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U.S. Department of Housing and Urban Development
Office of Policy Development and Research

Equal Credit Opportunity:
Accessibility to Mortgage Funds
by Women and by Minorities
Volume II







8H-1464IM 7-77

LIBRARY




Final Technical Report
EQUAL CREDIT OPPORTUNITY
ACCESSIBILITY TO MORTGAGE FUNDS
BY WOMEN AND BY MINORITIES
Volume II

by
Robert.Schafer
Helen T . Ladd

Joint Center for Urban Studies
of the Massachusetts Institute
of Technology
and Harvard University
H-2879

This work was prepared In whole with Federal funds, and the author hereby
grants the Federal Government an unlimited, free license to use and
reproduce in whole or in part In any appropriate form this work and to
have Federal agents use and reproduce in whole or in part this work.
The contents of this report do not necessarily reflect the views or
policies of the Department of Housing and Urban Development or the U.S.
Government.




FOREWORD
When the Office of Policy Development and Research began its Women
and Mortgage Credit Project, we were motivated by our awareness that, in
the past, mortgage lenders had discriminated against women. Indeed,
lenders themselves have acknowledged their past practice of discounting
1
wives incomes.
In addition, research on homeownership had also indicated that women
were much less likely to purchase homes than men with similar incomes.
Was this because women were being discriminated against?
Until recently, it was impossible to test directly for discrimination
in the mortgage market because we did not have the necessary data. Then
several states — among them, California and New York -- began to require
state-regulated lending institutions to maintain data, including rejected
applications, that would permit monitoring of lending practices on the
basis of both sex and race. (This happened even before the implementation
of the reporting requirements of the Equal Credit Opportunity Act.) So
while continuing to urge women and minorities to enter the mortgage market,
we decided, as part of the research component of the Women and Mortgage
Credit Project, to examine the newly available data.
Note that only two states are involved. Note also that the study
cannot tell us whether there is discrimination at the pre-application
stage, with lenders discouraging women and minorities from even applying
for a mortgage. But with these cautions observed, the study reveals
little evidence of discrimination against women in the mortgage market
or of the discounting of wives' incomes.
On the other hand, the study shows continued widespread discrimination
against minorities and, to our surprise, some evidence of discrimination
against "male-only" applicants.
This two-volume report also puts the lie to another assumption — that
social science research only tells you what you already know. It does not.
Read on.




Donna E. Shalala
Assistant Secretary
for Policy Development
and Research

CONTENTS
Appendices




A.

Variable

Definitions

B.

M o d e l E s t i m a t e s for C a l i f o r n i a
and L o a n A s s o c i a t i o n s

C.

M o d e l E s t i m a t e s for N e w Y o r k

Savings




APPENDIX A
VARIABLE DEFINITIONS

A-2

T h e v a r i a b l e s u s e d in t h e C a l i f o r n i a and N e w Y o r k a n a l y ses are d e f i n e d in t h i s appendix*

CALIFORNIA

Financial Characteristics




RLTOINC

R e q u e s t e d loan a m o u n t d i v i d e d by t o t a l i n c o m e
less 2.5 w h e n p o s i t i v e ; o t h e r w i s e , z e r o .

FSECINC

F r a c t i o n o f s e c o n d a r y income t o t o t a l i n c o m e .

FSIFCB

D u m m y v a r i a b l e e q u a l t o F S E C I N C if t h e secondary w a g e e a r n e r is a female of c h i l d b e a r i n g
age (under 35)i o t h e r w i s e , z e r o .

FSIFNCB

D u m m y v a r i a b l e e q u a l to F S E C I N C if t h e seconda r y w a g e e a r n e r is a female b e y o n d the c h i l d b e a r i n g a g e (35 o r o l d e r ) ; o t h e r w i s e , z e r o .

RLTOAV

R e q u e s t e d loan a m o u n t d i v i d e d by t h e a p p r a i s e d
value.

A-3

Neighborhood




FHI

Characteristics

F r a c t i o n of h o u s e h o l d s w i t h a n n u a l income
g r e a t e r t h a n $15,009 in t h e c e n s u s t r a c t of
t h e s u b j e c t p r o p e r t y in 1 9 6 9 .

INC1976

1976 m e a n income in t h e ZIP c o d e area c o n t a i n ing t h e s u b j e c t p r o p e r t y

(based on IRS r e t u r n s )

(thousand8)•

DINC7675

1976 m e a n income less

t h e 1975 m e a n i n c o m e in

t h e ZIP c o d e area c o n t a i n i n g t h e s u b j e c t p r o p e r t y (based o n IRS r e t u r n s )

DINC7570

(thousands).

1975 m e a n income (based on IRS r e t u r n s )

less

t h e 1970 m e a n income (based on t h e C e n s u s ) in
t h e * Z I P c o d e area c o n t a i n i n g t h e s u b j e c t p r o p erty.

DHH7675

(thousands)•

N u m b e r of h o u s e h o l d s in 1976 less t h e n u m b e r
in 1975 in the ZIP c o d e a r e a c o n t a i n i n g t h e
subject property

(based on IRS r e t u r n s )

(thou-

sands) .

DHH7570

N u m b e r of h o u s e h o l d s in 1975 (based on IRS
r e t u r n s ) less the n u m b e r in 1970 (based o n t h e
C e n s u s ) in t h e ZIP c o d e a r e a c o n t a i n i n g the
subject property

(thousands)•

A-4

A g e of N e i g h b o r h o o d

PRE1940

Fraction of housing units before 1940 in the
census tract containing the subject property.

Building Age




BA1-9

Dummy variable equal to one if the building
is 1 to 9 years old; otherwise, zero.

BA10-19

Dummy variable equal to one if the building
is 10 to 19 years old; otherwise, zero.

BA20-29

Dummy variable equal to one if the building
is 20 to 29 years old; otherwise, zero.

