The Heller School For Social Policty And Management The Heller School For Social Policy and Management Brandeis University
High Interest Rate Loans (pre-2010) as Share of Refinance Loans by Race/Ethnicity and Income
Year: 2009; Race/Ethnicity: Non-Hispanic White; Income: Low-Income; Region: 50 Largest MSAs

Year
Race/Ethnicity




Income


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  1.7% 5.0% 8.3% 11.6% 14.9% 18.2% 21.5% 24.8% 28.1%
  0.0% 3.3% 6.6% 9.9% 13.2% 16.5% 19.8% 23.1% 26.4% 29.7%
 

# of MSAs

    Phi...                                
    Col...                                
10   Pho... Mia...                                
  Las... Ric...                                
  Pro... Aus...                                
  Bal... Vir...                                
  New... Jac... Det...                              
5   Den... Mil... Cle...                              
  Sac... Riv... St....                              
Los... Sea... Har... Orl... Buf...                            
San... Por... Sal... Cin... Atl... Kan... Nas... Mem...                      
San... Bos... Chi... Ind... Roc... Dal... New... Pit...                      
0 San... Was... Min... Cha... Tam... Lou... Hou... San... Bir...   Okl...                
  0.0% 3.3% 6.6% 9.9% 13.2% 16.5% 19.8% 23.1% 26.4% 29.7%
  1.7% 5.0% 8.3% 11.6% 14.9% 18.2% 21.5% 24.8% 28.1%
 

Non-Hispanic White Low-Income

Definition: Share of refinance loans that have an APR (annual percentage rate) at least 3 percentage points higher than the interest rate of U.S. Treasury securities of the same maturity.

Notes: Due to changes in the definition of high interest loans, this indicator only reflects loans with application dates before October 1, 2009.  Includes only originated, first-lien loans for owner-occupied, 1-4 family homes or manufactured homes.  Excludes data for metro areas with less than 50 loans for each race-income group. Low-income borrowers had incomes below 80% of area median income. Middle-income borrowers had incomes of between 80% and 120% of area median income. Upper-income borrowers had incomes above 120% of area median income.   Race/ethnicity refers to the primary borrower. Hispanics may be of any race. When borrower self identifies as more than one race, race category refers to first race specified. 

Source: Analysis of Home Mortgage Disclosure Act Data from the Federal Financial Institutions Examination Council.