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Why Default Rates Cannot Shed Light On Mortgage ... - HUD User - Huduser
Get Why Default Rates Cannot Shed Light On Mortgage ... - HUD User - Huduser
Al discrimination in mortgage lending can be observed in default rates. Since lenders who discriminate require higher standards for minority applicants than whites, successful minority applicants are more creditworthy and should default less often. But this conclusion requires three strong assumptions: (1) that credit characteristics not observed by the lender are uncorrelated with minority status, (2) that whites do not receive more favorable treatment than minorities in foreclosure proceedings.
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Quercia FAQ
Consistent with earlier research, the survey found that Black (50%) and Hispanic (40%) borrowers are more likely to have their loans default than White borrowers (29%).
For any number of reasons, homeowners may struggle with their mortgage payments. Falling behind on payments or missing payments, though, can lead to what's called mortgage default. Once this happens, your house can go into foreclosure, and you may lose your home altogether.
That is, it is against the law to evaluate a single minority household's application on the basis of average unobserved minority credit characteristics. The second reason why the default approach cannot shed light on discrimination is that default studies are based on foreclosures, not defaults.
The lender shall undertake foreclosure or repossession of the property securing a Title I loan that is in default only after the lender has serviced the loan in a timely manner and with diligence in ance with the requirements of this part, and has taken all reasonable and prudent measures to induce the borrower ...
A borrower that obtains an FHA-insured mortgage must meet FHA's eligibility and underwriting standards, including showing sufficient income to repay a mortgage. FHA requires a minimum down payment of 3.5% from most borrowers, which is lower than the down payment required for many other types of mortgages.
The default is reported to national consumer reporting agencies, damaging your credit rating and affecting your ability to buy a car or house or to get a credit card. Your tax refunds and federal benefit payments may be withheld and applied toward repayment of your defaulted loan. This is called Treasury offset.
The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal.
Additionally, defaulting on a loan can do damage to your credit score, and it's difficult to repair your credit. Payment history accounts for 35% of your FICO score. Importantly, it is not a crime to default on a loan. No lender can have you arrested for failing to pay a loan.
Unobservable Related content
Why Default Rates Cannot Shed Light on Mortgage...
by J Yinger · 1996 · Cited by 37 — The basic idea behind the default approach is...
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