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Essay / Research Paper Abstract
An 8 page essay on socioeconomic problems in the city of Detroit, Michigan (U.S.A.). Some of the issues discussed include housing loan discrimination, destruction of parks, and urban pollution. No bibliography.
Page Count:
8 pages (~225 words per page)
File: D0_Urban.doc
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Unformatted sample text from the term paper:
they are working harder than ever to find qualified minority borrowers. Yet ironically, in 1992 they still were twice as likely to turn down blacks as whites for home-purchase
loans in the seven-county metropolitan area of Detroit. They also were almost three times as likely to turn down upper-income blacks as upper-income whites, according to a Free Press
analysis of federal lending data. And black home owners were more than twice as likely as whites to be rejected for mortgage refinancing.
The numbers reflect a continuing racial lending gap in southeast Michigans Detroit area and mirror those found in other urban areas across the nation. While they do not in
themselves prove discrimination, they have become a perpetual red flag to the industry and its critics; and they have spurred many lenders and the federal government to seek ways to
boost lending to minorities. The gap has existed "as long as we have had data to analyze," said James Carr, vice president for housing research at Fannie Mae, the
Federal National Mortgage Association in a recent interview (Alvarez, 1994). Bankers say the gap is a matter of green, not black or white.
They say their decisions are based on making money; they loan money to those they deem most likely to pay it back. They claim a higher percentage of black
applicants are rejected chiefly because they have poorer credit histories as well as fewer assets and less job stability than white applicants. Besides, they note, the overall approval rate
for both races is high. According to Justin Moran, a spokesman for the Michigan Bankers Association which represents commercial banks in Michigan, the banks deny
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