Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA...
Transcript of Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA...
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
1/36
GEORGE
MASON
UNIVERSITY
SCHOOL OF PUBLIC POLICYRESEARCH PAPERNO.2013-01
ANALYZING DETERMINANTS OF FORECLOSURE OF MIDDLE-INCOMEBORROWERS OF COLOR IN THE ATLANTA, GA METROPOLITAN AREA
Katrin B. Anacker
George Mason University - School of Public Policy
James H. Carr
Federal National Mortgage Association (Fannie Mae)
Archana Pradhan
National Community Reinvestment Coalition (NCRC)
July 14, 2012
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
2/36
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
3/36Electronic copy available at: http://ssrn.com/abstract=2106055
2
2008). HMDA C
C LPS ( B
. 2006 2010; L R 2008).
2004 2008 A, GA .A (..,
I 2009 2009), (.., L R 2008),
( , C (.., I S 2005)),
(F . 2010),
A, GA ( R 2010
). P
(C B 2008; K 2009). T
A, GA
A A (D . 2008), A B ,
DC. A A A (B
1991; C 1997; D 1982; F S 1994; F 1957; K 1971; L
2007; L 1987), .
O , ,
. O . T
.
N,
(B . 2010; G . 2009). T
(M P 2008).
, /,
. T, ,
, A A ,
.
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
4/36Electronic copy available at: http://ssrn.com/abstract=2106055
3
2.
B 1980, ,
. M FHA
VA (S 2010). I 1980, D I D M CA , 1982, A M
T P A
(L . 2009). T, 1980, ,
, .
T 1990 (E MC 2008). T
,
(F . 2008). , ,
.
U 1990,
(K 1981; N P 2002; S L 1981
). T 1990,
(C . 2004; C R 1999; M P 2007;
N P 2002; S 2002; . 2007).
/ , , /,
. .
L B (1999) N
O 1980 1990 U.S. C P
N O (1985 1990). R
(EGLS)
1.3%
1990 ( B L 2000).
N (2004) ( ) E C, N
J K ()
1993 1998 ()
1999. T
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
5/36
4
, N
.
I S (2005) 1995 2002
C HMDA . R 105
350 . T
2000 215 , 90
544 . B ,
2002 ,
, .
B . (2006) 2004 HMDA , . T A A 6 34
L 29 142
H ,
, (.., )
(.., ) .
G . (2007; G & 2009; G . 2009) T
G J 1987 A 2007 M,
20
, .
T 10
. I
H
M. (G & 2009 . 13).
D . (2009)
SH V F C A P (CAP). H,
SH,
F M . A ,
30 . H, LTV
. A 39
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
6/36
5
. B , D . CAP
. T
,
CAP .
A C (2011)
B/A H/L , DC . T
H M D A (HMDA), U.S. C, L
P S (LPS)
. T B/A A 36
H/L 79 ,
. M, ,
(ARM), , , ,
30 .
I ,
,
. B , A,
GA .
3.
2004 2008 A, GA . O
, : (1) H M
D A (HMDA) (20042007); (2) C 2000 U.S. B
C; (3) L P S (LPS) A
A (J 2004D 2008). .
HMDA 1975, , ,
, (S OC
2001). A 80 HMDA (A . 2007). HMDA
F F I E C
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
7/36
6
(FFIEC). T
. 20042007 HMDA . A,
U.S. B C .
LPS . T U.S.
. A D 2008, , ,
100 LPS, 30
.1A LPS , ,
(REO) . (REO
.) T LPS (.., AA)
, LPS
(I 2008). A
( ), . O LPS
2000 2008. T
(.., ) . U
.
, 82 ,
(B . 2010). LPS (..,
J 2004 D 2007).
1L D V M LPS/HMDA D S U S
F 1:
( )
(REO)
0:
LPS (2004 2008)
B B HMDA (2004 2007)
L FICO FICO
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
8/36
7
NH NH HMDA (2004 2007)
H H L HMDA (2004 2007)
A A B/A A HMDA (2004 2007)
I M LPS (2004 2008)
B
M LPS (2004 2008)
A
M LPS (2004 2008)
R
M LPS (2004 2008)
P
M LPS (2004 2008)
P R
(PTI)
LPS (2004 2008)
L R
(LTV)
LPS (2004 2008)
G
(GSE)
M F
M, F M, G M
LPS (2004 2008)
P M
LPS (2004 2008)
N/P M LPS (2004 2008)
H P I (HPI)
H
T A J
C (A H
S R)
M
C
M U.S. C (2000)
P
C
P
U.S. C (2000)
M
;
1:
50 ;
0:
U.S. C (2000)
L ;
M 50
U.S. C (2000)
M
;
M
50 80
U.S. C (2000)
M
;
M
80 120
U.S. C (2000)
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
9/36
8
U
;
M
120
U.S. C (2000)
C
C U.S. C (2000)
(1) /, (2) ,
.., FICO , (3) () , .., (LTV) . A B . (1996
1996) , /, ,
. I
,
F (H 1992). M
HMDA , ,
(M C 1995). I , LPS
FICO () , /.
