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.     

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.     

Peddling a semiotics of fear: a critical examination of scare tactics and commercial strategies in public health promotion

In this study, we critically examine the ways in which a nationwide health promotion campaign – the 2013 Diabetes UK/Tesco diabetes campaign, the largest of its kind in the UK – seeks to raise the general public's awareness of Type 2 diabetes. We subject a series of six campaign images (including their layout and accompanying text) to a multimodal discourse analysis, identifying the presence of a range of fear-inducing, stigmatising and commercial strategies, through which the campaign emphasises the dangers of diabetes and advocates personal responsibility for assessing both individual and others' risk of the disease. Specifically, we describe, in multi-semiotic detail, three discursive techniques deployed in the campaign to achieve these ends: (1) the depiction of grief and amplification of diabetes-related danger, (2) the promotion of diabetes risk and localisation of individuals' responsibility for their health and (3) the commercial branding and framing of the Diabetes UK/Tesco partnership – including the promotion of goods and services – as a means of diabetes prevention and management. Our findings raise concerns about the moral legitimacy of using fear-inducing and commercial strategies in order to (effectively) raise public awareness of and responses to Type 2 diabetes, strategies which do little to address the environmental factors which are associated with increasing rates of the disease.     

Psychopathic personality traits,intelligence, and economic success

A wealth of research has revealed that psychopathy and psychopathic personality traits are associated with criminal involvement. Comparatively less research, however, has examined whether psychopathic personality traits influence economic outcomes in adulthood. The current study addresses this gap in the literature by analyzing data drawn from the National Longitudinal Study of Adolescent Health. The results of the analyses indicate that psychopathic personality traits are negatively related to a number of economic outcomes, including household income and employment history measures. Individuals with high levels of psychopathic personality traits were found to have lower household incomes and to be fired more frequently than individuals with lower levels of psychopathic personality traits. Unexpectedly, psychopathic personality traits were also found to be negatively associated with household debt. There was also some evidence that the effect of psychopathic personality traits was moderated by intelligence in the prediction of household income. We discuss what these findings mean for the psychopathy and economics literatures.     

Failings of Trauma‐Specific and Related Psychological Tests in Detecting Post‐Traumatic Stress Disorder in Forensic Settings

Judges and juries tend to be particularly impressed by test data, especially quantitative test data. Psychometric tests specific for assessing the presence of post‐traumatic stress disorder (PTSD) are commonly employed by forensic mental health evaluators. Most of these instruments, however, have been designed to detect PTSD in treatment or research, and not forensic, settings. Those who rely on these measures without adequate awareness of their often significant limits in correctly identifying malingering may induce finders of fact to inordinately confidently accept the presence of PTSD. This article reviews problematic structural and content components of trauma‐specific and related instruments used to evaluate PTSD and discusses the utility of specific techniques liable to be used in forensic settings to “fool” these measures.     

A Rapid and Efficient Method for Evaluation of Suspect Testimony: Palynological Scanning

A rapid method for evaluating suspect testimony is valuable at any stage in an inquiry and can result in a change of direction in an investigation. Rape cases, in particular, can present problems where a defendant renders DNA analysis redundant by claiming that the claimant consented to have sexual relations. Forensic palynology is valuable in confirming or eliminating locations as being crime scenes, thus checking the testimony of both parties. In contrast to some forensic disciplines, forensic palynology can provide critical information without time-consuming full analysis. Two cases are described where the palynological assemblages from comparator samples of pertinent places were compared with those obtained from clothing of claimants and defendants. The results of rapid microscopical scanning of relevant preparations led to early confessions, thus obviating the need for costly analyses and protracted court proceedings. A third case demonstrates the unbiased nature of this technique where a man, although innocent of any offense, lied about having visited the crime scene for fear of prosecution. This highlights the need for sensitive policing in claims of rape.