{"584141":{"#nid":"584141","#data":{"type":"news","title":"Mortgages, Data, and Disclosure: Current Research on Homeownership in New Latino Destinations","body":[{"value":"\u003Cp\u003E\u0026nbsp;\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cem\u003EThe following was edited from an article by Todd Michney, a visiting professor in the Ivan Allen College School of History and Sociology.\u003C\/em\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u0026nbsp;\u003C\/p\u003E\r\n\r\n\u003Cp\u003EThe 1975\u0026nbsp;Home Mortgage Disclosure Act\u0026nbsp;(HDMA) required American banks to disclose data on where they lent money for homes. HDMA was prompted by evidence that discriminatory lending and disinvestment practices (\u0026ldquo;\u003Ca href=\u0022https:\/\/dsl.richmond.edu\/panorama\/redlining\/\u0022\u003Eredlining\u003C\/a\u003E\u0026rdquo;) since the 1930s were negatively impacting the quality of life in urban areas and exposing residents to potentially abusive credit terms.\u0026nbsp;\u003C\/p\u003E\r\n\r\n\u003Cp\u003EOriginally intended to reveal patterns of investment, the HDMA disclosure requirements were\u0026nbsp;\u003Ca href=\u0022https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1030041\u0022\u003Eupdated\u003C\/a\u003E\u0026nbsp;in 1989 to include the reporting of the race and ethnicity of individual borrowers. The resulting\u0026nbsp;\u003Ca href=\u0022http:\/\/www.urban.org\/research\/publication\/guide-home-mortgage-disclosure-act-data\u0022\u003Edata\u003C\/a\u003E\u0026nbsp;serves as a useful measure of progress toward more equitable lending.\u0026nbsp;\u003C\/p\u003E\r\n\r\n\u003Cp\u003ELegislation such as the HDMA, the 1974 Equal Credit Opportunity Act, and the 1977 Community Reinvestment Act (CRA) were intended to\u0026nbsp;\u003Ca href=\u0022http:\/\/bit.ly\/1sNynsw\u0022\u003Etackle structural inequalities\u003C\/a\u003E\u0026nbsp;difficult to remedy using 1960s civil rights laws. They originated in\u0026nbsp;\u003Ca href=\u0022http:\/\/search.proquest.com\/pqdt\/docview\/1780338813\/abstract\/4FCC970B9BEE46F8PQ\/1?accountid=11107\u0022\u003Egrassroots campaigns\u003C\/a\u003E\u0026nbsp;by neighborhood activists like Chicago\u0026rsquo;s\u0026nbsp;\u003Ca href=\u0022http:\/\/www.nytimes.com\/2001\/08\/17\/us\/gale-cincotta-72-opponent-of-biased-banking-policies.html\u0022\u003EGale\u0026nbsp;Cincotta\u003C\/a\u003E.\u0026nbsp;Some \u003Ca href=\u0022https:\/\/nextcity.org\/daily\/entry\/formerly-redlined-brooklyn-community-regulates-banks\u0022\u003Elocal groups\u003C\/a\u003E\u0026nbsp;succeeded in leveraging improved credit access through HDMA and CRA, and by 2004, an\u0026nbsp;\u003Ca href=\u0022http:\/\/socpro.oxfordjournals.org\/content\/52\/2\/209\u0022\u003Eestimated $1.7 trillion\u003C\/a\u003E\u0026nbsp;had been redirected to urban areas as a result of such legislation.\u003C\/p\u003E\r\n\r\n\u003Cp\u003EHowever, studies indicate that African Americans and Latinos continue to be\u0026nbsp;\u003Ca href=\u0022http:\/\/www.sfgate.com\/opinion\/article\/Years-after-exposure-lending-practices-still-3723641.php\u0022\u003Edisadvantaged\u003C\/a\u003E\u0026nbsp;in home mortgage markets.\u0026nbsp;Especially in the wake of the Great Recession and subprime mortgage crisis in the United States, it is important to understand how housing policy continues to produce\u0026nbsp;\u003Ca href=\u0022http:\/\/muse.jhu.edu\/article\/576369\u0022\u003Eunequal outcomes\u003C\/a\u003E.