T, HMDA LPS
HMDA C
C LPS (B . 2006 2010;
C . 2008; L R 2008.
T LPS , .., , (I 2008). T,
, . U HMDA
, ,
, .
: , HMDA 80
(A ., 2007); , LPS
(I 2008). U HMDA ,
.
T A, GA (MSA). T O
M B (OMB)
A, GA MSA: B, B, B, C, C, C, C, C, DK, D,
F, F, F, G, H, N, P, R, S, .
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
10/36
9
O . A
(V, 2005 . 268). T
:
(/) = ( , ,
, )
I , 0
1 (
(REO) ). T
T 1 . T
1 (0).
T HMDA / (..,
H , B, H). A , H
1 A A H
1 (G . 2007; I S 2005; L R 2009; L
B 1999). .
T C
, ;
; 50
; (..,
50 (AMI)), (.., 50
80 ), (..,
80 120 ), (..,
120 ).2 M
B, M N, L I N, M I N (
L R 2009). P O O,
. T
2T AMI ( S 2010).
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
11/36
10
(L
R 2009).
T LPS (1) , (2)
, (3) , ( T1 ). I , FICO
. B I 1.
L FICO S (.., FICO 640 )
H FICO S (.., FICO 720 )
(L R 2009). M FICO
S (.., FICO 640 720 ).
, LPS , () (
); () ( ); ()
( ); ()
( ); ()
( ); () ; () . B
, 1, (D
. 2009; G H 2000; S 2002; S . 2006).
, ()
(GSE; ..,
F M, F M, G M), ()
, () .
GSE 1, (I S 2005).
P S 1,
,
(I, 2009 . 408). N
S/P 1 (..,
),
1 (..,
).
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
12/36
11
I HMDA, 2000 C, LPS ,
H P I (HPI),
A H S R T A JC.
T
2006
, . F , HPI
2004 2003 2001.
HPI
1, I : A
2003, , C,
N, A , F,
(I, 2008 . 66; S . 2006; L R 2009).
( L R 2008).
.
.1
O T 2 3 . T
, , T 4, . I T 2
,
. I T 3 ,
.
,
D 2008
$116,564, $110,896
( T 3). N , FICO (4.53%)
FICO (3.83%) FICO
(0.61%) ( T 2). T 3 FICO
701.99, FICO 648.54. I FICO
, 640 720 , ,
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
13/36
12
C B (2008) K (2009),
.
O , T 2, , 5.82% A
A 4.65% H, ,
(B . 2010; G . 2007; I S 2005; L B 1999).
I ,
(12.55% , 7.86%
, 3.57% ), L R
(2009) ( T 2).
(LTV) (102.86 79.46), (PTI) (0.28
0.23), (0.77 0.69) ( T 3).
, 4.80
,
(5.99%), (1.09%). O
GSE I S (2005).
I , , ,
(10.31%), (4.14%), (3.32%)
, (1.82%) ,
(C B
2008; K 2009; L R 2009 ) ( T 2). T 3
H P I (HPI) (106.8
107.9), (1982 1983),
(67.69% 69.65%). T
.
