The Price of Mortgage Financing for Native Americans

Journal of Economics, Race, and Policy - Tập 4 - Trang 302-319 - 2020
Laura Cattaneo1, Donna Feir2,3
1Carlson Business School, University of Minnesota, Minneapolis, USA
2Department of Economics, University of Victoria, Minneapolis, Canada
3Center for Indian Country Development, Federal Reserve Bank of Minneapolis, University of Victoria, Minneapolis, Canada

Tóm tắt

We demonstrate that mortgage loans made to Native American primary borrowers are systematically more likely to be higher-priced than other mortgage loans. This difference is pronounced for mortgage loans on reservations: 27% of mortgage loans for properties on reservation lands with Native Americans as the primary borrower are higher-priced, while only 8.7% of mortgage loans nearby reservations made to non-Native American borrowers are higher-priced. Conditional on having a higher-priced loan, the rate spread facing Native Americans is also higher than non-Native Americans. These findings come from the 2010 to 2017 Home Mortgage Disclosure Act Data which is the most comprehensive, consistent series of mortgage loan data in the USA. We discuss the factors that may drive these outcomes.

Tài liệu tham khảo

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