BA30-39

Dummy variable equal to one if the building
is 30 to 39 years old; otherwise, zero.

BA40-49

Dummy variable equal to one if the building
is 40 to 49 yeras old; otherwise, zero.

BAG850

Dummy variable equal to one if the building
is 30 or mors years old; otherwise, sero.

A-5

A g e of A p p l i c a n t

ALT 2 5

D u m m y variable equal to one if the applicant
is under 25 years of age? o t h e r w i s e , z e r o .

A25T034

Dummy variable e q u a l to one if the applicant
is 25 to 34 years of age; o t h e r w i s e , z e r o .

A45T054

Dummy variable e q u a l to one if the a p p l i c a n t
is 45 to 54 years of age; o t h e r w i s e , z e r o .

AGE55

Dummy variable equal to one if the a p p l i c a n t
is 55 or m o r e years of age; o t h e r w i s e , z e r o .

Sex




FONLYCB

Dummy variable e q u a l to one if a l l applicants
are female and at least one is of childbearing
age; o t h e r w i s e , z e r o .

FONLYNCB

Dummy variable equal to one if a l l applicants
are female and none are of childbearing age;
otherwi s e , z e r o .

MFCB

Dummy variable equal to one if the application
is from a male-female couple and the w o m a n is
of childbearing age; o t h e r w i s e , z e r o .

A-6

MFNCB

T h i s is the r e f e r e n c e g r o u p for the s e x - b a s e d
dummy variables.

It i n c l u d e s a p p l i c a t i o n s

from m a l e - f e m a l e a p p l i c a n t s w i t h n o w o m e n of
childbearing

MONLY

age.

D u m m y v a r i a b l e e q u a l t o o n e if a l l a p p l i c a n t s
are m a l e ; o t h e r w i s e , z e r o .

FONLY

D u m m y v a r i a b l e e q u a l to one if a l l a p p l i c a n t s
are female; o t h e r w i s e , z e r o .

T h i s is o n l y

used w h e n t h e r e are t o o few o b s e r v a t i o n s to
separate female a p p l i c a t i o n s into F O N L Y C B and
FONLYNCB.

Race




BLACK

D u m m y v a r i a b l e e q u a l to one if a t least one
a p p l i c a n t is black; o t h e r w i s e , z e r o .

SPANISH

D u m m y v a r i a b l e e q u a l t o o n e if a t least one
a p p l i c a n t is S p a n i s h and n o n e are black;
otherwise, zero.

ASIAN

D u m m y v a r i a b l e e q u a l to one if at least o n e
a p p l i c a n t is A s i a n and n o n e are black o r
Spanish; o t h e r w i s e , z e r o .

A-7

OMIN

D u m m y v a r i a b l e e q u a l t o o n e if a t least o n e
a p p l i c a n t is a m i n o r i t y and n o n e are b l a c k ,
Spanish or Asian; otherwise, zero.

R a c i a l C o m p o s i t i o n of t h e N e i g h b o r h o o d

FBLACK

F r a c t i o n of the p o p u l a t i o n t h a t is b l a c k in
the census tract containing the subject property

FSPANISH

(1970).

F r a c t i o n of the p o p u l a t i o n t h a t is S p a n i s h in
t h e c e n s u s t r a c t c o n t a i n i n g the s u b j e c t p r o p erty

FASIAN

(1970).

F r a c t i o n of the p o p u l a t i o n t h a t is A s i a n in
t h e ZIP c o d e area c o n t a i n i n g t h e s u b j e c t p r o p e r t y (1970) .

N e i g h b o r h o o d C h a r a c t e r i s t i c s for the A n a h e i m - S a n t a A n a - G a r d e n
Grove SMSA




FHIASG

F r a c t i o n of h o u s e h o l d s w i t h a n n u a l income
g r e a t e r t h a n or e q u a l t o $15,000 in the c e n s u s
t r a c t of the subject p r o p e r t y in 1 9 7 5 .
Census).

(Special

A-8

INC1975ASG

M e d i a n h o u s e h o l d income f r o m a J a n u a r y 1976
S p e c i a l C e n s u s for the c e n s u s t r a c t c o n t a i n ing the s u b j e c t p r o p e r t y

(thousands).

D I N C 7 5 7 0 A S G 1976 m e d i a n income (based on S p e c i a l C e n s u s )
less the 1970 m e a n i n c o m e (based o n the C e n sus) in the c e n s u s t r a c t c o n t a i n i n g the subject p r o p e r t y

DPOP7670ASG

(thousands).

1976 p o p u l a t i o n

(based o n S p e c i a l Survey)

less the 1970 p o p u l a t i o n

(based on t h e C e n -

sus) in the c e n s u s t r a c t c o n t a i n i n g t h e subject p r o p e r t y

(thousands)•

N e i g h b o r h o o d and R a c i a l C o m p o s i t i o n C h a r a c t e r i s t i c s for t h e
Sacramento SMSA




FHISAC

F r a c t i o n of h o u s e h o l d s w i t h $15,000 o r m o r e
in a n n u a l income d u r i n g 1975 in the c e n s u s
tract containing the subject property

(Special

Census).

INC1976SAC

M e d i a n h o u s e h o l d i n c o m e d u r i n g 1975 in the
census traot CQ^t^ijing the subject property
(Special C e n s u s ) .




A-9

D I N C 7 5 7 0 S A C 1975 m e d i a n income (based on t h e S p e c i a l C e n sus) less the 1970 m e a n i n c o m e

(based on the

C e n s u s ) in the c e n s u s t r a c t c o n t a i n i n g the
subject property

D P O P 7 5 7 0 S A C 1975 p o p u l a t i o n

(thousands).

(based on the S p e c i a l C e n s u s )

less t h e 1970 p o p u l a t i o n

(based on the C e n s u s )

in the c e n s u s t r a c t c o n t a i n i n g the s u b j e c t
property

FBLACKSAC

(thousands).