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
14/36
13
2D S N P L F
F ( = 478,506)
/
I
L FICO 174,057 95.47% 8,255 4.53% 182,312
M FICO 128,369 96.17% 5,118 3.83% 133,487
H FICO 161,722 99.39% 985 0.61% 162,707
NH 322,244 98.26% 5,692 1.74% 327,936
H 8,109 95.35% 395 4.65% 8,504
A A 133,795 94.18% 8,271 5.82% 142,066
I
()
105,713 96.43% 3,917 3.57% 109,630
B
()
4,580 87.45% 657 12.55% 5,237
A
()
283,330 98.08% 5,532 1.92% 288,862
R
()
234,628 97.51% 5,980 2.49% 240,608
P
()
32,689 92.14% 2,787 7.86% 35,476
P
L
O 2004
()
127,223 97.88% 2,751 2.12% 129,974
O 2005
()
128,977 96.78% 4,289 3.22% 133,266
O 2006
()
115,257 95.98% 4,831 4.02% 120,088
O 2007
()
92,691 97.39% 2,488 2.06% 95,179
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
15/36
14
G
(GSE)
243,527 98.91% 2,689 1.09% 246,216
P 165,891 95.20% 8,366 4.80% 174,257
N/P 48,202 94.01% 3,072 5.99% 51,274
H P I
(HPI)
M
C
P
C
M
97,613 94.60% 5,573 5.40% 103,186
L
9,615 89.69% 1,105 10.31% 10,721
M
56,087 95.86% 2,424 4.14% 58,511
M
218,339 96.68% 7,489 3.32% 225,828
U
180,106 98.18% 3,340 1.82% 183,446
C () N/A N/A N/A N/A N/A
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
16/36
15
3 M C L F ( = 478,506)
I $116,564 $110,896
FICO 701.99 648.54
L (LTV) 79.46 102.86
P (PTI) 0.23 0.28
C 0.69 0.77
H P I (HPI) 107.9 106.8
1983 1982
P 69.65 67.69
T 464,148 14,358
.2
L (..,
0 1) (V,
2005). R ..,
. O
, . A 1.0
, 1.0 , 1.0 . F
, A A H
1.3 (0.7), 30 () A A
H (B . 2006). T
. A V, I
,
(2005 . 295).
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
17/36
16
,
M 7. S,
:
M 1: ( /); M 2: ; M 3: (
, , , ,
, , );
M 4: , , ; M 5: , ,
, ;
M 6: , , , , ;
M 7: , , , , , .
T .1% . B
M 7 ( T 4 M 1
7).
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
18/36
17
O R E L R M
1 2 3
I 1.030*** 1.043*** 1.046*** 1.044*** 1.054*** 1.024** 1.024**
L FICO 7.270*** 5.381*** 5.511*** 5.256*** 4.619*** 4.617***
M FICO
3
6.457*** 5.570*** 5.729*** 5.527*** 5.206*** 5.218***
H 3.050*** 2.576*** 2.427*** 2.269*** 2.106*** 2.111*** 2.592***
A A 3.499*** 2.757*** 1.813*** 1.775*** 1.595*** 1.603*** 1.521***
I
()
1.000 1.003 1.035 0.973 0.975
B
()
1.725*** 1.584*** 1.664*** 1.398*** 1.401***
H 1.415*** 1.369*** 1.303*** 1.243*** 1.237***
F
0.924*** 0.935** 0.931*** 0.909*** 0.892***
A
()
1.950*** 2.052*** 2.055*** 1.430*** 1.435***
R
()
0.929*** 0.924*** 0.940** 0.890*** 0.891***P
()
1.351*** 1.325*** 1.324*** 1.085** 1.078**
P
1.044*** 1.044*** 1.043*** 1.038*** 1.037***
L
1.869*** 1.876*** 1.868*** 1.808*** 1.814***
O
2005 (. 2004)
()
1.208*** 1.301*** 1.364*** 1.359***
O
2006 (. 2004)()
1.325*** 1.350*** 1.399*** 1.403***
O
2007 (. 2004)
()
1.440*** 1.328*** 1.422*** 1.443***
3 : FICO
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
19/36
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
20/36
19
N: ( =0 =1):
1. I2. L 3. P 4. P 5. H P I (HPI)6. C
M 7 25 .1 ,
5 ( ),
10 ( )
( ) . M 7
. ,
FICO
, (G . 2007; G & , 2009; I
S 2005; L B 1999). I ,
( I M R M ( ))
(F . 2008; F . 2008; L
R 2009). T :
2007, (S 2008),
44.3
, 40.3 2006 35.9 2005. T
.
,
GSE, (I 2009; I S 2005;
P . ). I ,
, ,
(.., ), , ,
. T 1
( )
( ) .
H, (1)
( ; 1.024 ), (2)
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
21/36
20
( ; 0.975 ), (3) (
; 0.891), (4) ( ;
0.82 ). T
, C
B (2008), D A (2005), K (2009) L R (2009).
I, B B * M I B
34.5 ,
H B * M I B
( 1% ) .
N, B I 1.024 (
5% ), . A, ,
, (G H 2000). M
(2000 2006) ,
(N C R C 2010). F
.
.