\u0026nbsp;HDMA and CRA have had their\u0026nbsp;\u003Ca href=\u0022http:\/\/www.tandfonline.com\/doi\/abs\/10.1080\/10511482.2001.9521427\u0022\u003Eshortcomings\u003C\/a\u003E\u0026nbsp;and\u0026nbsp;\u003Ca href=\u0022http:\/\/www.jstor.org\/stable\/40925691\u0022\u003Elimitations\u003C\/a\u003E, but\u0026nbsp;still\u0026nbsp;serve to protect opportunities for minority homeowners to\u0026nbsp;\u003Ca href=\u0022http:\/\/www.housingwire.com\/blogs\/1-rewired\/post\/31269-counterpoint-race-does-matter-in-mortgage-lending\u0022\u003Ebuild wealth\u003C\/a\u003E.\u0026nbsp;Whether they will continue to do so is an open question since even stricter reporting requirements\u0026nbsp;\u003Ca href=\u0022http:\/\/www.themreport.com\/daily-dose\/10-28-2016\/drilling-deeper-hmda-updates\u0022\u003Edebuting through 2018\u003C\/a\u003E\u0026nbsp;are meeting considerable\u0026nbsp;\u003Ca href=\u0022http:\/\/www.housingwire.com\/blogs\/1-rewired\/post\/36723-will-hmda-replace-trid-as-the-most-dreaded-mortgage-acronym\u0022\u003Epushback\u003C\/a\u003E\u0026nbsp;from the banking industry.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Ca href=\u0022http:\/\/hsoc.gatech.edu\/people\/person\/7f441c5e-08a7-517d-8c0d-c351b4da5476\u0022\u003EAllen Hyde\u003C\/a\u003E\u0026nbsp;is\u0026nbsp;an assistant professor in Georgia Tech\u0026rsquo;s Ivan Allen College\u0026nbsp;\u003Ca href=\u0022http:\/\/hsoc.gatech.edu\/\u0022\u003ESchool of History and Sociology\u003C\/a\u003E, who along with coauthor\u0026nbsp;Professor Mary Fischer of the University of Connecticut, analyzes HMDA data to study the seemingly counterintuitive relationship between increased Latino access to mortgage financing in the lead-up to the 2008 housing crisis, and higher observable levels of segregation.\u0026nbsp;Whereas existing research on Latino homeownership has been largely limited to\u0026nbsp;historic areas of residency, Hyde focuses on newer destination cities in the country\u0026rsquo;s interior and the South, of which\u0026nbsp;\u003Ca href=\u0022https:\/\/www.frbatlanta.org\/economy-matters\/2015\/10\/15\/hispanics-in-the-southeast\u0022\u003EAtlanta\u003C\/a\u003E\u0026nbsp;is one.\u0026nbsp;Hyde answered several questions on what this data can tell us and about national and local patterns of Latino homeownership.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cem\u003ETM:\u003C\/em\u003E\u0026nbsp;\u003Cem\u003EWhat are Latino \u0026ldquo;new destinations\u003C\/em\u003E\u003Cem\u003E,\u003C\/em\u003E\u003Cem\u003E\u0026rdquo; and\u0026nbsp;\u003C\/em\u003E\u003Cem\u003Ewhat does it mean that we seem to be seeing simultaneously rising homeownership among Latinos alongside increasing segregation rates in these cities?\u003C\/em\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003EAH: Starting in the 1980s, changes in immigration policy and the economy shifted\u0026nbsp;\u003Ca href=\u0022http:\/\/www.census.gov\/prod\/cen2010\/briefs\/c2010br-04.pdf\u0022\u003ELatino\u003C\/a\u003E\u0026nbsp;migration away from cities in established destination areas like California, Texas, and Florida to \u0026ldquo;new destinations,\u0026rdquo; often located in the\u0026nbsp;\u003Ca href=\u0022http:\/\/www.huffingtonpost.com\/2013\/09\/03\/latino-population-growth_n_3860441.html\u0022\u003ESouth\u003C\/a\u003E\u0026nbsp;and\u0026nbsp;\u003Ca href=\u0022http:\/\/www.nytimes.com\/2011\/11\/14\/us\/as-small-towns-wither-on-plains-hispanics-come-to-the-rescue.html\u0022\u003EMidwest\u003C\/a\u003E. Latino communities have been developing over the last few decades in medium to large Southern cities like Atlanta, Charlotte, Raleigh, Greensboro, and Washington, D.C., meaning they moved into areas that have historically been overwhelmingly either black or white. Because Latinos