第143章 参考文献(5)

published in 2002.Jacob Riis’descriptions of the tenements of New York’s Lower East Side as “nurseries of crime”are from pages 3and 5of his How the Other Hal]Lirri，Harvard University Press edition.The fact that many of those living in tenements that were to be closed down had to be forcibly removed by the police was noted on page 14.Jacob Riis’observation that some people “carry their slums with them wherever they go”is from page 21of the same book.That many middle-class blacks are opposed to housing voucher programs was noted on pages 84to 91of the Autumn 2000issue of Cityjournal，under the tide “Let’s End Housing Vouchers.”The Boston neighborhood described as “the worst slum in the city，”but which also had low rates of delinquency，disease，and infant mortality was discussed on page 10of Z"he Death and Life of Great z"1merican Cit：res by Jane Jacobs.President George W.Bush’s statements about encouraging home ownership are from a front-page story in the December 21，2008issue of the /esii Work Z"imei，under the headline “White House Philosophy Stoked Mortgage Bonfire.”Criticisms of studies that claimed discrimination in lending can be found in Chapter 15of Backfire.-A Re？orters Look atA]firmative fiction，written by Bob Zelnick，and pages 178to 183of my ficoziomic Facts and Fallacies.See also a study titled “The Role of Race in Mortgage Lending：Revisiting the Boston Fed Study，”a Working Paper published in December 1996by the Division of Research and Statistics，Federal Reserve Board of Governors；‘Mortgage Lending，Race，and Model Specification，”journal of Financial Services deie？irc6，February 1997，pages 43to 68；“A Study That Deserves No Credit，”on page A14of the September 1，1993issue of the hzi//SfreetJntirii？i/；page 13of the Mortgage section of the August 19，1993issue of The American Banker，under the title “Boston Fed’s Bias Study Was Deeply Flawed”；“Mortgage Lending to Minorities：Where"s the Bras？”Ecunumir Inquiry，January 1998，pages 3to 28；and ”The Community Reinvestment Act：Looking for Discrimination That Isn’t There，“Pour：y Analys’is，No.354，October 6，1999，published by the Cato Institute.Approval rates for black and white borrowers seeking government-backed，conventional，and refinancing loans can be found on pages 870and 871of the November 1991issue of the Federal Reserve Bulletin，in an article titled “HomeA12of the October 23，1991issue of US？4Today，under the title “Discrimination and Loans，”and also page C2of the October 25，1991issue of the St.Louis Post-Disflatch under the tide “Racial Gap Persists in Mortgage Lending.”News accounts claiming discrimination in mortgage lending include a front-page story from the March 31，1992issue of the Il"nn//SfreeiJonriin/，under the headline “Behind the Figures：Federal Data Detail Pervasive Racial Gap In Mortgage Lending，”and also a story from page D1of the October 22，1991issue of the /Vesc Yoril Z’imei，under the title “Racial Gap Detailed on Mortgages.”That income was the only financial characteristic of loan applicants in the Federal Reserve’s study was noted on page 867of the November 1991issue of the Federal Reserve Bulletin，in an article titled “Home Mortgage Disclosure Act：Expanded Data on Residential Lending，”while the factors that lenders must evaluate in considering a loan applicant’s ability to repay a loan are discussed on page 875.Data on disparities in net worth between blacks and whites in the highest income quintile are shown on page 14of “Net Worth and the Assets of Households：2002，”Current Po]？ulation Ref？orts，P7O-115，published by the U.S.Census Bureau in April 2008.The differences between blacks and whites in inherited wealth are reported on page 1334of the March 2002issue of the American Journal ofSo？：ioIogy，under the tide “Lifetime Inheritances of Three Generations of Whites and Blacks.”The comparison of the net worths of white and minority mortgage loan applicants in Boston is from page 8of the January 1998issue of Economic Inquiry，in an article titled “Mortgage Lending to Minorities：Where’s the Bias？”That whites were denied conventional mortgage loans more often than Asian Americans was shown on page 870of the November 1991issue of the Federal Reserve Bulletin，under the title “Home Mortgage Disclosure Act：Expanded Data on Residential Lending”；on page 808of the November 1992issue of the Federal Reserve Bulletin，under the tide ”Expanded HMDA Data on Residential Lending：One Year Later"；and on page 53oY Civil Rights and the Mortgage Crisis，published by the U.S.Commission on Civil Rights in September 2009.Data on conventional mortgage loan denial rates for whites and various minorities are reported on page 53of Civil Rights and the Mortgage Crisis.DataInformation Reported under HMDA and Its Application in Fair LendingEnforcement”；and also page 5of the November 2007-Brief #2published by the Joint Center for Political and Economic Studies under the title ？