Spring 2004, Research Compendium

The extension of mortgage credit to
underserved, minority, and higher credit-risk
populations has been a topic of discussion
among researchers and policymakers in recent
years, as both the Clinton and Bush administrations
have articulated policies that have sought to advance
the homeownership opportunities of underserved and
minority groups. Research accordingly has sought to
identify the determinants of persistent disparities in
both mortgage origination and homeownership
attainment among
targeted and nontargeted groups,
(see, for example,
Painter, Gabriel,
and Myers [2001],
Coulson [1999],
Deng, Quigley and
Van Order [1996],
and Rosenthal
[2001]). On the
mortgage side, studies have
focused largely on
the role of
borrower credit risk and credit constraint in the
analysis of mortgage loan origination and performance
(see, for example, Ambrose and Capone [1998, 2000],
Ondrich, Ross and Yinger [2000], Berkovec, Canner,
Gabriel, and Hannan [1998], Avery, et al. [1996],
Goering and Wienk [1996], Munnell, et al. [1996],
Canner, Passmore, and Smith [1994], and Gabriel and
Rosenthal [1991]).