ABSTRACT

How did institutionalized discriminatory lending policies implemented under the guidance of the Federal Housing Administration (FHA)’s mortgage risk maps impact neighborhood trajectories? Have these spatially restrictive credit designations influenced home value, homeownership, and racial segregation? Using the FHA mortgage risk map of Chicago, Illinois, for new loan guarantees as a case study, I measure outcomes between credit zones and compare these risk regions with the Home Owners’ Loan Corporation (HOLC) Residential Security Maps, which represent post hoc measures of mortgage risk and were likely not directly used in loan activities. For areas excluded from FHA loan guarantees, the results suggest a negative impact on home values and homeownership rates and weakly decreased segregation between 1940 and 1980. They also suggest an overcorrection of home values, an undercorrection of homeownership, and an increase in racial segregation in excluded neighborhoods between 1980 and 2010 when these areas may have experienced capital reinvestment. In comparison with the HOLC map, the effects on tracts in Chicago rated worst by the FHA are clearer and suggest a more significant impact during the period of discriminatory mortgage lending.

摘要

在联邦住房管理局 (FHA) 抵押贷款风险图的指导下实施的制度化歧视性贷款政策如何影响社区发展轨迹？这些空间限制性信用指定是否影响了房屋价值、房屋所有权和种族隔离？使用伊利诺伊州芝加哥的 FHA 抵押贷款风险地图作为案例研究，我测量了信用区之间的结果，并将这些风险区域与代表事后措施的房主贷款公司 (HOLC) 住宅安全地图进行比较抵押贷款风险，可能不直接用于贷款活动。对于 FHA 贷款担保之外的地区，结果表明对房屋价值和房屋拥有率的负面影响以及 1940 年至 1980 年之间的隔离减弱。他们还表明，在 1980 年至 2010 年期间，这些地区可能经历了资本再投资，房屋价值过度修正、房屋所有权修正不足以及种族隔离加剧。与 HOLC 地图相比，对被 FHA 评为最差的芝加哥地区的影响更加清晰，表明在歧视性抵押贷款期间的影响更为显着。