B , A A
A, GA
H , , ,
. T , , H
. O (A 1973;
B 1971; G 1992; P 1995; 1986 1998),
( FICO ) () ( LTV ). N,
.
O ,
(20042008) (A, GA). M 2008
. A,
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
22/36
21
2012 2013
(C 2011).
T M H A P (MHA) F S A 2009.
T
. T MHA P ($29.9 )
,
, , , (U.S.
D T, 2009, . .). T MHA F 2009
M 2009. I
2012. T T $45.6 T A R
P (TARP) (O S I G T A R P, 2011). A
A 30, 2011, 135,940 608,615
, 744,555 (U.S. D T, 2011). S
18,000 2010,
35 , 20,000 25,000
T (B, 2011, . 5; ). T
HAMP , ,
. D ,
. C LS (2011)
HAMP .
P
. B A, ,
E P F
ARM , HAMP ,
20 , 60 . T
30 , ,
. T ,
M 2010 M , 45,000 .
H, . T
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
23/36
22
,
.
A Q D (2009) , B
, (. 172). A ,
, ,
. R
. M , L (2011)
,
.
R, N A C B A (2011)
C 13 . T
,
(. 1)
. I
,
. Q : ()
; () 95
; () (
)
125 F H F A (FHFA) C L
; () , ,
, ; ()
. B : ()
C 13 ; () (.., ,
, , , .) 31
( 80 HUD
25 ); ()
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
24/36
23
. I J 2011, N A C B A
.
S 2007, 10.5 .
, . A ,
. N
. H,
(S . 2011).
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
25/36
24
A, K. B., & C, J. H. (2011). A A
A H , DC .
, 11, 195220.
A, K. (1973). T . (I O. A, & A. R (E.), D
(. 333). P, NJ: P U P.)
A, R. B., B, K. P., & C, G. B. (2007). T 2006 HMDA . B,
D, A73A109.
B, N. (2011, M) S N B, S I G T A R
P, H C F S, I,
H C O. R O 21, 2011, H C
F S, : ://..///030211.
B, V., & L, M. (2000). R .
D,11, 675699.
B, G. S. (1971). .(C, IL: T U C P)
B, L. (1991). B : .
(C, IL: NH P)
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
26/36
25
B, J. A., C, G. B., G, S. A., & H, T. H. (1996). M FHA
. C: A D , 2, 923.
B, J. A., C, G. B., G, S. A., & H, T. H. (1996). R M
FHA . C: A D , 2,
4953.
B, D. G., E, K. S., & L, . (2006). :
. R O 21, 2011, C R L
:://..///
.
B, D. G., L, ., & E, K. S. (2010). :
. R O 21, 2011, C R L :
://..///
.
C, P. S., G, K., & , S. (2004). T
. , 29, 393410.
C, G., & B, N. (2008). B. R O, 2011
F R :
://..///20081203.
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
27/36
26
C, J. H., & LS, K. (2011). F .
, 44, 730.
C, L. (2011). : . R O 21 2011, CNN M
:
://../2011/03/03///.?=&=
S
C, S. M. (1997). B : B .
(P, PA: T U P)
C, C., C, T., S, M., & M, K. (2008). : A
, C C C, 20052008.R O 21, 2011,
C R U, C U P C D :
://..//2008/06/23/P623.
C, G., & R, E. (1999). D :
D. , 19, 147159.
D, G., & , G. (1982). B A: .(N ,
N: D)
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
28/36
27
D, L., Q, R. G., & R, J. (2009).
. R O 21, 2011, T U N C,
C C C :
://...//N.SP.CRA.M.8.09.
D, L., R, J., S, M. A., & Q, R. (2008). N P HC L:
T C A. A C D , 17, 193217.
D, M., & A, . C. (2005). A: .R
O 21, 2011, N A :
://../////FR1105.
E, K. C., & MC, P. (2008). F : T
. (I J. H. C, & N. K. K (E.), : A
(. 81123). N , N: R.)
F, J. R., & S, M. P. (1994). : B . (B, MA:
B P)
F R B S F. (2007). :
. R O 21, 2011, F R B S F
: ://..////2007/.
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
29/36
28
F, L., LH, L., & P. S. (2010).A
. R O 21, 2011, F R B B
: ://...///2010/1006.
F, C. L., G, K., , P. S. (2008). N : .
, 64, 234245.
F, C. L., G, K., G, L., & , P. S. (2008). J :
. , 17, 291305.