African Americans and Homeownership：The Subprime Lending Experience，1995to 2007.”The higher credit scores of Asian Americans compared to whites were reported on page 80of a report by the Board of Governors of the Federal Reserve System titled Rej？ori to the Congress on Credit Scoring and Its Effects on the Availability and Affordability ofCredit，submitted to the Congress pursuant to section 215of the Fair and Accurate Credit Transactions Act of 2003，published in August 2007.The frequency with which blacks，whites，Hispanics，and Asians resorted to subprime loans in the metro Atlanta area was reported on page A12of the November 6，2007issue of the ft/iiiii？iJoiiriiiz/-Constitution，under the title “Answers to Credit Woes Are Not In Black and White.”Comparisons of credit ratings between whites with lower incomes and blacks with higher incomes are from the front page of the September 21，1999issue of the fFizs6izigfoii Post，under the headline ”Racial Disparity Found in Credit Rating.”The fact that black-owned banks reject black mortgage loan applicants at a higher rate than white-owned banks do is from an article in the February 1997issue of the Journal ofFinancial Services Research，t‘it1ed “Do Black-Owned Banks Discriminate Against Black Borrowers？”The news story comparing the frequency with which black and white borrowers used subprime loans is from page A2of the April 11，2005issue of the Washington Post ‘in an article titled “Disparities Found in Sub-Prime Lending.”The conclusions of the 2002study that included credit history among its variables in studying mortgage default can be found on page 18of“New Evidence on the Relationship Between Race and Mortgage Default：The Importance of Credit History Data，”prepared by Unicon Research Corporation and published on May 23，2002.That many factors considered in credit underwriting and pricing are absent from HMDA data was noted on page A158of the September 2006issue of the Federal Reserve Bulletin，in an article tided “Higher-Priced Home Lending and the 2005HMDA Data.“The greater incidence of higher priced loans among black and Hispanic borrowers as compared to whites，and data showing that Asian Americans were the group whostories claiming discrimination in lending following the release of the Boston Fed’s study can be found on page 1of the Economy section of the October 9，1992issue of the heron Globe，in an article tided “Study Shows Racial Bias in Lending，”and also page A3of the October 9，1992issue of the Wall Street Journal，under the title “Boston Fed Finds Racial Discrimination in Mortgage Lending Is Still Widespread.”The BusinessWeeéarticle that declared the Boston Federal Reserve Bank’s study “definitive”was on page 78of the October 26，1992issue，under the headline “There’s No ‘Whites Only’Sign，But...”The remarks by the head of the Federal Reserve Bank of Boston can be found on page 48of the January 4，1993issue of Jor3es，in an article titled ”The Hidden Clue.”The conclusion by the Federal Reserve in Washington that the claims of discrimination in the 1992Boston Fed study were “difficult to justify”was stated on page 1of the study “The Role of Race in Mortgage Lending：Revisiting the Boston Fed Study，”a Working Paper published in December 1996by the Division of Research and Statistics，Federal Reserve Board of Governors.The fact that blacks and Hispanics in Boston were more likely to buy lower-priced homes than whites at a time when banks were concerned about home prices declining especially sharply in such houses was reported on page 13of the Mortgage section of the August 19，1993issue of Z’be American Banter，under the tide “Boston Fed’s Bias Study Was Deeply Flawed.”Nobel-Prizewinning economist Gary Becker’s assessment of the Boston Federal Reserve study can be found on page 18of the April 19，1993issue of BusinessWeeé，under the title “The Evidence Against Banks Doesn’t Prove Bias.“Stan J.Liebowitz"s criticisms of the 1992Boston Federal Reserve Bank study are in an article tided “Anatomy of a Train Wreck”in the October 20，2008issue of /Viztioiiiz/Refer.The manual issued by the Boston Federal Reserve Bank，calling for less stringent lending standards，is cited on pages 293，294and 295of an article titled "Anatomy of a Train Wreck：Causes of the Mortgage Meltdown”by Stan J.Liebowitz in Housing America edited by Holcombe and Powell.Information on the sex discrimination case wrought by the EEOC against Sears can be found on page 77of the May 25，1992issue o？