Eroding the Wealth of Women: Gender and the Subprime Foreclosure Crisis

Baker, Amy Castro

doi:10.1086/675391

Cited by 33 publications

(28 citation statements)

References 28 publications

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“…18 Discriminatory practices have contributed to these inequities by preventing people of color and women from accumulating wealth and ac-cessing certain financial programs, such as the cheap credit available to white men that fueled the post-World War II boom. 19 For example, the Federal Housing Administration encouraged redlining, whereby banks refused to lend in communities of color. 19 Moreover, lenders often required single, divorced, or widowed women to secure their mortgages with a man's signature.…”

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“…19 For example, the Federal Housing Administration encouraged redlining, whereby banks refused to lend in communities of color. 19 Moreover, lenders often required single, divorced, or widowed women to secure their mortgages with a man's signature. 19 Although marginalized groups gained credit access in the 1960s and 1970s, today, under "reverse redlining," accessible loans are often high-cost and risky.…”

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confidence: 99%

“…19 Moreover, lenders often required single, divorced, or widowed women to secure their mortgages with a man's signature. 19 Although marginalized groups gained credit access in the 1960s and 1970s, today, under "reverse redlining," accessible loans are often high-cost and risky. 20 Indeed, people of color, particularly women, were disproportionately dispossessed of wealth during the 2007-08 subprime lending crisis.…”

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“…20 Indeed, people of color, particularly women, were disproportionately dispossessed of wealth during the 2007-08 subprime lending crisis. 19 Fringe banks are frequently located in poor neighborhoods with few mainstream banks and large African American populations, thereby exploiting financial distress for profit. 4 The 7 percent of US households that are unbanked are especially likely to use fringe services.…”

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From Payday Loans To Pawnshops: Fringe Banking, The Unbanked, And Health

et al. 2018

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The fringe banking industry, including payday lenders and check cashers, was nearly nonexistent three decades ago. Today it generates tens of billions of dollars in annual revenue. The industry's growth accelerated in the 1980s with financial deregulation and the working class's declining resources. With Current Population Survey data, we used propensity score matching to investigate the relationship between fringe loan use, unbanked status, and self-rated health, hypothesizing that the material and stress effects of exposure to these financial services would be harmful to health. We found that fringe loan use was associated with 38 percent higher prevalence of poor or fair health, while being unbanked (not having one's own bank account) was associated with 17 percent higher prevalence. Although a variety of policies could mitigate the health consequences of these exposures, expanding social welfare programs and labor protections would address the root causes of the use of fringe services and advance health equity.

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From Payday Loans To Pawnshops: Fringe Banking, The Unbanked, And Health

et al. 2018

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“…The samples in this body of literature are diverse but can be broadly grouped as regional (Woodstock Institute [9], Cyr [10], Mohanty [11] and [Diabate and Johannsson [12]) and national (Awoonor-William [13] and Dietrich [14]). Since the housing crisis, there has been a surge in gender subprime mortgage, (Jordain-Earl [15], Dymski [16] and Cheng, Lin and Liu [17]) and foreclosure studies (Phillips [18] and Baker [19]). On a whole, the findings from the mortgage gender studies are inconclusive.…”

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Gender Differences: Mortgage Credit Experience

Lindsey-Taliefero¹

2015

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This study examined gender differences in the mortgage credit experience. Home Mortgage Disclosure Data Act (HMDA) data along with Lending Patterns™ generated rates for originations, denials, and fallouts from 2004 to 2013. The gender effect on these rates was examined for statistical differences using the independent t-test, ANOVA, and one sample t-test. Across the country, the results showed no statistical gender effect on origination, denial or fallout rates in the posthousing crisis era. Within the race, this relationship held up, with exclusions. The white females had a lower fallout rate than white males, and Asian females had a higher denial rate than Asian males. Within gender, controlling for race, white females had higher origination and lower denial rates than Black, Hispanic, and Native Americans but were not statistically different from Asian females. Comparing white males to females by race, the results indicated that 53% of the time white males had higher origination, lower denial, or lower fallout rates than females. While 40% of the time, the white male's mortgage experience was not statistically different from females. Seven percent of the time the white male's origination rate was lower than white females. In the final analysis, at no time did minority females have a better mortgage experience than white males, but they did 33% of the time experience no statistical difference. Given these points, the applicant's gender had less of an effect on the mortgage credit experience than the applicant's race.

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Do We Need More Universal Basic Income Experiments?

2022

J Policy Anal Manage

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DO WE NEED MORE UNIVERSAL BASIC INCOME EXPERIMENTS?While the notion of universal basic income (UBI) has been around for many decades, the idea has recently gained more traction in the United States. A 2020 poll from the Pew Research Center found that almost half (45 percent) of survey respondents would support a guaranteed payment of $1,000 per month to all adults, regardless of their working status. Several politicians have campaigned in recent years on implementing a local or federal UBI, and stimulus payments during the COVID-19 pandemic have further heightened the debate.As more cities, states, and countries have experimented with implementing UBIs, there have been growing opportunities for researchers to understand the potential implications of this policy. For example, the Stockton Economic Empowerment Demonstration, which provides $500 monthly payments to a random selection of the city's residents, found that the payments increased financial stability, full-time employment, and health and wellness. These findings, along with those of other experiments, have drawn much attention as other cities consider implementing similar programs both in the U.S. and worldwide. However, researchers and policymakers are now facing a critical question: how much more evidence on the impacts of universal basic income is needed? That is, do we have enough evidence to support rolling out these programs more broadly, or are more experiments needed in order to further refine UBI policies and understand their potential effects?In this issue, Bru Laín, of the University of Barcelona, argues that while further experiments can be useful, the extensive evidence base that has already accumulated renders them unnecessary. Therefore, he feels that the establishment and implementation of UBI policies should not wait for further evidence. Amy Castro, of the University of Pennsylvania, and Stacia West, of the University of Tennessee -Knoxville, respond to Laín's argument by highlighting remaining gaps in the body of evidence on UBI. They assert that further experimentation is needed before widespread UBI adoption to ensure that well-intentioned programs do not result in far worse outcomes for the populations that they aim to support. In his response, Laín argues that the evidence is clear that UBI generates positive effects for the targeted population, hence justifying UBI policies, while he agrees with Castro and West about the need for additional research on effective UBI implementation.

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Eroding the Wealth of Women: Gender and the Subprime Foreclosure Crisis

Cited by 33 publications

References 28 publications

From Payday Loans To Pawnshops: Fringe Banking, The Unbanked, And Health

From Payday Loans To Pawnshops: Fringe Banking, The Unbanked, And Health

Gender Differences: Mortgage Credit Experience

Do We Need More Universal Basic Income Experiments?

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