F r a c t i o n of the p o p u l a t i o n t h a t is b l a c k in
the c e n s u s t r a c t c o n t a i n i n g the s u b j e c t p r o p erty

(1975 S p e c i a l C e n s u s ) •

F S P A N I S H S A C F r a c t i o n of the p o p u l a t i o n t h a t is S p a n i s h
in the c e n s u s t r a c t c o n t a i n i n g the s u b j e c t
property

FASIANSAC

(1975 S p e c i a l C e n s u s ) •

F r a c t i o n of the p o p u l a t i o n t h a t is A s i a n in
the c e n s u s tract c o n t a i n i n g the s u b j e c t p r o p p e r t y (1975 S p e c i a l C e n s u s ) .

A-10

A d d i t i o n a l N e i g h b o r h o o d C h a r a c t e r i s t i c s for the C i t y of
Los Angeles

ASP7677LAC

A v e r a g e sales p r i c e in 1976 and 1977 in t h e
c e n s u s t r a c t of t h e s u b j e c t p r o p e r t y
(thousands).

Two years have been combined

to i n c r e a s e the n u m b e r of t r a n s a c t i o n s in
a c e n s u s t r a c t . A t l e a s t five t r a n s a c t i o n s
w e r e r e q u i r e d b e f o r e an o b s e r v a t i o n w a s
i n c l u d e d in t h e LA C i t y A n a l y s i s .

DSP7774LAC

A v e r a g e sales p r i c e in 1976 and 1977 less
t h e a v e r a g e sales p r i c e in 1973 and 1974 in
the c e n s u s t r a c t of the subject p r o p e r t y
(thousands)•

Some S u b s t i t u t e N e i g h b o r h o o d C h a r a c t e r i s t i c s for t h e




San D i e g o S M S A
FHISD

F r a c t i o n of h o u s e h o l d s w i t h $15,000 or m o r e
a n n u a l income in 1975

(Special C e n s u s ) in

the c e n s u s t r a c t c o n t a i n i n g t h e subject
property.

In t h o s e c e n s u s t r a c t s w h e r e t h e

A-ll

S p e c i a l C e n s u s d a t a w a s m i s s i n g , IRS ZIP c o d e
data w e r e

INC1975SD

substituted.

1975 m e d i a n income in t h e c e n s u s t r a c t of
subject p r o p e r t y

(Special C e n s u s w i t h use of

IRS ZIP c o d e d a t a for m i s s i n g c e n s u s t r a c t s )
(thousands).

DINC7570SD

1975 m e d i a n income

(based on the S p e c i a l C e n -

sus) less the 1970 m e a n income

(based on t h e

C e n s u s ) in the c e n s u s t r a c t c o n t a i n i n g the
subject p r o p e r t y

(thousands).

A d d i t i o n a l or S u b s t i t u t e N e i g h b o r h o o d C h a r a c t e r i s t i c s




in

San Jose
FHISJ

F r a c t i o n of h o u s e h o l d s w i t h a n n u a l i n c o m e s of
$16,000 or m o r e in 1975

(Special C e n s u s ) in

the c e n s u s t r a c t c o n t a i n i n g the s u b j e c t p r o p erty.

FVACANTSJ

F r a c t i o n of housing u n i t s v a c a n t in J a n u a r y
1976

(Special Census) in the c e n s u s t r a c t

c o n t a i n i n g the subject p r o p e r t y .

A-12

FBLACKSJ

F r a c t i o n of t h e p o p u l a t i o n t h a t is b l a c k in
the c e n s u s t r a c t c o n t a i n i n g the subject p r o p erty

FSPANISHSJ

(1976 S p e c i a l C e n s u s ) .

F r a c t i o n of t h e p o p u l a t i o n t h a t is Spanish in
t h e c e n s u s t r a c t c o n t a i n i n g the s u b j e c t p r o p e r ty (1976 S p e c i a l C e n s u s ) •

FASIANSJ

F r a c t i o n of the p o p u l a t i o n t h a t is A s i a n in
t h e c e n s u s t r a c t c o n t a i n i n g the s u b j e c t p r o p e r ty (1976 S p e c i a l C e n s u s ) .

N e i g h b o r h o o d C h a r a c t e r i s t i c s in the S t o c k t o n S M S A




D P O P 7 5 7 0 S T K 1975 p o p u l a t i o n
1970 p o p u l a t i o n

(based on S p e c i a l C e n s u s )

less

(based on the C e n s u s ) in the

c e n s u s t r a c t c o n t a i n i n g the s u b j e c t p r o p e r t y
(thousands).

AVESP77STK

A v e r a g e sales p r i c e for 1977 in the c e n s u s
tract containing the subject property

DSP7776STK

(thousands)

1977 a v e r a g e sales p r i c e less 1976 a v e r a g e
sales p r i c e in the c e n s u s t r a c t c o n t a i n i n g t h e
subject p r o p e r t y

(thousands).

A-13

FVACANTSTK

F r a c t i o n of h o u s i n g u n i t s v a c a n t in 1975 in
the c e n s u s t r a c t c o n t a i n i n g the subject p r o p erty.

D V A C 7 5 7 0 S T K 1975 fraction of h o u s i n g u n i t s v a c a n t less
1970 fraction v a c a n t in the c e n s u s t r a c t containing the subject property

(expressed as a

percent).

FBLACKSTK

F r a c t i o n of the p o p u l a t i o n t h a t is b l a c k in
1975 for the c e n s u s t r a c t c o n t a i n i n g t h e subject p r o p e r t y .

FOTHERSTK

F r a c t i o n of the p o p u l a t i o n t h a t is n e i t h e r
w h i t e n o r black in 1975 for the c e n s u s t r a c t
containing the subject property.

