Emergence of subprime lending in minority neighborhoods
研究1995年政府赞助企业（GSEs）认可信用评分后，少数族裔社区中优质贷款机构被次级贷款机构替代，导致次级贷款份额相对非少数族裔社区增加5个百分点。
Abstract Subprime lending is concentrated in minority neighborhoods. However, the literature provides little evidence for what led to this concentration. We use the endorsement of credit scores in mortgage underwriting by the Government Sponsored Enterprises (GSEs) in 1995 to answer this question. We show that prime lenders were substituted by subprime lenders in minority neighborhoods. As a result, the share of subprime lending increased by 5 percentage points in minority neighborhoods, relative to nonminority neighborhoods. Prime lenders with a stronger relationship with the GSEs reduced their lending in minority neighborhoods more, and the level of securitization by the GSEs in minority neighborhoods also decreased.