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(contains the finding that 10% to 35% of borrowers who got subprime mortgages
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Originations and Foreclosures: A Case Study of the Atlanta Metro Area, Abt
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Immergluck, Daniel, Jacob, Katy, & Bush, Malcolm, Rhetoric and
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Jackson, Howell E. & Berry, Jeremy, Yield Spread Premiums and the
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Lang, William W. & Leonard I. Nakamura, A Model of Redlining,
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Efficiency (Dec. 21, 2000) (unpublished manuscript).
Lee, Dwight R & Verbrugge, James A., The Subprime Home Equity Lending
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Longhofer, Stanley D., Measuring Pricing Bias in Mortgages, ECON. COMMENTARY
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Longhofer, Stanley D., & Paul S. Calem, Mortgage Brokers and Fair
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Lopez, Frank, Note, Using the Fair Housing Act to Combat Predatory
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31 J. FINANCE 821 (1976).
Passmore, Wayne & Roger W. Sparks, The Effect of Automated Underwriting
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Phaup, Dwight & John Hinton, The Distributional Effects [of] Usury
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Phillips, Robert F., Trost, Robert P. & Yezer, Anthony M.J., Bias
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Quercia, Roberto & Michael Stegman, Walter Davis, The Impact of
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from Los Angeles, Urban Geography 21 (1): 45-60. 2000.
The Reinvestment Fund, Predatory Lending: An Approach to Identifying
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Squires, G. & Velez,W., Neighborhood Racial Composition and Mortgage
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(1987).
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Reserve Board’s Proposed Revisions to HOEPA on the Number and Characteristics
of HOEPA Loans, American Financial Services Association (July 24, 2001).
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for Responsible Lending (July 25, 2001). Available at: www.responsiblelending.org
Stein, Kevin & Libby, Margaret, Stolen Wealth: Inequities in California’s
Subprime Mortgage Market, California Reinvestment Committee (Dec. 2001).
Tansey, Michael M. & Patricia H. Tansey, An Analysis of the Impact
of Usury Ceilings on Conventional Mortgage Loans, 9 J. AM. REAL ESTATE
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Tennessee Consumer Finance Association (TCFA), Subprime Lending in Tennessee:
An Empirical Analysis (2004).
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2002)
Weicher, John, The Home Equity Lending Industry: Refinancing Mortgages
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White, Alan M. & Mansfield, Cathy Lesser, Subprime Mortgage Foreclosures:
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Wyly, Elvin K., Invisible Cities: Geography and the Disappearance of
‘race’ from mortgage-lending data in the USA, Social and
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Zimmerman, Ken, Wyly, Elvin & Botein, Hilary, Predatory Lending
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Institute for Social Justice (Feb. 2002). Available at: http://www.njisj.org/
B. ACADEMIC
Brani, G. Carol, Civil Rights and Mortgage Lending Discrimination:
Establishing a Prima Facie Case under the Disparate Treatment Theory,
5 RACE & ETHNIC ANCESTRY L.J. 42 (1999).
Dane, Stephen M., Eliminating the Labyrinth: A Proposal to Simplify
Federal Mortgage Lending Discrimination Laws, 26 U. MICH. J.L. REFORM
527 (1993).
Eggert, Kurt, Lashed to the Mast and Crying for Help: How Self-Limitation
of Autonomy Can Protect Elders from Predatory Lending, 35 Loyola L. Rev.
693 (Winter 2003).
Eggert, Kurt, Held Up In Due Course: Codification and the Victory of
Form Over Intent in Negotiable Instrument Law, 35 Creighton L. Rev. 363
(Apr. 2002).
Eggert, Kurt, Held Up In Due Course: Predatory Lending, Securitization,
and the Holder in Due Course Doctrine, 35 Creighton L. Rev. 503 (Apr.
2002).
Engel, Kathleen & McCoy, Patricia, The CRA Implications of Predatory
Lending, 29 Fordham Urb. L.J.1571 (2002).
