.; Suarez, Gustavo A. (2015-08-22)
Using newly available data from the Survey of Consumer Finances, this paper updates and extends the literature exploring the racial wealth gap. We examine several hypotheses proposed by previous researchers, including the importance of inherited wealth and other family support and that of trends in local real estate markets, and also extend the literature by exploring the gap across the distribution of wealth and simultaneously considering white, African American and Hispanic households. The findings indicate that observable factors account for all of wealth gap between white and Hispanic ...
Finance and Economics Discussion Series , Paper 2015-76

Working Paper
What Determines the Success of Housing Mobility Programs?
Martin, Hal; Aliprantis, Dionissi; Tauber, Kristen (2022-10-19)
This paper studies how design features influence the success of Housing Mobility Programs (HMPs) in reducing racial segregation. Targeting neighborhoods based on previous residents' outcomes does not allow for targeting race-specific outcomes, generates uncertainty when targeting income-specific outcomes, and generates bias in ranking neighborhoods' effects. Moreover, targeting opportunity bargains based on previous residents' outcomes selects tracts with large disagreements in current and previous residents' outcomes, with such disagreements predicted by sorting since 1990. HMP success is ...
Working Papers , Paper 20-36R

Working Paper
Migration Constraints and Disparate Responses to Changing Job Opportunities
Hotchkiss, Julie L.; Burns, Kalee (2019-02-11)
Using the Current Population Survey between 1996 and 2018, this paper investigates the role constraints to migration might play in explaining racial/ethnic disparities in the labor market. The Delta Index of dissimilarity is used to illustrate a greater distributional mismatch between race/education specific workers and jobs among minorities relative to white non-Hispanics. Regression analysis then shows that this mismatch is consistent with minorities being less responsive to changes in the distribution of job opportunities. However, minorities are more responsive when the growing job ...
FRB Atlanta Working Paper , Paper 2019-1

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