Additional Variables




REQLOAN

R e q u e s t e d loan a m o u n t

(thousands).

MODOWN

R e q u e s t e d loan a m o u n t less the g r a n t e d loan
amount.

INT

I n t e r e s t rate

(percent).

MAT

Maturity period

(years).




A-14

LTOAV

G r a n t e d loan a m o u n t d i v i d e d by the a p p r a i s e d
value.

VRM

D u m m y v a r i a b l e e q u a l to o n e if t h e i n t e r e s t
rate is v a r i a b l e over t h e life of the m o r t g a g e ;
otherwise, zero.

CONDO

D u m m y v a r i a b l e e q u a l to o n e if t h e h o u s i n g u n i t
is a c o n d o m i n i u m , c l u s t e r t y p e o r c o o p e r a t i v e
apartment development; otherwise, zero.

P30-50

D u m m y v a r i a b l e e q u a l t o one if t h e p u r c h a s e
p r i c e is $ 3 0 , 0 0 1 to $50,000; o t h e r w i s e , z e r o .

P50-75

D u m m y v a r i a b l e e q u a l t o o n e if t h e p u r c h a s e
fcrice is $ 5 0 , 0 0 1 to $75,000; o t h e r w i s e , z e r o .

P75-100

D u m m y v a r i a b l e e q u a l to o n e if t h e p u r c h a s e
p r i c e is $ 7 5 , 0 0 1 t o $100,000; o t h e r w i s e , z e r o .

P100-125

D u m m y v a r i a b l e e q u a l t o one if t h e p u r c h a s e
p r i c e is $ 1 0 0 , 0 0 1 to $125,000; o t h e r w i s e , z e r o ,

PGT125

D u m m y v a r i a b l e e q u a l to o n e if t h e p u r c h a s e
p r i c e is g r e a t e r t h a n $125,000; o t h e r w i s e , z e r o .




A-15

AV

Appraised value

(thousands).

LOANAMT

G r a n t e d loan a m o u n t

SPACE

S q u a r e feet of living a r e a

(thousands)•
(thousands).

A-16

N E W YORK

T h e i n f o r m a t i o n on the E q u a l H o u s i n g O p p o r t u n i t y L e n d e r
(EHOL) forms is t r a n s f o r m e d into a s e r i e s of v a r i a b l e s d e s i g n e d
to e x p l a i n lender d e c i s i o n s .

T h e p r i n c i p l e t e c h n i q u e for m a k -

ing t h e s e t r a n s f o r m a t i o n is to c r e a t e a set of v a r i a b l e s t h a t
h a v e a v a l u e of e i t h e r one or z e r o .
referred t o as d u m m y v a r i a b l e s .

Such v a r i a b l e s are c o m m o n y

Any applicant response not

s p e c i f i c a l l y included in one of t h e s e d u m m y v a r i a b l e s b e c o m e s
the base a g a i n s t w h i c h t h e e f f e c t of o t h e r r e s p o n s e s is m e a s u r e d .
T h e N e w York a n a l y s i s r e q u i r e s a g r e a t e r use of d u m m y v a r i a b l e s
than C a l i f o r n i a b e c a u s e n e a r l y all q u e s t i o n s on the EHOL form
c a l l for c a t e g o r i c a l r e s p o n s e s .

In e a c h c a s e the c a t e g o r i c a l

r e s p o n s e s t o a q u e s t i o n lead t o s e v e r a l d u m m y v a r i a b l e s .
m a x i m u m d e t a i l p e r m i t t e d by the sample size h a s b e e n
into e a c h m o d e l .

The variable

definitions

The

incorporated

follow.

Financial Characteristics




INC10-15

D u m m y v a r i a b l e e q u a l t o o n e if t h e gross a n n u a l
income of the a p p l i c a n t ( s ) w a s r e p o r t e d to b e
in the $ 1 0 , 0 0 1 to $15,000 interval;

otherwise,

zero.

INC15-25

Dummy v a r i a b l e e q u a l t o o n e if the g r o s s a n n u a l
income of the a p p l i c a n t ( s ) w a s reported to b e
in the $ 1 5 , 0 0 1 to $25,000 i n t e r v a l ; o t h e r w i s e ,
zero.




A-17

INCGT25

D u m m y v a r i a b l e e q u a l t o o n e if the g r o s s ann u a l income of the a p p l i c a n t ( s ) w a s r e p o r t e d
t o b e in t h e g r e a t e r t h a n $25,000 range?

other

wise, zero.

BNW

D u m m y v a r i a b l e e q u a l to one if the a p p l i c a n t ' s
a s s e t c a t e g o r y is o n e less t h a n the d e b t category? o t h e r w i s e , it h a s a v a l u e of z e r o .

SATNW

D u m m y v a r i a b l e e q u a l to o n e if the a p p l i c a n t ' s
a s s e t and d e b t c a t e g o r i e s are the same?

other-

w i s e , it h a s a v a l u e of z e r o .

GNW

D u m m y v a r i a b l e e q u a l to one if the a p p l i c a n t ' s
a s s e t c a t e g o r y is e x a c t l y one m o r e than d e b t
category? o t h e r w i s e , it h a s a v a l u e of z e r o .

VGNW

D u m m y v a r i a b l e e q u a l t o o n e if t h e a s s e t category is at l e a s t t w o c a t e g o r i e s in e x c e s s of
the d e b t category? o t h e r w i s e , it h a s a v a l u e of
zero.

OCC3-5

D u m m y v a r i a b l e e q u a l t o o n e if t h e n u m b e r of
y e a r s a t p r e s e n t o c c u p a t i o n is in t h e t h r e e t o
five interval? o t h e r w i s e , z e r o .

0CCGT5

D u m m y v a r i a b l e e q u a l to o n e if t h e n u m b e r of

A-18

y e a r s at p r e s e n t o c c u p a t i o n It in the m o r e t h a n
five range; o t h e r w i s e , s e r o .

