Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 13th Aug 2022, 10:19:51am IST
Session Chair: Richard Green, University of Southern California, United States of America
Room in the Arts Building, Trinity College Dublin.
Exact details to be confirmed by May 31
Emergence of Subprime Lending in Minority Neighborhoods
Jakucionyte, Egle1,2; Singh, Swapnil1,3
1Bank of Lithuania, Lithuania; 2Vilnius University; 3Kaunas University of Technology;
Subprime lending is concentrated in minority neighborhoods. However, the literature
has little evidence for what led to this concentration. We use the endorsement of credit
scores in mortgage underwriting by the Government Sponsored Enterprises (GSEs) in
1995 to answer this question. We show that in minority neighborhoods prime lenders
were substituted by subprime lenders and, as a result, the share of subprime lending in
minority neighborhoods increased by 5 percentage points. Prime lenders with a stronger relationship with the GSEs reduced their lending in minority neighborhoods more and the level of securitization by the GSEs in minority neighborhoods also decreased
Gentrification, Mobility, and Exposure to Contextual Social Determinants of Health
1University of Washington, United States of America; 2Cornell University, United States of America;
This study uses individual level consumer trace data for 2006 residents of low- and moderate-income neighborhoods for the principal cities of the 100 largest metropolitan regions in the US using their location in 2006 and 2019 to examine exposure to the following four Contextual Determinants of Health (CDOH): healthcare access (Medically Underserved Areas), socioeconomic condition (Area Deprivation Index), air pollution (NO2, PM 2.5 and PM10), and walkability (National Walkability Index). The results control for individual characteristics and initial neighborhood conditions. Residents of neighborhoods classified as gentrifying were exposed to more favorable CDOH as of 2006 relative to residents of low- and moderate-income neighborhoods that were not gentrifying in terms of likelihood to be in a MUA, and level of local deprivation and walkability while experiencing similar level of air pollution. As a result of changes in neighborhood characteristics and differential mobility pattern, between 2006 and 2019, individuals who originally lived in gentrifying neighborhoods experienced worse changes in MUAs, ADI, and Walkability Index but a greater improvement in exposure to air pollutants. The negative changes are driven by movers, while stayers actually experience a relative improvement in MUAs and ADI and larger improvements in exposure to air pollutants.
Inequality in the Time of COVID-19: Evidence from Mortgage Delinquency and Forbearance
An, Xudong; Cordell, Larry; Geng, Liang; Lee, Keyoung
Federal Reserve Bank of Philadelphia, United States of America;
Using novel data, we show that during the COVID-19 pandemic minority and lower-income borrowers experienced significantly more financial distress. We quantify how much the pandemic has exacerbated inequalities with a difference-in-differences analysis. We then show that forbearance programs mitigated inequalities as minority and lower-income borrowers took up forbearances at higher rates, reducing their delinquency rates more than White and higher-income borrowers in 2020. Finally, we show that minority and lower-income borrowers are more likely to fall into delinquency and default after exiting forbearance and that fast-tracking FHA modifications with 40-year terms could best help these borrowers obtain longer term debt relief.