Forrester, Julie Patterson, Mortgaging the American Dream: A Critical
Evaluation of the Federal Government’s Promotion of Home Equity Financing,
69 Tulane Law Review 373 (Dec. 1994).
Forrester, Julia Patterson, Constructing a New Theoretical Framework
for Home Improvement Financing, 75 ORE. L. REV. 1095 (1996)
Goldstein, Deborah, Protecting Consumers From Predatory Lenders: Defining
the Problem and Moving Toward Workable Solutions, 35 Harv. C.R.-C.L.
L. Rev. 225. (Winter 2000).
Goldstein, Deborah, Understanding Predatory Lending: Moving Toward a
Common Definition and Workable Solutions, Cambridge, MA: Joint Center
for Housing Studies of Harvard University, Cambridge, MA. (1999).
Harkness, Donna S., Predatory Lending Prevention Project: Prescribing
a Cure for the Home Equity Loss Ailing the Elderly, 10 B.U. PUB. INT.
L.J. 1 (2000).
Hylton, Keith N., Banks and Inner Cities: Market and Regulatory Obstacles
to Development Lending, 17 YALE J. ON REG. 197 (2000)
Hylton, Keith N., & Vincent D. Rougeau, Lending Discrimination:
Economic Theory, Econometric Evidence, and the Community Reinvestment Act,
85 GEO. L.J. 237 (1996).
Hynes, Richard & Eric A. Posner, The Law and Economics of Consumer
Finance (Working Paper February 20, 2001).
Jackson, Howell E. & Jeremy Berry, Kickbacks or Compensation: The
Case of Yield Spread Premiums, 2002 (unpublished) (Note: similar to expert
report in Glover v. Standard Federal Bank, Civil No. 97-2068 (DWF/SRN) (U.S.
District Court, District of Minnesota, submitted July 9, 2001)
Jaworski, Robert M., Overages: To Pay or Not to Pay, That is the Question,
13 Banking L.J. 909 (1996).
Johnson, Michele L., Your Loan is Denied, but What about Your Lending
Discrimination Suit? Latimore v. Citibank Federal Savings Bank, 151 F.3d
712 (7th Cir. 1998), 68 U. CINN. L. REV. 185 (1999)
Keest, Kathleen & Drysdale, Lynn, The Two-Tiered Consumer Financial
Services Marketplace: The Fringe Banking System and its Challenge to Current
Thinking About the Socio-Economic Role of Usury Laws in Today’s Society,
51 S.C. L. Rev. (2000).
LoPucki, Lynn M., The Death of Liability, 106 Yale L.J. 1. (1996).
Mansfield, Cathy Lesser, The Road to Subprime “HEL” Was
Paved with Good Congressional Intentions, 51 S.C. L. Rev. 473 (Spring
2000).
Marisco, Richard D., Patterns of Lending to Low-Income and Minority
Persons and Neighborhoods: The 1999 New York Metropolitan Area Mortgage Lending
Scorecard, 17 N.Y.L. Sch. J. Hum. Rts. 199.
Rice, Willy E., Race, Gender, “Redlining,” and the Discriminatory
Access to Loans, Credit, and Insurance: An Historical and Empirical Analysis
of Consumers Who Sued Lenders and Insurers in Federal and State Courts, 1950-1995,
