Market segmentation and lender specialization in the primary and secondary mortgage markets

Abstract

This paper provides a comprehensive evaluation of market segmentation and lender/purchaser specialization in the primary and secondary mortgage markets. It describes and assesses the 1990 Home Mortgage Disclosure Act (HMDA) data, which for the first time provide detailed information on the borrower and neighborhood racial and income characteristics of mortgage loan originations and securitizations in the primary and secondary mortgage markets. Evidence presented in the paper indicates that home purchase loan origination rates for black applicants—and, to a lesser degree, Hispanic applicants—appear to be significantly lower than those of other racial or ethnic groups. Similarly, the HMDA data reveal that home purchase mortgage origination rates in predominantly minority census tracts are significantly lower than those in predominantly white neighborhoods. The HMDA data also indicate a striking reliance of black borrowers on government‐backed forms of mortgage credit.

The paper further reveals that secondary market loan purchase distributions arrayed by borrower and neighborhood characteristics generally reflect those of home mortgage originations. The borrower and locational characteristics of home purchase loans acquired by the Government National Mortgage Association (GNMA) directly reflect that agency's legislated specialization in government‐backed loans, whereas the characteristics of loans acquired by Fannie Mae and Freddie Mac for the most part derive from the borrower and geographic composition of conventional home purchase loan originations. Findings of analyses of HMDA data raise concern regarding the access of minority and low‐income households and neighborhoods to mortgage finance. Those results also raise some question as to whether the federally chartered agencies in the secondary market are adequately promoting the availability of mortgage credit to low‐ and moderate‐income and minority households.     

Jelly’s Place: An Ethnographic Memoir

This is a report of a field experience in retrospect. An ethnographic study of black streetcorner men, it was conducted in the early 1970s among the patrons of Jelly’s Place, a bar and liquor store on the South Side of Chicago. The 55 men came repeatedly to Jelly’s corner and created a local social stratification system. The focus of the study was the way in which they made and remade their local status system in everyday life. This document describes the field work experience which led me to focus on this particular sociological issue and to represent the social dynamics of the group.     

The Continuing Relevance of Marxism to Critical Criminology

Since the early 1990s, the ``new directions' in Critical Criminology have consciously excluded Marxism as being out-dated. This article critically assesses the fundamental theoretical shifts within critical criminology. It argues that Marxism remains as relevant as ever for analysing crime, criminal justice, and the role of the state. There is a great need for critical criminologists to redirect their attention back to Marxist theory by developing and extending its tools of critical theoretical analysis. This revised version was published online in July 2006 with corrections to the Cover Date.     

Women's agency in Australia's first fertility transition: a debate revisited

The place of women's agency in the fertility transition of the late nineteenth/early twentieth century is a contested one. Some argue that the transition was achieved mainly through male methods of contraception. Others, including many arguing from an Australian perspective, contend that women's agency in fertility decline was significant. In this article, the authors revisit the issue of women's agency in Australia. Drawing on a range of archival sources and scholarship, they seek to demonstrate that women in Australia in the last quarter of the nineteenth century had access to contraception, albeit limited, and, where that failed, to abortion. The authors argue that the changing political and educational climate, which saw women gaining the vote in 1894 in South Australia and admission to secondary and higher education and paid work, provided the setting for women's changing status. Their increasing agency – an agency many women worked to secure – encouraged women to challenge many traditional practices.     

Productive power in the Papua New Guinea church partnership programme

This article analyses the strategy of partnership governing the Papua New Guinea Church Partnership Program (CPP). Using a governmentality lens that sees power as having a productive aspect, it focuses on how the technologies of financial management and planning, monitoring, and evaluation (PME) are taken up by the churches. Fieldwork research reveals how, in conforming to the discipline of these technologies to fulfil the partnership requirements, skilful and pragmatic individuals utilise the same technologies to empower their churches to enact their theology on development. For partnerships to work, the space must be created for such productive power to flourish.