F, E. F. (1957). B . (N , N: T F P)
G, G. C. (1992). R :
. D, 3, 639683.
G, K. S., & , P. S. (2009). , , .
R O 21, 2011, F R B A :
://..//0901.
G, K., L, A., S, S., & , P. (2009). .R
O 21, 2011, F R B A :
://..//0902.
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
30/36
29
G, K., S, A. H., & , P. S. (2007). : ,
, . R O 21, 2011, F R B B
: ://...///2007/0715.
G, D., & H, C. E. (2000).A : A
B . R O 21, 2011, A A :
://..//200080400019287267.
H, L. C. (1992). . A . (B, CA
D P)
I, D., & S, G. (2005). M
: C. A , 40, 362389.
I, D. (2008). F . A A,
74, 5976.
I, D. (2008). :
20072008 . R O 21, 2011, F R
B A : ://..//0208.
I, D. (2009). . , , A
. (I, N: C U P)
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
31/36
30
I, D. (2009). T , , .
A A, 75, 406423.
K, A. T. (1981). D . A . (N , N: N
U P)
K, G. T., & P, K. L. S. (2009). : .
R O 21, 2011, U I :
://..//411941.
K, S. (1971). B . (C, OH: C E. M P C)
K, R. (2009). T C R A . (I P. C,
D. E, R. S. E, I. G, & J. O (E.), CA:
C A(. 811). B, MA S F, CA: F R B
B S F.).
L, K. R. (2007). B B. , , B . (B, CA:
U C P)
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
32/36
31
L, E., & R, C. (2008). C:
CA .R O 21, 2011, F
R B S F :
://..///2008//
.
L, E., & R, C. (2009). CRA . (I P. C, D.
E, R. S. E, I. G, & J. O (E.), CA:
C A(. 115133). B, MA S F, CA: F R B
B S F.)
L, B. (1987). B . (B, CA .: U C P)
L, M., & B, V. (1999). R N O.
A , 34, 757786.
L , I. (2011, M). R. E U I C A F N: T
F C: D, R, G, F, N, ,
DC.
L, E. A., K, J., &T, L. (2009). T C R A: P
. (I P. C, D. E, R. S. E, I. G, & J. O (E.),
CA: C A(. 84104). B,
MA S F, CA: F R B B S F.)
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
33/36
32
M, C., & P, K. (2007). : , , ?R O 21,
2011, F R B :
://..///2008/200829/200829.
M, S. L., & C, T. (1995) R : .
, 76, 543561.
N A C B A (2011) P
. R O 21, 2011 N A C
B A, :
://..//0/D/M%20A/ESPPP.
N C R C (NCRC) (2010), :
. R O 21, 2011, N
C R C :
://../////.
N, K., & , E. K. (2004). G : E
C, N J. , 19, 5383.
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
34/36
33
N, F. E., & P, V. G. (2002). D ? I
. , 11, 244265.
O C C O T S (2011)
C A 28, 2011. R O 21, 2011, O C C
:
://..///2011/A2011QRC.
P, M. (1995). R :
. , 38, 183206.
P, T., S, A., & V, V. (2010). S : E
. , 97, 369397.
Q, R., & D, L (2009). L :
. C: A D , 11, 171193.
R, M. J. (2010). A. R O 21,
2011, E U :
://../ASSETS/7A5D8DEE5A0B420496534F1D100AC3B2/ANLCF
.
S, R., &L, H. F. (1981). D . (C, MA: M
I T P)
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
35/36
34
S, R. M. (2002). B ,
. R O 21, 2011, U.S. D H U D, O
P D R :
://../P//14.
S, E., L, ., E, K., & K, K. (2006). :
. R O 21, 2011, C R L,
: ://..///
217.
S, A. (2010). . (N , N: R)
S, R. J. (2008). : ,
. (P, NJ: P U P)
S, R., T, N., & F, D. (O 18, 2011). N .
.
S, G. D., & OC, S. (2001). C .
A. (A, N: S U N P)
U.S. D T (2009)
. R O 21, 2011, U.S. D T, :
://..//0/D/M%20A/ESPPP.
-
8/13/2019 Analyzing Determinants of Foreclosure of Middle-Income Borrowers of Color in the Atlanta, GA Metropolitan Area
36/36
V, . P. (2005). D & . A .
(T O, CA: S P)
, E. K., M, M., F, H., & K, E. (2007). S
A . , 99, 323.
, J. (1986). M : .
A , 76, 881893.
, J. (1998). H . D, 9, 893927.