1 / 12

Background

Female Borrowers in the Washington Mortgage Market Presented by: Megan Gallagher The Urban Institute for NeighborhoodInfo DC May 11, 2007 Stepping Stones Research Briefing. Background. Washington housing market cools But prices remain high

mauve
Download Presentation

Background

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Female Borrowers in the Washington Mortgage MarketPresented by:Megan GallagherThe Urban InstituteforNeighborhoodInfo DCMay 11, 2007Stepping Stones Research Briefing

  2. Background • Washington housing market cools • But prices remain high • Borrowers with subprime loans at risk of foreclosure and equity stripping as interest rates rise • Information about mortgage trends among women is essential for advocates and policymakers

  3. Key Findings • Female borrowers comprise growing share of region’s borrowers • Taking loans form subprime lenders at higher rates than they were in the past • Patterns of borrowing do not differ greatly between female and male borrowers • Highlights need to education buyers and regulate lenders

  4. This analysis • Home Mortgage Disclosure Act (HMDA) Data - 1997, 2001, 2005 • Female borrowers are defined as female applicants with no coapplicant • DC and close-in suburbs • Montgomery County, MD - Alexandria city, VA • Prince George's County, MD - Fairfax city, VA • Arlington County, VA - Falls Church city, VA • Fairfax County, VA

  5. Share of loans to female borrowers has increased since 1997

  6. The region’s female borrowers Income

  7. The region’s female borrowersRace and ethnicity

  8. The region’s female borrowersLocation of home

  9. Females comprise growing share of loans and loans from subprime lenders

  10. African American and Hispanic borrowers have higher rates of loans from subprime lenders

  11. Summary and Implications • Female borrowers comprise a greater share of all borrowers, but many have subprime loans that can damage their financial health • It is critical that they receive financial counseling to avoid the pitfalls of the subprime market • Must implement and enforce regulations that prohibit predatory practices

  12. For more information, see: http://www.NeighborhoodInfoDC.org/

More Related