RLGT2*INC

D u m m y v a r i a b l e e q u a l t o o n e if t h e a m o u n t of
the r e q u e s t e d loan 1s c l e a r l y g r e a t e r t h a n t w o
times Income.

Because

of t h e c a t e g o r i c a l na-

t u r e of the r e s p o n s e s t o the I n c o m e q u e s t i o n ,
some loan r e q u e s t s e x c e e d i n g t w o t i m e income
are n o t c o v e r e d by t h i s v a r i a b l e .

RLTOAV

R e q u e s t e d loan a m o u n t d i v i d e d b y t h e a p p r a i s e d
value.

Neighborhood




PHI

Characteristics

F r a c t i o n of h o u s e h o l d s w i t h i n c o m e g r e a t e r t h a n
$13,000

DINC

(1970 C e n s u s ) .

C h a n g e in a v e r a g e h o u s e h o l d i n c o m e
1969) in t h o u s a n d s .

(1976 less

(1970 C e n s u s and N a t i o n a l

Planning D a t a C o r p o r a t i o n e s t i m a t e for 1 9 7 6 ) .

DPOP

Population change

(1977 less 1960) in t h o u s a n d s .

^MWMI^^

D

*ta

C o r

P °

t l o n e s t i m a t e for 1 9 7 7 ) .

FORRATE

T h e d o l l a r v a l u e of t h e o u t s t a n d i n g p r i n c i p a l

r a

~

A-19

of f o r e c l o s u r e s in the last five y e a r s d i v i d e d
b y the d o l l a r v a l u e of a c t i v e m o r t g a g e s on o n e t o - f o u r - f a m i l y h o u s e s e x p r e s s e d as a p e r c e n t .
(New Y o r k State B a n k i n g D e p a r t m e n t , S u p e r v i s o r y
P r o c e d u r e 6 - 1 0 7 , A p p e n d i x 8 for f i s c a l y e a r s
ending prior to May 31, 1976).

DELRATE

T h e d o l l a r v a l u e of the o u t s t a n d i n g b a l a n c e of
m o r t g a g e s t h a t are 60 o r m o r e d a y s d e l i n q u e n t
d i v i d e d by the d o l l a r v a l u e of a c t i v e m o r t g a g e s
on o n e - t o f o u r - f a m i l y h o u s e s e x p r e s s e d as a
percent.

PRE1940

(Same as for f o r e c l o s u r e r a t e ) .

F r a c t i o n of h o u s i n g b u i l t b e f o r e 1 9 4 0 . (1970
Census)•

A g e of t h e A p p l i c a n t




ALT25

D u m m y v a r i a b l e e q u a l to o n e if t h e a p p l i c a n t
is u n d e r 25 y e a r s o f age; o t h e r w i s e , z e r o .

A25to34

D u m m y v a r i a b l e e q u a l t o o n e if t h e a p p l i c a n t
is b e t w e e n 25 and 34 y e a r s of age; o t h e r w i s e ,
zero.

A45to54

D u m m y v a r i a b l e e q u a l t o o n e if t h e a p p l i c a n t

A-20

is b e t w e e n 45 and 54 y e a r s of age?

otherwise,

zero,

AGE55

D u m m y v a r i a b l e e q u a l to o n e if t h e a p p l i c a n t
is 55 or m o r e y e a r s of age? o t h e r w i s e , z e r o .

Sex and M a r i t a l S t a t u s




MFCBW

D u m m y v a r i a b l e e q u a l to o n e if t h e a p p l i c a t i o n
is from a m a l e and female c o u p l e w i t h the
w o m a n w o r k i n g and of c h i l d b e a r i n g a g e

(under

35 y e a r s of age)? o t h e r w i s e , z e r o .

MFCBNW

D u m m y v a r i a b l e e q u a l to one if t h e a p p l i c a t i o n
is from a m a l e and female c o u p l e w i t h the
w o m a n of c h i l d b e a r i n g a g e b u t n o t working?
otherwise, zero.

(No female w o r k e r s a m o n g t h e

two applicants).

MFNCBW

D u m m y v a r i a b l e e q u a l to one if the a p p l i c a t i o n
is from a m a l e and female c o u p l e w i t h a w o r k ing w o m a n w h o is p a s t c h i l d b e a r i n g age?
wise, zero.

other-

(No f e m a l e s of c h i l d b e a r i n g a g e

among the t w o a p p l i c a n t s ) .

FONLY

D u m m y v a r i a b l e e q u a l to one if a l l a p p l i c a n t s




A-21

are female; o t h e r w i s e , z e r o .

FONLYCB

D u m m y v a r i a b l e e q u a l t o o n e if a l l a p p l i c a n t s
are female and a t l e a s t o n e is of c h i l d b e a r i n g
age; o t h e r w i s e , z e r o .

FONLYNCB

D u m m y v a r i a b l e e q u a l t o o n e if a l l a p p l i c a n t s
a r e female a n d none are in the c h i l d b e a r i n g
year8; o t h e r w i s e , z e r o .

MONLY

D u m m y v a r i a b l e e q u a l t o o n e if a l l a p p l i c a n t s
are male; otherwise, zero.

SEP

D u m m y v a r i a b l e e q u a l t o o n e if at l e a s t o n e of
the a p p l i c a n t s is s e p a r a t e d ; o t h e r w i s e , z e r o .

UNMAR

D u m m y v a r i a b l e e q u a l t o o n e if a t least o n e of
the a p p l i c a n t s is u n m a r r i e d

(i.e., s i n g l e ,

divorced or widowed); otherwise, zero.

UNSMONLY

D u m m y v a r i a b l e e q u a l to o n e if a t least one
a p p l i c a n t is u n m a r r i e d or s e p a r a t e d and a l l
a p p l i c a n t s are m a l e ; o t h e r w i s e , z e r o .