33 SAN DIEGO L. REV. 583 (1996)
Schill, Michael H., An Economic Analysis of Mortgagor Protection Laws,
77 VA. L. REV. 489 (1991).
Schuster, Ronald K., Lending Discrimination: Is the Secondary Market
Helping to Make the ‘American Dream’ a Reality? 36 GONZAGA
L. REV. 153 (2000-2001)
Schwemm, Robert G., Introduction to Mortgage Lending Discrimination Law,
28 JOHN MARSHALL L. REV. 317 (1995).
Swire, Peter P., Equality of Opportunity and Investment in Creditworthiness,
143 U. PENN. L. REV. 1533 (1995)
Swire, Peter P., The Persistent Problem of Lending Discrimination: A
Law and Economics Analysis, 73 TEX. L. REV. 787 (1995)
Litan, Robert E., Nicolas P. Retsinas, Eric S. Belsky & Susan White
Haag, The Community Reinvestment Act After Financial Modernization: A
Baseline Report. U.S. Department of Treasury (April 2000). Available
at: http://www.treas.gov/press/releases/reports/finalrpt.pdf
National Predatory Lending Task Force, Curbing Predatory Home Mortgage
Lending: A Joint Report, U.S. Department of Housing and Urban Development
and U.S. Department of Treasury (June 2000). Available at: http://www.hud.gov:80/pressrel/treasrpt.pdf
Scheessele, Randall M. 1998 HMDA Highlights. Housing Finance Working
Paper No. 9, Office of Policy Development and Research. U.S. Department
of Housing and Urban Development (October 1999). Available at: http://www.huduser.org:80/publications/hsgfin/workpapr9.html
U.S. General Accounting Office (GAO), Consumer Protection: Federal and
State Agencies Face Challenges in Combating Predatory Lending (February
24, 2004) available at http://www.gao.gov/new.items/d04280.pdf.
U.S. Department of Housing and Urban Development (HUD), Redlining and
Disinvestment as a Discriminatory Practice in Residential Mortgage Lending
(1977).
*Based on a bibliography prepared by Alan White, Esq., Community Legal Services
Last updated February 2004
Research and Reports Relating to High-Cost Non-Mortgage
Lending
PAYDAY LENDING
I. Consumer Reports
A. Jean Ann Fox, The Growth of Legal Loan Sharking: A Report on the Payday
Loan Industry, Consumer Federation of America, November 1998.
B. Jean Ann Fox, Safe Harbor for Usury: Recent Developments in Payday Lending,
Consumer Federation of America, September 1999.
C. Jean Ann Fox & Edmund Mierzwinski, Show me the Money! A Survey
of Payday Lenders and Review of Payday Lender Lobbying in State Legislatures,
U.S. PIRG and Consumer Federation of America, February 2000.
D. Marti Wiles & Daniel Immergluck, Unregulated Payday Lending Pulls
Vulnerable Consumers into Spiraling Debt, Woodstock Institute, March 2000.
E. Jean Ann Fox & Edmund Mierzwinski, Rent-a-Bank Payday Lending: How
Banks Help Payday Lenders Evade State Consumer Protections, Consumer Federation
of America and U.S. PIRG, November 2001, available at www.consumerfed.org/backpage/payday.html.
F. Marva Williams, Affordable Alternatives To Payday Loans: Examples From
Community Development Credit Unions, Woodstock Institute, March 2001.
H. Michael Hudson, Predatory Financial Practices: How Can Consumers Be
Protected?, AARP, Winter 1998.
I. David Dante Troutt, The Thin Red Line: How the Poor Still Pay More,
Consumers Union, June 1993.
J. Tim Morstad, Sale Leaseback Lenders Defy Regulation, Consumers
Union, Feb. 2001.
K. Ray Prushnok, Payday Mayday! Payday and Title Lender Compliance
to Signage and Brochure Regulations, NMPIRG Education Fund (March 2002).
L. Peter Skillern, How Payday Lenders Make Their Money, Community
Reinvestment Association of North Carolina (April 18, 2001).
M. Peter Skillern, Small Loans, Big Bucks: An Analysis of the Payday Lending
Industry in North Carolina, Community Reinvestment Association of North
Carolina (2002).
N. Southwest Center for Economic Integrity, Payday Lending in Pima County Arizona
(December 2003).
II. Government Reports
A. Indiana Department of Financial Institutions, Summary of Payday Lender Examinations
Conducted from 7/99 thru 10/99.
B. State of Colorado, Department of Law 2000 Post-Dated Check Cashers Supervised
Lenders? Annual Report.
C. State of Illinois Department of Financial Institutions Study Conducted in
1999.
D. State of Tennessee Department of Financial Institutions, Report to the 101st
General Assembly on the Deferred Presentment Services Act, 1999.
