Income, Location and Default: Some Implications for Community Lending
研究了不同收入群体和社区的贷款违约损失差异，发现低收入社区违约率略高，但违约行为模式相似，差异可能由遗漏变量解释。
This paper investigates differences in default losses across income groups and neighborhoods, in an effort to see if there are significant differences between default experience on loans to low‐income households or low‐income neighborhoods and other loans. We find that while defaults and losses are somewhat higher in low‐income neighborhoods, default behavior is similar in the sense that responses to negative equity are similar across neighborhoods, and remaining differences are small and might be explained by omitted variables such as those measuring credit history.