UNSFONLY

D u m m y v a r i a b l e e q u a l t o o n e if a t least o n e
a p p l i c a n t is u n m a r r i e d o r s e p a r a t e d and a l l

A-22
a p p l i c a n t s are female; o t h e r w i s e , z e r o .

UNSFCB

D u m m y v a r i a b l e e q u a l t o one if at least o n e
a p p l i c a n t is u n m a r r i e d o r s e p a r a t e d and all
a p p l i c a n t s are female b u t at least o n e f e m a l e
is in h e r c h i l d b e a r i n g y e a r s ; o t h e r w i s e , z e r o .

UNSFNCB

D u m m y v a r i a b l e e q u a l to o n e if at l e a s t o n e
a p p l i c a n t is u n m a r r i e d o r s e p a r a t e d and a l l
a p p l i c a n t s are female b u t n o n e a r e in t h e i r
childbearing years; otherwise, zero.

UNSMF

D u m m y v a r i a b l e e q u a l to one if t w o a p p l i c a n t s
of o p p o s i t e sex at l e a s t one o f w h o m is u n m a r ried o r separated; o t h e r w i s e , z e r o .

MARFONLY

D u m m y v a r i a b l e e q u a l to o n e if m a r r i e d b u t n o
m a l e s r e p o r t e d among t h e a p p l i c a n t s ;

otherwise,

zero.

Race




BLACK

D u m m y v a r i a b l e e q u a l to one if at least one
a p p l i c a n t is black; o t h e r w i s e , z e r o .

HISPANIC

D u m m y v a r i a b l e e q u a l to o n e if a t least o n e

A-23

a p p l i c a n t is H i s p a n i c a n d n o n e are b l a c k ;
otherwi se, zero.

OTHERMIN

D u m m y v a r i a b l e e q u a l to o n e if at l e a s t o n e
a p p l i c a n t is a m e m b e r of a m i n o r i t y g r o u p and
n o n e are b l a c k o r H i s p a n i c ; o t h e r w i s e , z e r o .

R a c i a l C o m p o s i t i o n of N e i g h b o r h o o d

FBLACK

F r a c t i o n of t h e p o p u l a t i o n t h a t is b l a c k in t h e
census tract containing the subject property
(1970 C e n s u s ) .

Additional Variables




REQLOAN

R e q u e s t e d loan a m o u n t

(thousands)•

A-24

A d d i t i o n a l N e i g h b o r h o o d C h a r a c t e r i s t i c s for
B r o n x , K i n g s and Q u e e n s C o u n t i e s

HCV1472

Pending h o u s i n g c o d e v i o l a t i o n s p e r b u i l d i n g on
1 - t o 4- f a m i l y b u i l d i n g s in 1972 in t h e c e n s u s
t r a c t c o n t a i n i n g the p r o p e r t y .

BHCV14

F r a c t i o n of 1 - t o 4- f a m i l y b u i l d i n g s w i t h fewer
p e n d i n g h o u s i n g c o d e v i o l a t i o n s in 1976 than in
1972 in t h e c e n s u s t r a c t c o n t a i n i n g t h e p r o p e r t y .

WHCV14

F r a c t i o n of 1 - t o 4- f a m i l y b u i l d i n g s w i t h m o r e
pending h o u s i n g c o d e v i o l a t i o n s in 1976 than in
1972 in the c e n s u s t r a c t c o n t a i n i n g t h e p r o p e r t y .

HCVG472

Pending h o u s i n g code v i o l a t i o n s p e r b u i l d i n g on
g r e a t e r t h a n 4 - u n i t b u i l d i n g s in 1972 in the
census tract containing the property.

BHCVG4




F r a c t i o n of g r e a t e r t h a n 4 - u n i t b u i l d i n g s w i t h
fewer p e n d i n g h o u s i n g c o d e v i l a t i o n s in 1976 than
in 1972 in t h e c e n s u s t r a c t c o n t a i n i n g t h e p r o p erty.

A-2 5

WHCVG4

F r a c t i o n of g r e a t e r than 4 - u n i t b u i l d i n g s w i t h
m o r e p e n d i n g h o u s i n g c o d e v i l a t i o n s in 1976 t h a n
in 1972 in the c e n s u s t r a c t c o n t a i n i n g the p r o p erty.

VAC1469

F r a c t i o n of 1 - to 4- u n i t b u i l d i n g s v a c a n t in
1969 in the c e n s u s t r a c t c o n t a i n i n g t h e p r o p erty.

DVAC14

C h a n g e in the f r a c t i o n of 1 - to 4- u n i t b u i l d ings v a c a n t in the c e n s u s t r a c t c o n t a i n i n g the
p r o p e r t y : 1975 less 1 9 6 9 .

VACG469

F r a c t i o n of g r e a t e r than 4 - u n i t b u i l d i n g s v a c a n t
in 1969 in the c e n s u s t r a c t c o n t a i n i n g the p r o p erty.

DVACG4

C h a n g e in the f r a c t i o n of g r e a t e r than 4 - u n i t
b u i l d i n g s v a c a n t in the c e n s u s t r a c t c o n t a i n i n g
the p r o p e r t y :

TAX1472




1975 less 1 9 6 9 .

P r o p e r t y tax a r r e a r a g e

(dollars of tax a r r e a r s

per d o l l a r of a s s e s s e d v a l u e ) for 1 - to 4 - u n i t
b u i l d i n g s in the c e n s u s t r a c t c o n t a i n i n g the
p r o p e r t y in 1 9 7 2 .

A-26

DTAX14

C h a n g e in p r o p e r t y tax a r r e a r a g e

(see T A X 1 4 7 2

d e f i n i t i o n ) : 1975 less 1 9 7 2 .