E. Survey of Banking: Payday Loan Survey, Iowa Division of Division of Banking,
December 2000.
F. North Carolina Report to the General Assembly on Payday Lending, Office
of the Commissioner of Banks, North Carolina, February 2001.
G. Review of Payday Lending in Wisconsin 2001, Wisconsin Department of Financial
Institutions, June 2001.
H. Sherrie L.W. Rhine, Maude Toussaint-Comeau, Jeanne M. Hogarth, & William
H. Greene, The Role of Alternative Financial Service Providers in Serving
LMI Neighborhoods, Federal Reserve Board (March 2001).
III. Industry
A. Gregory Elliehausen & Edward C. Lawrence, Payday Advance Credit
in America: An Analysis of Customer Demand, Credit Research Center, April
2001.
B. IO Data Corp., Utah Consumer Lending Association: Utah Customer Study,
July 2001.
IV. Academic
A. Michael A. Stegman & Robert Faris, Payday Lending: A Business Model
that Encourages Chronic Borrowing, ____The Economic Dev. Quarterly ____
(Jan. 2002), available at www.ccc.unc.edu.
B. Michael A. Stedman & Robert Faris, Welfare, Work, and Banking:
The North Carolina Financial Services Survey (Oct. 2001), available at www.ccc.inc.edu.
C. Creola Johnson, Payday Loans: Shrewd Business or Predatory Lending?
(2002)(this paper is not available for general circulation at this time).
E. John P. Caskey, Beyond Cash-and-Carry: Financial Savings, Financial
Services, and Low Income Households in Two Communities, Consumer Federation
of America and the Ford Foundation, December 1997.
F. John P. Caskey, The Economics of Payday Lending, Filene Research
Institute (2002).
G. John P. Caskey, Lower Income Americans, Higher Cost Financial Services,
Filene Research Institute and the Center for Credit Union Research , 1997.
H. Gregory D. Squires & Sally O’Connor, Fringe Banking in Milwaukee:
The Rise of Check Cashing Businesses and the Emergence of a Two-Tiered Banking
System, 1998.
I. Compendium of articles: Combating the Loan Shark, 8 Law and Contemporary
Problems 1 (Winter 1941).
REFUND ANTICIPATION LOANS
I. Consumer Reports
A. Chi Chi Wu, Jean Ann Fox, Elizabeth Renuart, Tax Preparers Peddle High
Cost Tax Refund Loans: Millions Skimmed from the Working Poor and the U.S. Treasury,
National Consumer Law Center & Consumer Federation of America (Jan. 31,
2002) >>>
II. Other Reports
A. Alan Berube, Anne Kin, Benjamin Forman, Megan Burns, The Price of Paying
Taxes: How Tax Preparation and Refund Loan Fees Erode the Benefits of the EITC,
The Brookings Institute, Center on Urban & Metropolitan Policy (May 2002).
B. Joan K. Lewis, Roger Swagler, John Burton, Refund Anticipation Loans
and the Consumer Interest: A Preliminary Investigation, 42 Consumer Interests
Annual 167 (1996).
RENT-TO-OWN
I. Government Reports
A. James M. Lacko, Signe-Mary McKernan, & Manoj Hastak, Survey of Rent-to-Own
Customers, Federal Trade Commission (April 2000), available at www.ftc.gov/reports/index.htm.
A. David Ramp, Renting-To-Own in the United States, 24 Clearinghouse
Rev. 797 (Dec. 1990).
III. Academic Articles
A. Susan Lorde Martin & Nancy White Hutchins, Consumer Advocates v.
The Rent-to-Own Industry: Reaching a Reasonable Accommodation, 34 American
Bus. L.J. 385 (1997).
IV. Industry Reports
A. Warren B. Rudman, Market Survey Results and Economic Analysis (Feb.
1994)(Report to the Board of Directors of Thorn EMI PLC concerning the operations
of the Rent-A-Center Division of Thorn Americas Inc.).