Forbes，under the tide “Spiral of Silence，”and also“Decatur Federal Settles U.S.Charge of Racial Bias in Mortgage Lending.”TheFederal Reserve Board’s refusal to grant permission to Shawmut National Corporation to acquire New Dartmouth Bank was reported in section 3，page 4of the November 28，1993issue of the /Vrui Work Z’imei，in an article tided “Lending-Bias Rules Create Q_uandary for Banks.”The $960，000settlement paid by the mortgage subsidiary of Shawmut National Corporation，and the warnings issued by Attorney General Janet Reno to lenders are from page B7of the December 14，1993issue of the fF？zs3iiigtoii Times in an article tided ”Bank to Pay $960，000in Loan-Bias Settlement.”That the Federal Reserve withdrew its opposition to Shawmut’s acquisition of the New Dartmouth Bank following Shawmut’s near million dollar setdement with the Justice Department was reported on page A24of the December 20，1993issue of the lllzs3izigfozi Z"imri，under the headline ”How to Rob a Bank Legally，”while the fact that no individual complaints were filed by minorities claiming they had been discriminated against was also noted in the same column.The Justice Department’s setdement with Chevy Chase Federal Savings Bank requiring the bank to open new branches in minority neighborhoods was discussed on page D1of the August 23，1994issue of the New？Yorli T"imes，under the title ”Wider Attack on Loan Bias Seen in Accord with S.8c L.”Senator William Proxmire’s definition of”redlining”is quoted from page 17630of the Congressional Record-Senate，for June 6，1977.Senator William Proxmire’s suggestion that the level of a bank’s investment in its local community be a determining factor in regulators"decisions to approve or disapprove that bank’s expansion of its business was made in a speech recorded on page 17603in the CongressionalRe？ord.-Senate，for June 6，1977.The Clinton administration’s statements about breaking down ”racial and ethnic barriers”to home ownership are quoted on page 9oY Civil Rights and the Mortgage Crisis，published by the U.S.Commission on Civil Rights in 2009.Gale Cincotta"s claim that redlining causes urban decline was quoted on page 15of the August 25，1975issue of the Wall Street journal，in a front-page story titled ”To Fight ‘Redlining’，Citizens Groups Turn To，Yes，‘Greenlining.”’That the FDIC considers a bank’s CRA performance when assessing a bank’s application for permission to have mergers and make other business decisions was reported on pagethe May 5，1986issue of the her York Times，in an article titled “Local Pressure Bringing More Lending in Inner Cities.”Information on the millions of dollars that Jesse Jackson’s organizations have received from financial institutions over the years can be found on pages A1and A11of the March 27，2001issue of the Washington Post，in an article titled “Jackson’s Fundraising Methods Spur Q_uestions”；page A16of the July 29，2008issue of the Wall Street Journal，under the tide “Fannie Mae’s Political Immunity"；pages 20and 21of the May 27，2002issue of Insight，in an article tided “Freddie Mac，Verizon Made Jesse"s Hit List”；and page 14of Architects of Ruin by Peter Schweizer.Congressman Barney Frank’s defense of community activists who challenge banks on their lending standards is from page H11541of the November 4，1999Congressional Record-House.The favorable view of community activist organizations presented by the Joint Center for Housing Studies at Harvard University is quoted from page 134of“The 25th Anniversary of the Community Reinvestment Act：Access to Capital in an Evolving Financial Services System，”published in March 2002.Gale Cincotta’s statement——”We want it.They’ve got it.Let’s go get it.”——was quoted from her obituary on page B9of the August 17，2001issue of the her York Times.Efforts by the group ACORN to compel banks to extend more loans to low-and moderate-income families under the Community Reinvestment Act are mentioned on page A22of the October 25，2008issue of the Koi fiige/ct Z’imes，under the title ”Don’t Blame the Victims.”Congressman Paul Broun’s criticism of ACORN is from page H1018of the February 4，2009Congressional Record.