TAXG472

P r o p e r t y tax a r r e a r a g e

(dollars of t a x a r r e a r s

p e r d o l l a r of a s s e s s e d v a l u e ) for g r e a t e r t h a n
4 - u n i t b u i l d i n g s in the c e n s u s t r a c t c o n t a i n i n g
the p r o p e r t y in 1 9 7 2 .

DTAXG4

C h a n g e in p r o p e r t y tax a r r e a r a g e

(see T A X G 4 6 9

d e f i n i t i o n ) : 1975 less 1 9 7 2 .

FIRE70

S e r i o u s s t r u c t u r a l fires p e r b u i l d i n g in the
c e n s u s tract c o n t a i n i n g t h e p r o p e r t y in 1 9 7 0 .

DFIRE

C h a n g e in s e r i o u s s t r u c t u r a l fires per b u i l d i n g
(see F I R E 7 0 d e f i n i t i o n ) : 1975 less 1 9 7 0 .

PCWEL70

P e r c a p i t a w e l f a r e p a y m e n t s in t h e c e n s u s t r a c t
c o n t a i n i n g the p r o p e r t y in 1 9 7 0 .

DWEL

C h a n g e in per c a p i t a w e l f a r e

(see P C W E L 7 0 defini-

tion) : 1974 less 1 9 7 0 .

DPNW




C h a n g e in p e r c e n t n o n w h i t e in the c e n s u s t r a c t
c o n t a i n i n g the p r o p e r t y : 1974 less 1 9 7 0 .




Appendix B
M o d e l E s t i m a t e s for C a l i f o r n i a
S a v i n g s and L o a n A s s o c i a t i o n s

B-2

LIST OF TABLES

Table

Description
Decision Models

B-l

Anaheim-Santa Ana-Garden Grove SMSA:

1977

B-2

Anaheim-Santa Ana-Garden Grove SMSA:

1978

B-3

Bakersfield SMSA:

1977

B-4

Bakersfield SMSA:

1978

B-5

F r e s n o SMSA:

1977

B-6

F r e s n o SMSA:

1978

B-7

Los A n g e l e s - L o n g Beach S M S A :

1977

B-8

Los A n g e l e s - L o n g B e a c h S M S A :

1978

B-9

C i t y of Los A n g e l e s :

1977

B-10

City of Los A n g e l e s :

1978

B-ll

Modesto SMSA:

1977

B-l2

M o d e s t o SMSA:

1978

B-13

Oxnard-Ventura SMSA:

1977

B-14

O x n a r d - V e n t u r a SMSA:

1978

B-15

Sacramento SMSA:

1977

B-l6

Sacramento SMSA:

1978

B-17

Salinas-Monterey SMSA:

1977

B-18

Salinas-Monterey SMSA:

1978

B-19

San B e r n a r d i n o - R i v e r s i d e - O n t a r i p :

1977

B-20

San B e r n a r d i n o - R i v e r s i d e - O n t a r i p s

1978

B-21

San Diego S M S A :

1977

B-22

San Diego S M S A :

1978




B-3
Table
B-23
B

B

B

"

2 4

Description
San F r a n c i s c o - O a k l a n d S M S A :

1977

San F r a n c i s c o - O a k l a n d SMSAs

1978

-25

San J o s e SMSA:

1977

~26

San J o s e S M S A :

1978

B-27

Santa Barbara SMSA:

1977

B-28

Santa B a r b a r a S M S A :

1978

B-29

Santa Rosa SMSA:

1977

B-30

S a n t a Rosa S M S A :

1978

B-31

Stockton SMSA:

1977

B-32

Stockton SMSA:

1978

B-33

Vallejo-Napa SMSA:

1977

B-34

V a l l e j o - N a p a SMSA:

1978

M o d i f i e d Loan A m o u n t
B-35

F r e s n o SMSA:

1977 and 1978

B-36

Los A n g e l e s - L o n g B e a c h S M S A :

B-37

San F r a n c i s c o - O a k l a n d S M S A :

B-38

San J o s e S M S A :

1977 and 1978
1977 and 1978

1977 and 1978

Terms (Interest R a t e , M a t u r i t y , and
L o a n - t o - V a l u e Ratio)
B-39

Fresno SMSA:

1977

B-40

Fresno SMSA:

1978

B-41

Los A n g e l e s - L o n g B e a c h S M S A :

1977

B-42

Los A n g e l e s - L o n g B e a c h S M S A :

1978

B-43

San F r a n c i s c o - O a k l a n d S M S A :

1977

B-44

San F r a n c i s c o - O a k l a n d S M S A :

1978




B-4
Table

Description

B-45

San J o s e S M S A :

1977

B-46

San J o s e SMSA:

1978

Loan Fees
B-47

F r e s n o SMSA:

1977 and 1978

B-48

Los A n g e l e s - L o n g B e a c h S M S A :

B-49

San F r a n c i s c o - O a k l a n d S M S A :

B-50

San Jose S M S A :

1977 and 1978
1977 and 1978

1977 and 1978

Appraisal Practices
B-51

Fresno SMSA:

B-52

Los A n g e l e s - L o n g Beach S M S A :

B-53

San F r a n c i s c o - O a k l a n d S M S A :

B-54

San Jose S M S A :




1977 and 1978

1977 and 1978

1977 and 1978
1977 and 1978

B-5
Table B-6
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the A n a h e i m - S a n t a Ana-Garden Grove SMSA:

Denial

Modified
Down

1977*

Modified
Up

Financial characteristics
RLTOINC

0.90
(8.94)

0.84
(8.54)

FSECINC

-2.11
(-4.08)

-0.27
(-1.38)

0.09
(0.43)

FSIFCB

1.34
(2.30)

-0.51
(-1.77)

-0.08
(-0.28)

FSIFNCB

2.71
(3.88)

0.94
(2.43)

-0.22
(-0.53)

RLTOAV

7.10
(16.29)

