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 Impact of Gender and Department Climate on Job Satisfaction and Intentions to Quit for Faculty in Science and Engineering Fields

This study investigates whether gender and the perceptions of department climate affects faculty job satisfaction and intentions to quit (work outcomes) with surveys responses from 308 faculty members in science and engineering fields. The study finds that both gender and department climate are related to work outcomes and that two facets of department climate (affective and instrumental) mediate the relationship between gender and both job satisfaction and intention to quit. This finding suggests that universities can benefit from improving department climate, which then may improve the retention of both male and female faculty, but may have an even greater impact on improving job satisfaction and reducing intentions to quit of female faculty.     

劳动法律和政策制定中的社会性别平等回顾

文章从社会性别视角对中国以及国际劳动法律和政策进行回顾分析,认为在法律和政策制定层面实现社会性别平等是消除劳动领域性别歧视的基础,主张在中国劳动法律和政策制定过程中,加强社会性别平等的立法理念,把性别平等原则和方法纳入立法程序,逐步完善妇女劳动权益保障法律体系。     

替代种植发展对策思考

云南省利用自身的区位特点,发挥经济技术优势,按照政府支持、市场主导的原则,鼓励企业到境外开展替代种植,取得巨大的进展。当前替代种植存在的问题主要有:“金三角”局势复杂,行政管理落后,我方替代工作缺乏统筹等。建议在推进国际替代发展合作、提供政策、财政支持等工作加强和改进工作。     

对提单“提货凭证“功能重大变革反思——评《UNCITRAL运输法草案》的相关规定

为解决提单迟延的难题,《UNCITRAL运输法草案》对可转让提单的“提货凭证”功能进行了大胆的改革。本文认为,《草案》的制度设计,不具有合理性与可操作性,还将导致提单物权凭证功能的丧失。在电子提单得到普及前,凭保函放货是解决提单延迟问题的务实方法。     

THE IMPACT OF RACIALLY INCLUSIVE SCHOOLING ON ADULT INCARCERATION RATES AMONG U.S. COHORTS OF AFRICAN AMERICANS AND WHITES SINCE 1930*

Despite the substantial body of research on the psychological and social effects of racial segregation in schools on African Americans, few studies have considered the possibility that more racially inclusive schools might reduce the risk of extremely negative adult life experiences such as incarceration. Yet such a connection is made plausible by research linking black racial isolation in schools to variables that are often associated with incarceration rates, including concentrated poverty, and low educational and occupational aspirations and attainment. In this paper, we apply methods first developed by labor economists to assess the impact of racial inclusiveness in schools on individual incarceration rates for 5‐year cohorts of African Americans and whites born since 1930. We find strong support for the conclusion that blacks educated in states where a higher proportion of their classmates were white experienced significantly lower incarceration rates as adults. Moreover, our analysis suggests that the effects of racial inclusiveness on black incarceration rates have grown stronger over time. These longitudinal effects are consistent with the argument that the educational climate of predominantly black schools has deteriorated in more recent decades.     

英译词条再推敲

《汉英双语现代汉语词典》(2002年增补本)的面世,无论是对以中文学英文,还是以英文学中文的人而言,或日对中国与英语国家之间文化交流,无疑是件大好事。但通读《新记号新义》部分后,本文作者认为,由于种种原因,其中一些词条的英译出现了不同程度的瑕疵,因而有碍其预期效果的实现。现成文一述己见,同时旨在引起有关方面对此予以关注。     

GC／MS法检验杀扑磷

杀扑磷(methidathion),又名甲噻硫磷,灭达松,商品名称:速扑杀(Supracide),化学名称:5-2,3一二氢-5-甲氧基-2-氧代-1,3,4-硫二氮卓()-3基甲基O,O-二甲基二硫代磷酸酯,分子式:C6H11N2O4PS3,分子量:302,结构式见图1。理化性质:纯品为无色结晶,20℃时比重1.495,熔点39℃～40℃,蒸气压186.6×10-6Pa,20℃时溶解度水中250mg/L,丙酮中690g/L,乙醇中260g/L,环已酮中850g/L,二甲苯中600g/L。制剂由有效成分和稳定剂、乳化剂、溶剂及染料组成,外观为深蓝色液体,比重1.04～1.08,闪点24℃～28℃。据中国农药毒性分级标准,杀扑磷是一种广谱、高毒的…     

UPLC-MS/MS法同时检测全血中16种除草剂

目的建立全血中16种除草剂的超高效液相色谱-串联质谱(UPLC-MS/MS)同时检测方法,为除草剂中毒案事件及其他刑事案件血液中该16种除草剂的检验鉴定提供依据。方法取200μL的血液,加入800μL乙腈-水(体积比80/20),进行蛋白沉淀后,采用Acquity BEH C18(2.1mm×100mm,1.7μm)色谱柱,以水(5mmol/L的甲酸铵,0.1%的甲酸)-乙腈为流动相进行梯度洗脱,采用电喷雾离子源(ESI)、多反应监测(MRM)正离子模式对16种化合物进行检测。结果在1~200ng/mL范围内线性关系良好,R2均大于0.996;基质效应(ME%)为85.2%~104.4%,相对标准偏差(RSD%)为0.72%~4.84%;仪器检出限(IDLs)为0.2~2 ng/mL(信噪比S/N≥3),方法检出限(MDLs)为0.5~3ng/mL(信噪比S/N≥3),最低定量限(LOQs)为1~7ng/mL(信噪比S/N≥10)。结论本实验建立的全血中16种除草剂同时检验方法,前处理简便快捷、回收率高、精密度好、方法检出限低,可作为该16种除草剂中(投)毒案件的检验方法。     

Racial Disparities in Service Referrals for Families in the Child Welfare System

Among families in the child welfare system, family reunification depends largely upon the services to which families are referred. This study examines whether race/ethnicity influences the number and types of services to which families are referred. Findings suggest that compared to African American families, Hispanic families were more often referred to psychosocial services (e.g., mental health) than basic needs (e.g., housing). These findings indicate a need to reduce service referral disparities between ethnic groups.