楼主#更多 发布于：2021-01-14 20:08
Is America’s mortgage market rigged against blacks? Yes, say many researchers and lobbyists. Blacks are rejected for home loans far more often than whites; and despite four years of tough enforcement of anti-discrimination laws, they are likelier to be turned down than when Bill Clinton took office. No, retort mortgage lenders. Relative rejection rates reflect not race, but such things as credit and debt histories. And anyway, black home-ownership and lending to black borrowers have both increased sharply in the past few years. Both sides agree that good candidates, of whatever colour, will get mortgages, whereas bad ones will not, and that explicit racism is gone. They disagree about the treatment of applicants whose economic histories are flawed but not hopeless. Among this group, according to a paper by economists at the Boston Federal Reserve, published last year and much discussed since, whites do get a better deal. The authors estimated the effect of 38 variables, such as income and location of property, on the chances of getting a loan. Had blacks been treated in the same way as whites, they concluded, 21% would have been rejected; in fact, 28% were.
Follow-up work by researchers at the Chicago Fed found that the loan officers in the Aston study—almost all of them white treated objective information differently according to the race of the applicant. In particular, bad credit histories and indebtedness cut blacks’ chances of approval far more than those of whites. However, this research has come under attack. Suppose, say its critics, that blacks were being widely discriminated against. Then blacks who succeed in getting mortgages should be less likely to default than whites. But a study by four economists at the Federal Reserve found that black default rates are higher. Moreover, black-owned banks tend to have been higher rejection rates, suggesting factors other than race are at work.
The Clinton administration has not joined the search war, but it clearly smells racism in the lending process. And rather than pursuing individual instances of discrimination, it is bringing lenders toward the use of technocratic tools that are colour-blind but unforgiving to Americans with low incomes. Ironically, these even fairer tools may help to expose why all racial categories, and especially blacks, are suffering hetaerae denial rates.
Increasingly, lenders gather information about applicants over the phone, by post or via a computer, rather than face-to-face. Remote assessment is much favoured by mortgage brokers, who accounted for 56% of the loan market. Because it is easier to bundle together loans with few quarks, they favour hassle-free applicator. And because they like to deal with large amounts of money, many prefer not to bother with low-value mortgages. The rise of these lenders has made it more likely that poorer Americans. Black or white, will be left out.
Another tool, credit scores, measures the risk of delinquency and default. Scores are calculated by compiling information on applicants’ credit histories. Those with less than a given score are turned down. Sinner Fannie Mae and Freddie Mac, another government-backed provider of secondary mortgages, last year asked lenders to provide credit scores, their use has soared.
The virtue of remote assessment is that it is impossible to be racist when the applicants is invisible. But the irony is that blacks are on average poorer than most Americans, they are more likely to be economically insecure and to have dodgier credit histories. Thus these colour-blind devise will not increase black’s access to montage finance may do the reverse. Mr. Clinton will probably blame the computer.
31. According to the passage, which of the following statements is true?
A) It is very difficult to enforce anti-discrimination laws.
B) The mortgage market is to blacks.
C) Lendings to blacks have risen sharply in the past few years.
D) Racism is still strong in the mortgage market.
32. There are two sides about the issue of black mortgage. Which of the following is the different opinion between them?
A) There is no more open racial discrimination is the issue.
B) Black applicants with low credit scores are discriminated against.
C) There is an increase in black mortgage rates in recent years.
D) If black applicants were treated equally, fewer of them would be rejected.
33. According to a research at the Boston Federal Reserve, blacks ______.
A) are more likely to get a loan than whites in similar circumstances
B) are more likely to be rejected for a loan than whites in similar circumstances
C) are less likely to default on loans than whites in similar circumstances
D) are treated on an equal footing as whites in similar circumstances
34. According to the passage, if remote assessment and credit scoring are adopted, _____.
A) blacks’ access to home loans will increase
B) blacks’ access to home loans may well decrease
C) the problem of racial discrimination will be solved
D) default on loans will be lowered
35. The author of this passage is of the opinion that ________.
A) America’s mortgage market is set against blacks’
B) blacks are turned down for mortgages because of racial discrimination
C) economic reasons account for the rejection of blacks for mortgages
D) the government must take action to give blacks access to mortgages