contents

1 Introduction 1
2 The Mortgage Market and the Definition of Mortgage Lending
Discrimination 15
3 A Conceptual Framework for Mortgage Lending 49
4The Literature on Mortgage Lending Discrimination up to and
Including the Boston Fed Study 95
5 Evaluating Criticisms of the Boston Fed Study 107
6 Accounting for Variation in Underwriting Standards across
Lenders 169
7 Other Dimensions of Discrimination: Pricing, Redlining, and
Cultural Affinity 213
8 Using Performance Data to Study Mortgage Discrimination:
Evaluating the Default Approach 235
9 Lender Behavior, Loan Performance, and Disparate-Impact
Discrimination 273
10 Implications for Fair-Lending Enforcement 313

Appendixes
A Technical Appendix 371
B Data Appendix 387