本书第4章房地产的繁荣神话与潜藏危机
published in 2002.Jacob Riis’descriptions of the tenements of New York’s Lower East Side as “nurseries of crime”are from pages 3and 5of his How the Other Hal]Lirri，Harvard University Press edition.The fact that many of those living in tenements that were to be closed down had to be forcibly removed by the police was noted on page 14.Jacob Riis’observation that some people “carry their slums with them wherever they go”is from page 21of the same book.That many middle-class blacks are opposed to housing voucher programs was noted on pages 84to 91of the Autumn 2000issue of Cityjournal，under the tide “Let’s End Housing Vouchers.”The Boston neighborhood described as “the worst slum in the city，”but which also had low rates of delinquency，disease，and infant mortality was discussed on page 10of Z"he Death and Life of Great z"1merican Cit：res by Jane Jacobs.President George W.Bush’s statements about encouraging home ownership are from a front-page story in the December 21，2008issue of the /esii Work Z"imei，under the headline “White House Philosophy Stoked Mortgage Bonfire.”
Criticisms of studies that claimed discrimination in lending can be found in Chapter 15of Backfire.-A Re？orters Look atA]firmative fiction，written by Bob Zelnick，and pages 178to 183of my ficoziomic Facts and Fallacies.See also a study titled “The Role of Race in Mortgage Lending：Revisiting the Boston Fed Study，”a Working Paper published in December 1996by the Division of Research and Statistics，Federal Reserve Board of Governors；‘Mortgage Lending，Race，and Model Specification，”journal of Financial Services deie？irc6，February 1997，pages 43to 68；“A Study That Deserves No Credit，”on page A14of the September 1，1993issue of the hzi//SfreetJntirii？i/；page 13of the Mortgage section of the August 19，1993issue of The American Banker，under the title “Boston Fed’s Bias Study Was Deeply Flawed”；“Mortgage Lending to Minorities：Where"s the Bras？”Ecunumir Inquiry，January 1998，pages 3to 28；and ”
The Community Reinvestment Act：Looking for Discrimination That Isn’t There，“Pour：y Analys’is，No.354，October 6，1999，published by the Cato Institute.Approval rates for black and white borrowers seeking government-backed，conventional，and refinancing loans can be found on pages 870and 871of the November 1991issue of the Federal Reserve Bulletin，in an article titled “HomeA12of the October 23，1991issue of US？4Today，under the title “Discrimination and Loans，”and also page C2of the October 25，1991issue of the St.Louis Post-Disflatch under the tide “Racial Gap Persists in Mortgage Lending.”News accounts claiming discrimination in mortgage lending include a front-page story from the March 31，1992issue of the Il"nn//SfreeiJonriin/，under the headline “Behind the Figures：Federal Data Detail Pervasive Racial Gap In Mortgage Lending，”and also a story from page D1of the October 22，1991issue of the /Vesc Yoril Z’imei，under the title “Racial Gap Detailed on Mortgages.”That income was the only financial characteristic of loan applicants in the Federal Reserve’s study was noted on page 867of the November 1991issue of the Federal Reserve Bulletin，in an article titled.
“Home Mortgage Disclosure Act：Expanded Data on Residential Lending，”while the factors that lenders must evaluate in considering a loan applicant’s ability to repay a loan are discussed on page 875.Data on disparities in net worth between blacks and whites in the highest income quintile are shown on page 14of “Net Worth and the Assets of Households：2002，”Current Po]？ulation Ref？orts，P7O-115，published by the U.S.Census Bureau in April 2008.The differences between blacks and whites in inherited wealth are reported on page 1334of the March 2002issue of the American Journal ofSo？：ioIogy，under the tide “Lifetime Inheritances of Three Generations of Whites and Blacks.”The comparison of the net worths of white and minority mortgage loan applicants in Boston is from page 8of the January 1998issue of Economic Inquiry，in an article titled “Mortgage Lending to Minorities：Where’s the Bias？”
That whites were denied conventional mortgage loans more often than Asian Americans was shown on page 870of the November 1991issue of the Federal Reserve Bulletin，under the title “Home Mortgage Disclosure Act：Expanded Data on Residential Lending”；on page 808of the November 1992issue of the Federal Reserve Bulletin，under the tide ”Expanded HMDA Data on Residential Lending：One Year Later"；and on page 53oY Civil Rights and the Mortgage Crisis，published by the U.S.Commission on Civil Rights in September 2009.Data on conventional mortgage loan denial rates for whites and various minorities are reported on page 53of Civil Rights and the Mortgage Crisis.
DataInformation Reported under HMDA and Its Application in Fair LendingEnforcement”；and also page 5of the November 2007-Brief #2published by the Joint Center for Political and Economic Studies under the title ？African Americans and Homeownership：The Subprime Lending Experience，1995to 2007.”The higher credit scores of Asian Americans compared to whites were reported on page 80of a report by the Board of Governors of the Federal Reserve System titled Rej？ori to the Congress on Credit Scoring and Its Effects on the Availability and Affordability ofCredit，submitted to the Congress pursuant to section 215of the Fair and Accurate Credit Transactions Act of 2003，published in August 2007.The frequency with which blacks，whites，Hispanics，and Asians resorted to subprime loans in the metro Atlanta area was reported on page A12of the November 6，2007issue of the ft/iiiii？iJoiiriiiz/-Constitution，under the title “Answers to Credit Woes Are Not In Black and White.”