were a small percentage of the population and thus were less likely to be pushed into racialized neighborhoods, they tended to be less segregated in new destinations in the 1980s and 1990s. However, other scholars like\u0026nbsp;\u003Ca href=\u0022http:\/\/www.sciencedirect.com\/science\/article\/pii\/S0049089X09000908\u0022\u003EDaniel Lichter\u003C\/a\u003E,\u0026nbsp;\u003Ca href=\u0022http:\/\/link.springer.com\/article\/10.1007%2Fs13524-012-0177-x\u0022\u003EMatthew Hall\u003C\/a\u003E, and colleagues note that Latino-white segregation in such cities has increased rather dramatically over the last decade or so. Interestingly, this has simultaneously come at a time when Latinos have seen rising incomes and\u0026nbsp;\u003Ca href=\u0022http:\/\/www.housingwire.com\/articles\/36524-hispanic-homeownership-on-the-rise\u0022\u003Eincreased homeownership\u003C\/a\u003E\u0026nbsp;as a result of the Housing Boom of the early-mid 2000s. Given that homeownership signifies higher status and the achievement of the American Dream, one would predict that Latino homeowners may be less segregated from whites than their Latino renting counterparts. My colleague\u0026nbsp;\u003Ca href=\u0022http:\/\/sociology.uconn.edu\/fischer\/\u0022\u003EMary J. Fischer\u003C\/a\u003E\u0026nbsp;and I are conducting research to determine if new Latino homeowners, as opposed to renters, still find themselves in segregated neighborhoods in new destination cities during the Housing Boom.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cem\u003ETM:\u003C\/em\u003E\u0026nbsp;\u003Cem\u003EHow has this played out in Atlanta?\u003C\/em\u003E\u0026nbsp;\u003Cem\u003EWill you give us more of a sense of the Latino population dynamics and homeownership pattern here?\u003C\/em\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003EAH: Our research can speak to what is happening in Atlanta in several ways. First, Latinos are the\u0026nbsp;\u003Ca href=\u0022http:\/\/www.asanet.org\/sites\/default\/files\/savvy\/footnotes\/mayjun10\/am_050610.html\u0022\u003Elargest ethnic grouping\u003C\/a\u003E\u0026nbsp;within Atlanta\u0026rsquo;s immigrant population, after Asians. Second,\u0026nbsp;\u003Ca href=\u0022http:\/\/www.pewhispanic.org\/interactives\/hispanic-population-in-select-u-s-metropolitan-areas\/\u0022\u003EAtlanta\u003C\/a\u003E, and\u0026nbsp;\u003Ca href=\u0022http:\/\/www.pewhispanic.org\/states\/state\/ga\/\u0022\u003EGeorgia\u003C\/a\u003E\u0026nbsp;more generally, has experienced dramatic growth in its Latino population. Most Latino Atlantans have origins from Mexico; however, there are sizable Puerto Rican, Salvadoran, and Guatemalan populations, as well as communities from other parts of Latin America. Furthermore, Atlanta is a diverse but segregated city. As of 2010, Latino-white segregation was\u0026nbsp;\u003Ca href=\u0022https:\/\/s4.ad.brown.edu\/projects\/diversity\/segregation2010\/msa.aspx?metroid=12060\u0022\u003Esubstantially lower\u003C\/a\u003E\u0026nbsp;than black-white segregation, but was still moderately high.\u003C\/p\u003E\r\n\r\n\u003Cp\u003EOverall, Atlanta is emblematic of Latino migration patterns for new destinations, which comes with both good news and bad news according to our research. Increased socioeconomic status and\u0026nbsp;\u003Ca href=\u0022https:\/\/www.scribd.com\/fullscreen\/259940689\u0022\u003Ehomeownership\u003C\/a\u003E\u0026nbsp;should decrease segregation between whites and Latinos, thus policies that promote homeownership can be used to promote integration in the metro area. However,\u0026nbsp;\u003Ca href=\u0022http:\/\/archives.hud.gov\/reports\/subprime\/subpratl.cfm\u0022\u003Esubprime