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Title: The Color of Credit: Mortgage Discrimination, Research Methodology, and Fair-Lending Enforcement by Stephen L. Ross, John Yinger ISBN: 0-262-18228-9 Publisher: MIT Press Pub. Date: 02 December, 2002 Format: Hardcover Volumes: 1 List Price(USD): $39.95 |
Average Customer Rating: 4 (1 review)
Rating: 4
Summary: Best yet but still not quite there
Comment: I work as a consultant for banking clients. Hope that does not influence this review too much.
The authors have prepared the best summary available of the economic and statistical evidence regarding potential racial discrimination in approving mortgages. This book is a replacement for approximately two file drawers of published and unpublished studies that I have collected for approximately five years.
It has its limitations though. Most of all, it is a specialized monograph for a specialist audience. Even though it is aimed at influencing the behavior of the banking industry, most managers and policymakers in that industry will find this volume tough going.
Second, the authors seem to have the opinion that the financial industry rather actively seeks to avoid lending to certain minority groups. This seems naive, in that there are lots of laws that make such policies risky and also because the industry has invested heavily in compliance managers and employee training to resolve such problems. The industry may not be perfect but it is not actively avoiding its responsibility for equitable lending policies. I don't think their perspective mars their analysis but I do think that the same outcome could have been produced with a less accusatory tone.
Third, the policy recommendations offered may not be as workable as the authors imply, since the data requirements for implementing their proposed statistical tests would actually be quite demanding and perhaps beyond the legal authority of the banking regulators.
Nonetheless, this is a very valuable book because it is the first to make an authoritative stab at consolidating the economic knowledge about a very difficult topic. If you're just trained as a generalist in this topic, the policy chapters will still be useful but you'll need to pass the book along to a colleague specializing in economic and statistical research to gain full value from both the critique and the recommendations for new statistical tests.
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Title: Closed Doors, Opportunities Lost: The Continuing Costs of Housing Discrimination by John Yinger ISBN: 0871549689 Publisher: Russell Sage Foundation Pub. Date: September, 1997 List Price(USD): $21.95 |
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Title: The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke by Elizabeth Warren, Amelia Warren Tyagi ISBN: 0465090826 Publisher: Basic Books Pub. Date: 02 September, 2003 List Price(USD): $26.00 |
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Title: Whose View of Life? : Embryos, Cloning, and Stem Cells by Jane Maienschein ISBN: 0674011708 Publisher: Harvard Univ Pr Pub. Date: November, 2003 List Price(USD): $27.95 |
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Title: Profiles, Probabilities, and Stereotypes : by Frederick Schauer ISBN: 0674011864 Publisher: Belknap Pr Pub. Date: November, 2003 List Price(USD): $29.95 |
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Title: The Great Unraveling: Losing Our Way in the New Century by Paul Krugman ISBN: 0393058506 Publisher: W.W. Norton & Company Pub. Date: September, 2003 List Price(USD): $25.95 |
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