Do Minorities Pay More for Mortgages?
研究检验抵押贷款定价中的种族歧视，发现利率存在种族差异，但被贴现点差异抵消，少数族裔和白人面临相同的定价曲线但选择不同位置。
Abstract We test for racial discrimination in the prices charged by mortgage lenders. We construct a unique data set from which we observe the three dimensions of a mortgage’s price: the interest rate, discount points, and fees. Although we find statistically significant gaps by race and ethnicity in interest rates, these gaps are offset by differences in discount points. We trace out point-rate schedules and show that minorities and whites face identical schedules, but sort to different locations on the schedule. Such sorting may reflect systematic differences in liquidity or preferences. Finally, we find no differences in total fees by race or ethnicity.