loans\u003C\/a\u003E,\u0026nbsp;\u003Ca href=\u0022https:\/\/www.minneapolisfed.org\/publications\/community-dividend\/hispanics-vulnerable-to-predatory-lending-nclr-says\u0022\u003Epredatory lending\u003C\/a\u003E, and\u0026nbsp;\u003Ca href=\u0022http:\/\/www.harvardhispanic.org\/the-importance-of-wall-street-reform-for-latinos\/\u0022\u003Eother real estate practices\u003C\/a\u003Ecan potentially negate the positives of homeownership. Local real estate agents and mortgage lenders should be required to provide full disclosure on the details of fixed versus adjustable rate mortgages to their customers, and they should be trained to recognize and avoid racial and ethnic biases that may seep into their everyday practices.\u003C\/p\u003E\r\n\r\n\u003Cp\u003EAt the same time, Atlanta\u0026rsquo;s relatively high levels of\u0026nbsp;\u003Ca href=\u0022http:\/\/www.clatl.com\/news\/article\/13074943\/new-interactive-map-plots-every-single-atlantan-by-race-and-ethnicity\u0022\u003Eracial residential segregation\u003C\/a\u003E\u0026nbsp;raise\u0026nbsp;\u003Ca href=\u0022http:\/\/www.govtech.com\/fs\/EDITORIAL-African-Americans-and-Latinos-Are-Essential-for-Smart-Cities.html\u0022\u003Equestions\u003C\/a\u003E\u0026nbsp;about where Latino newcomers fit into the existing\u0026nbsp;\u003Ca href=\u0022https:\/\/medium.com\/migration-issues\/mapping-migration-in-atlanta-4632a4c6ff6e\u0022\u003Eracial\/spatial hierarchy\u003C\/a\u003E. It is unclear whether we can expect homeownership to reduce segregation for Latinos in the future. This depends on the extent to which racialized housing markets for Latinos develop, as well as the neighborhood ethnic preferences of whites in response to demographic changes in their communities (which are especially difficult to address through policy). Finally,\u0026nbsp;\u003Ca href=\u0022http:\/\/urbandesignreview.org\/post\/29337936699\/inversion\u0022\u003Eescaping to the suburbs\u003C\/a\u003E\u0026nbsp;\u003Ca href=\u0022http:\/\/cityobservatory.org\/why-arent-we-talking-about-marietta-georgia\/\u0022\u003Eno longer means upward mobility\u003C\/a\u003E\u0026nbsp;in economic and social status. Poverty rates have been\u0026nbsp;\u003Ca href=\u0022http:\/\/news.wabe.org\/post\/suburban-poverty-atlantas-hidden-epidemic\u0022\u003Eincreasing in the suburbs\u003C\/a\u003E\u0026nbsp;while we have seen middle class whites begin to return to the city through gentrification. These patterns will shape the neighborhood compositions of the Atlanta metropolitan area over the next decade or so.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cem\u003ETM:\u003C\/em\u003E\u0026nbsp;\u003Cem\u003EHow has HMDA data\u0026nbsp;\u003C\/em\u003E\u003Cem\u003Etraditionally been used by researchers\u003C\/em\u003E\u003Cem\u003E, and do you have any general thoughts on the particular usefulness of such public data sets, in what they can tell us about lending and homeownership patterns and policymaking?\u003C\/em\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003EAH: HMDA data have traditionally been used by economists to look at patterns of loan denial, subprime lending, and \u0026ldquo;\u003Ca href=\u0022https:\/\/www.dissentmagazine.org\/blog\/redlining-black-lives-holc-mapping-inequality\u0022\u003Eredlining\u003C\/a\u003E.