Evans, David and Richard Schmalensee, Paying with Plastic: The Digital
Revolution in Buying and Borrowing (MIT Press, 1999)
Nocera, Joseph, A Piece of the Action: How the Middle Class Joined
the Money Class (Simon and Schuster, 1994)
Ausubel, Lawrence, The Failure of Competition in the Credit Card Market,
American Economic Review 81(1), March 1991, pp. 50-81.
Chakravorti, Sujit and William R. Emmons, Who Pays for Credit Cards?,
Emerging Payments Occasional Paper Series, Federal Reserve Bank of Chicago
February 2001 (EPS-2001-1)
Furletti, Mark, Credit Card Pricing Developments and Their Disclosure,
Discussion Paper: Payment Cards Center, Federal Reserve Bank of Philadelphia,
(January 2003):
Knittel, Christopher R. and Victor Stango, Price Ceilings as Focal Points
for Tacit Collusion: Evidence from Credit Cards, Federal Reserve Bank
of Chicago (December 10, 2001)
Shaffer, Sherrill, The Competitive Impact of Disclosure Requirements
in the Credit Card Industry, Journal of Regulatory Economics 15(2), March
1999, 183-98.
Stango, Victor, Strategic Responses to Regulatory Threat in the Credit
Card Market, Working Paper, WP 2002-02, Federal Reserve Bank of Chicago,
(February, 2002).
Federal Reserve Board’s Annual Reports, The Profitability of Credit
Card Operations of Depository Institutions. Most recent: June 2002
Durkin, Thomas A., Credit Cards: Use and Consumer Attitudes, 1970
- 2000, Federal Reserve Bulletin, pp. 623 - 634 (September 2000)
Durkin, Thomas A., Consumers and Credit Disclosures: Credit Cards and
Credit Insurance, Federal Reserve Bulletin, pp. 201 - 213 (April 2002).
Hayhoe, Celia Ray, Lauren J. Leach, Pamela R. Turner, Marilyn J. Bruin,
and Frances C. Lawrence, Differences in Spending Habits and Credit Use
of College Students, Journal of Consumer Affairs, 34(1), Summer 2000,
pp. 113 -133.
GAO Report, Consumer Finance: College Students and Credit Cards,
(June 2001), GAO-01-773.
Manning, Robert D., Credit Cards on Campus: Costs and Consequences of
Student Debt, Consumer Federation of America (June, 1999). ($15 )
Staten, Michael E. and John M. Barron, College Student Credit Card
Usage, Credit Research Center Working Paper # 65 (June 2002) (industry
paper)
Ausubel, Lawrence M., Credit Card Defaults, Credit Card Profits,
and Bankruptcy, 71 Am. Bankr. L. J. 249 (1997)
Stavins, Joanna, Credit Card Borrowing, Delinquency, and Personal Bankruptcy,
New England Economic Review, (July/August 2000).
Warren, Elizabeth, The Bankruptcy Crisis, 73 Indiana L. J. 1079
(1998).
Demos, Borrowing to Make Ends Meet: The Growth of Credit Card Debt in
the 90’s (2003)
PAWNBROKERS
A. John P. Caskey, Fringe Banking: Check Cashing Outlets, Pawnshops, and
the Poor, Russell Sage Foundation (1994).
B. Corinna Nicolaou, Our Neighborhood Banks: High Cost Loans for Low Income
Borrowers, Consumers Union, July 1997.
OTHER
A. Peterson, Chris, Failed Markets, Failing Government, or Both? Learning
from the Unintended Consequences of Utah Consumer Credit Law on Vulnerable Debtors,
2001 Utah Law Review 543 (2001).
Winnipeg Inner-City Research Alliance, The Rise of Fringe Financial Services
In Winnipeg’s North End: Client Experiences, Firm Legitimacy and Community-based
Alternatives. Available at http://io.uwinnipeg.ca/~ius/wira/Whats_New/whats_new.htm
**Based on a bibliography prepared by
Kathleen Keest
and NCLC