Arbeitspapier
Subprime mortgages, foreclosures, and urban neighborhoods
This paper analyzes the impact of the subprime mortgage crisis on urban neighborhoods in Massachusetts. We explore the topic using a data set that matches race and income information from Home Mortgage Disclosure Act data with property-level, transaction data from Massachusetts Registry of Deeds offices. With these data, we show that much of the subprime lending in the state was concentrated in urban neighborhoods and that minority homeownerships created with subprime mortgages have proved exceptionally unstable in the face of rapid price declines. The evidence in Massachusetts suggests that subprime lending did not, as commonly believed, lead to a substantial increase in homeownership by minorities but instead generated turnover in properties owned by minority residents. Furthermore, we argue that the particularly dire foreclosure situation in urban neighborhoods actually makes it somewhat easier for policymakers to provide remedies.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 2009-1
- Classification
-
Wirtschaft
Consumer Economics: Theory
Consumer Economics: Empirical Analysis
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Subject
-
subprime
foreclosure
minority
homeownership
Finanzmarktkrise
Subprime-Hypothek
Zwangsvollstreckung
Wohneigentum
Stadt
Massachusetts
- Event
-
Geistige Schöpfung
- (who)
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Gerardi, Kristopher S.
Willen, Paul S.
- Event
-
Veröffentlichung
- (who)
-
Federal Reserve Bank of Atlanta
- (where)
-
Atlanta, GA
- (when)
-
2009
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Gerardi, Kristopher S.
- Willen, Paul S.
- Federal Reserve Bank of Atlanta
Time of origin
- 2009
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