\u0026rdquo; These studies are more in line with the original intent of HMDA, which was to aid in the enforcement of\u0026nbsp;\u003Ca href=\u0022https:\/\/www.fdic.gov\/regulations\/compliance\/manual\/4\/IV-1.1.pdf\u0022\u003Efair lending laws\u003C\/a\u003E. We are using these data in a somewhat different way to look at the neighborhood characteristics of new homebuyers. This type of detailed, individual level data is not publicly available at the neighborhood level of geography through other data sources with housing information, such as the U.S. Census,\u0026nbsp;\u003Ca href=\u0022http:\/\/www.census.gov\/programs-surveys\/acs\/\u0022\u003EAmerican Community Survey\u003C\/a\u003E, and\u0026nbsp;\u003Ca href=\u0022http:\/\/www.census.gov\/programs-surveys\/ahs.html\u0022\u003EAmerican Housing Survey\u003C\/a\u003E. The annual nature of it in addition to the fact that it is whole population data (e.g., not a sample), makes it a particularly powerful dataset to test theories of neighborhood access and assess changes over time. While longer historical perspectives on race, ethnicity, and homeownership are important, we decided to focus on the period 2000 forward because this included the peak of the housing boom, as well as the bust so that we could see whether neighborhood access for Latinos changed in the wake of broader housing market shifts.\u003C\/p\u003E\r\n","summary":null,"format":"limited_html"}],"field_subtitle":"","field_summary":[{"value":"\u003Cp\u003EAllen Hyde, assistant professor in the Ivan Allen College School of History and Sociology, discusses with visiting professor Todd Michney\u0026nbsp;what\u0026nbsp;data gathered as a result of the 1975 Home Morgage Disclosure Act (HDMA) can tell us and about national and local patterns of Latino homeownership.\u003C\/p\u003E\r\n","format":"limited_html"}],"field_summary_sentence":[{"value":"Allen Hyde, assistant professor in the School of History and Sociology, discussed what data reveals about national and local patterns of Latino homeownership."}],"uid":"28513","created_gmt":"2016-11-21 19:23:49","changed_gmt":"2016-11-29 16:39:44","author":"Daniel Singer","boilerplate_text":"","field_publication":"","field_article_url":"","dateline":{"date":"2016-11-21T00:00:00-05:00","iso_date":"2016-11-21T00:00:00-05:00","tz":"America\/New_York"},"extras":[],"hg_media":{"584143":{"id":"584143","type":"image","title":"Allen Hyde","body":null,"created":"1479756556","gmt_created":"2016-11-21 19:29:16","changed":"1479756556","gmt_changed":"2016-11-21 19:29:16","alt":"","file":{"fid":"222714","name":"Allen Hyde_WebDirectory.jpg","image_path":"\/sites\/default\/files\/images\/Allen%20Hyde_WebDirectory.jpg","image_full_path":"http:\/\/hg.gatech.edu\/\/sites\/default\/files\/images\/Allen%20Hyde_WebDirectory.jpg","mime":"image\/jpeg","size":70430,"path_740":"http:\/\/hg.gatech.edu\/sites\/default\/files\/styles\/740xx_scale\/public\/images\/Allen%20Hyde_WebDirectory.jpg?itok=Wsc7qtwS"}}},"media_ids":["584143"],"related_links":[{"url":"http:\/\/www.urbaninnovation.gatech.edu\/","title":"Georgia Tech Center for Urban Innovation"},{"url":"https:\/\/gtcui.wordpress.com\/","title":"Georgia Tech Center for Urban Innovation Blog"}],"groups":[{"id":"1281","name":"Ivan Allen College of Liberal Arts"}],"categories":[{"id":"129","name":"Institute and Campus"}],"keywords":[{"id":"172772","name":"home ownership"},{"id":"172773","name":"HDMA"},{"id":"14088","name":"mortgage"},{"id":"62341","name":"Center for Urban Innovation"}],"core_research_areas":[{"id":"39511","name":"Public Service, Leadership, and Policy"}],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003ERebecca Keane\u003Cbr \/\u003E\r\nDirector of Communications\u003Cbr \/\u003E\r\n404.894.1720\u003Cbr \/\u003E\r\nrebecca.keane@iac.gatech.edu\u003C\/p\u003E\r\n","format":"limited_html"}],"email":["rebecca.keane@iac.gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}