-House.The harassment against bankers and the mayor of Baltimore by ACORN activists was described on page 52of an article titled “ACORN’s Nutty Regime for Cities”in the Spring 2003issue of CryJoiirziii/.The account of hundreds of protesters at Senator Phil Gramm’s home isfrom page A24of the April 19，1999issue of the Wall Street Journal，under the headline "Gramm Crusades to Overturn Community Lending Act.”That community activist groups have used the Community Reinvestment Act to induce banks to make billions of dollars in loans and cash payments was reported on page A18of the October 22，1999issue of the Wall Street fouimal in a column titled “AMarch 2002by the Joint Center for Housing Studies at Harvard University.The empirical study by Professor George J.Benston that found litde evidence of redlining was titled “The Community Reinvestment Act：Looking for Discrimination That Isn’t There，”Pour：y Analysis，No.354，published by the Cato Institute.The statement by a community activist in Chicago that banks should make loans in all neighborhoods，even if some prove to be unprofitable，appeared on page 143of the March 22，1976issue of fliisiiieiifFeeil，in an articled tided “The Law Closes in on Mortgage Discrimination."The quote by a banker about being pressured to make unsound loans appeared on page B3of the May 12，1975issue of the Washington Post，in a column titled ”Hemming，Hawing and Redlining，"which began on page B1.Senator Jake Garn’s concerns about the rights of depositors，in the wake of legislation to curb to redlining，were cited on page 32of the September 5，1975issue of the 7Vesc Work Z’iiiiei，in an article tided “Senate Votes a ‘Redlining’Curb Ordering Loan Data from Banks.”Gale Cincotta’s claim that owning a home is a ‘right”was quoted on the front page of the February 17，1981issue of the Wall Street journal under the headline “Costly Credit，Energy Viewed as Death Knell for Easy Homeowning.”Senator Paul Sarbanes’statement that the Community Reinvestment Act would not require lenders to depart from safe and sound practices appeared on page 17633of the June 6，1977Coiigreiiioiinf Rrrord termite.The lFas6iiigfoit Port editorial about the role of prejudice in mortgage lending is from page A16of the March 9，1976issue under the headline ”‘Redlining.”’Professor Richard A.Posner’s claim that Fannie Mae and Freddie Mac engaged in risky business practices because they were private enterprises appeared on page 241of his book z Failure of Caj？italism.Professor Posner’s statements that government inaction was what led to an economic crisis are from page 243of the same book.The statement that “a philosophical distaste for regulation”contributed to the financial collapse is from page 18o？Financial Shodt by Mark Zandi.Professor Posner’s argument that neither the Community Reinvestment Act of 1977nor subsequent legislation rey×ired banks to make risky loans is from pages 241and 242of his book zf Jiii7iire of Ca]：？italism.Assertions from officials of various bank“innovative or flexible”lending practices in order to meet their lending obligations under the Act，were discussed on page 368of Crificii/Rei？iesu，Vol.21，Nos.2and 3（2009），in an article titled “Cause and Effect：Government Policies and the Financial Crisis.”The fact that a lender with a policy of not issuing mortgages on homes valued below $60，000could be charged with discrimination was mentioned on page 6C of the March 9，1994issue oY the Arizona Daily Star，in an article titled “U.S.Expands Lending Discrimination Definition.“That loans made under the Community Reinvestment Act mad been as profitable as non-CRA loans back in 1995is from page 1507of the May 1995University ofPennsylvania Law Review，‘in an article tided “The Community Reinvestment Act Reconsidered.”The statement that “Hardly a borrower in San Diego or Miami was even late with a payment”during the peak of the housing boom was made on page 154of Finan？：rat Shock by Mark Zandi.The statement that “even a bad loan is a good loan”during a boom was quoted on page 38oY Civil Rights and the Mortgage Crisis，published by the U.S.Commission on Civil Rights in 2009.The widening gap between the foreclosure rates of prime and subprime loans after housing prices began to decline in 2006is shown on page 64of the same publication.Differences between Fannie Mae/Freddie Mac and competing private companies were described on pages 265and 266of Housing America edited by Holcombe and Powell，in an article by Lawrence J.White tided “Fannie Mae，Freddie Mac，and Housing：Good Intentions Gone Awry.”The fact that only three securities-rating firms were recognized by the Securities and Exchange Commission for purposes of certifying the investments made by financial institutions regulated by the SEC was noted on page 300of the same book，in an article titled “Anatomy of a Train Wreck：Causes of the Mortgage Meltdown.”The decline of the black population in San Francisco since 1970was discussed on the front page of the April 9，2007issue of the Sun Francisco Chronicle，under the headline “S.F.Moves to Stem African American Exodus.”Data on declining black population by at least 10，000in each of four counties between the 1990and the 2000censuses are shown in the following Census publications：1990Census of Pof？ulation.-General Po]？ulation Characteristics