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The mortgage industry is a key component of ethno-racial stratification in wealth and homeownership. Previous research demonstrates that unequal treatment of minorities has created inequality in access and exclusion to low-cost mortgage loans in the housing market. While prior studies have documented the disadvantages Black and Latino home seekers face in obtaining a mortgage, these studies have not considered the obstacles that current homeowners face when seeking to refinance their mortgage. This study draws on annual data from the Home Mortgage Disclosure Act (HMDA) from 2018 to 2019 to assess ethno-racial disparities in refinanced mortgage outcomes by loan purpose. I demonstrate that loan rejections and high-cost loans are highest among Black homeowners seeking to refinance their home, especially when trying to make home improvements or cashing-out equity from their home. In general, Asians and Latinos perform in between Whites and Blacks across mortgage outcomes and loan purpose. These trends are particularly true when examining adverse loan outcomes for applicants seeking a cash-out refinance. Implications for ethno-racial stratification and the wealth gap are discussed.

The article summarizes evidence regarding racially discriminatory acts in the mortgage lending market. Various information sources are considered: paired-testing studies, statistical studies of lending patterns and loan rejections, administrative histories, legal suits, case studies, and mortgage underwriting standards. The review demonstrates that, although there remain many unanswered questions about the scope and nature of racial discrimination in mortgage lending, there is sufficient evidence to conclude that the problem still exists.

Intro -- Cover -- Title -- Copyright -- Contents -- Chapter 1: A Long History of Inequality -- Chapter 2: Everyday Inequality -- Chapter 3: The Toxicity of Racial Inequality -- Chapter 4: Surviving and Thriving -- Chapter 5: Standing Up Against Inequality -- Glossary -- For More Information -- For Further Reading -- Index -- About the Author -- backcover.

Statistical data show that the perverse inequality between blacks and whites in the Brazilian labor market has not caused the society to develop and implement concrete proposals to eliminate racism in Brazil. There are various explanations for this moral indifference. One element that is essential to any analysis of it is that Brazilians have been socialized by images disseminated by the mass media that prevent blacks from being considered ordinary citizens or even human beings.

Statistical data show that the perverse inequality between blacks & whites in the Brazilian labor market has not caused the society to develop & implement concrete proposals to eliminate racism in Brazil. There are various explanations for this moral indifference. One element that is essential to any analysis of it is that Brazilians have been socialized by images disseminated by the mass media that prevent blacks from being considered ordinary citizens or even human beings. Tables, References. [Reprinted by permission of Sage Publications Inc., copyright 2006.]

This article examines the impact of internal variables of the financial system (FS) regarding the economic inequality in Colombia during the 1993 through the 2010 period. It begins with the integration of two perspectives about the inequality induced by financial debts and the social responsibility of the FS. This investigation was done with an auto-regressive and distributed backwardness model, and a Granger Test. The results indicate that the economic inequality grows if the mortgage debt, the real estate dations as payment of debts, and the banking asset interest rates grow. Likewise, if the price of low status housing decreases, the economic inequality increases.

This paper studies discounting in mortgage markets. Using transaction-level data on Canadian mortgages, we document that over time there's been an increase in the average discount, along with substantial dispersion. The standard explanation for dispersion in credit markets is that lenders engage in risk-based pricing. Our setting is unique since contracts are guaranteed by government-backed insurance, meaning risk cannot be the main driver of dispersion. We find that mortgage rates depend on individual, contractual, and shopping market characteristics. There is also an important amount of unobserved heterogeneity in rates, which could be attributed to search costs.