6.39
(15.77)

-4.56
(-15.37)

-0.94
(-7.33)

-0.26
(-2.44)

-0.05
(-0.27)

INC1976ASG

0.02
(4.81)

0.05
(9.80)

0.04
(4.89)

DINC7670ASG

0.01
(1.39)

-0.05
(-4.74)

-0.05
(-4.27)

Neighborhood

-0.64
(-3.35)

characteristics

FHIASG

DPOP7670ASG

-0.02

-0.01

0.05

(-3.18)

(-2.08)

(8.27)

1.17
(2.58)

1.79
(4.12)

-2.22
(-4.04)

-0.23
(-2.66)

-0.20
(-2.36)

-0.45
(-5.48)

A g e of neighborhood
PRE1940
Building age
(relative to new
buildings)




BA1-9

B-6
T a b l e B-2 (continued)

Denial

Modified
Down

Modified
Up

BA10-19

-0.13
(-1.20)

-0.31
(-2.73)

-0.90
(-7.62)

BA20-29

0.27
(1.62)

-0.30
(-1.82)

-0.77
(-4.22)

BA30-39

0.91
(3.30)

-2.31
(-4.32)

-0.67
(-1.44)

BA40-49

0.76
(2.28)

-0.95
(-1.98)

-9.63
(-15.31)

BAGE50

1.51
(4.91)

-0.08
(-0.16)

-0.67
(-1.15)

Anaheim

-0.46
(-1.79)

0.14
(0.63)

-0.12
(-0.49)

Garden Grove

-0.72
(-2.32)

-0.65
(-2.41)

-0.84
(-2.83)

Santa Ana

-0.18
(-0.90)

0.03
(0.17)

-0.10
(-0.43)

-0.20
(-0.84)

-0.88
(-4.21)

-0.31
(-1.41)

A25T034

0.11
(1.25)

-0.39
(-4.62)

-0.05
(-0.69)

A45T054

-0.21
(-1.56)

-0.05
(-0.46)

-0.27
(-2.24)

AGE 5 5

-0.17
(-0.85)

0.15
(0.97)

-0.55
(-3.17)

0.32
(1.08)

0.33
(1.21)

0.40
(1.43)

Property location
(relative to suburban
Orange County)

Age of the applicant
(relative to 35-44
years)
ALT 2 5

Sex of the applicant(s)
(relative to MFNCB)




FONLYCB

B-7
Table B-2 (continued)

Denial

Modified
Down

Modified
Up

FONLYNCB

0.22
(0.89)

0.02
(0.09)

-0.05
(-0.20)

MFCB

0.17
(1.91)

0.23
(2.08)

0.26
(2.76)

MONLY

0.21
(1.53)

0.22
(1.73)

-0.12
(-0.87)

-11.62
(-12.67)

-0.12
(-0.17)

-12.56
(-14.31)

SPANISH

0.19
(0.91)

-0.19
(-1.05)

0.22
(1.11)

ASIAN

0.13
(0.51)

-0.21
(-0.95)

-0.57
(-2.44)

OMIN

0.27
(0.82)

0.14
(0.48)

-0.27
(-0.91)

3.60
(1.48)

-1.11
(-0.44)

0.66
(0.21)

FSPANISH

-1.37
(-2.87)

-0.59
(-1.25)

-1.18
(-1.94)

FASIAN

-21.73
(-3.66)

5.84
(1.07)

41.20
(6.91)

-9.07
(-21.27)

-8.85
(-23.03)

-0.74
(-2.09)

Race of applicant(s)
BLACK

Racial composition of
the neighborhood
FBLACK

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
n o r m a l deviate

16672
929.22
102
0.0
28.86

* The numbers in parentheses are t - s t a t i s t i c s .




B-8
Table B-6
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the A n a h e i m - S a n t a A n a - G a r d e n Grove SMSA:

1978*

Denial

Modified
Down

Modified
Up

RLTOINC

0.89
(9.62)

0.58
(5.85)

-0.16
(-0.90)

FSECINC

0.22
(0.97)

-0.85
(-3.62)

0.34
(1.41)

FSIFCB

-1.89
(-5.33)

-0.10
(-0.30)

0.06
(0.17)

FSIFNCB

0.56
(1.38)

0.56
(1.38)

0.49
(1.06)

4.49
(12.15)

4.58
(12.85)

-3.82
(-11.59)

0.99
(6.50)

-0.54
(-4.15)

1.61
(9.73)

INC1976ASG

-0.01
(-4.19)

0.04
(6.77)

-0.01
(-0.52)

DINC7670ASG

-0.03
(-2.08)

-0.06
(-4.02)

-0.02
(-1.75)

DPOP7670ASG

-0.01
(-2.04)

0.00
(0.02)

0.02
(3.14)

1.71
(3.93)

-0.45
(-0.96)

-0.03
(-0.05)

Financial characteristics

RLTOAV
Neighborhood
characteristics
FHIASG

Age of neighborhood




PRE1940

B-9
Table B-2

(continued)

Denial

Modified
Down

Modified
Up

BA2-10

-0.54
(-6.30)

-0.07
(-0.84)

-1.04
(-9.24)

BAll-20

-0.19
(-1.79)

-0.18
(-1.53)

-1.00
(-6.98)

BA21-30

-0.25
(-1.40)

0.12
(0.65)

-0.65
(-2.93)

BA31-40

0.51
(1.55)

0.06
(0.12)

-1.49
(-2.61)

BA41-50

0.59
(1.96)

0.46
(1.08)

-10.07
(-14.06)

BAGE51

0.03
(0.06)

0.64
(1.27)

-1.10
(-1.64)

Anaheim

-0.10
(-0.41)

-0.51
(-2.12)

0.65
(2.30)

Garden Grove

-0.28
(-1.06)

-0.55
(-2.00)

-0.13
(-3.00)

0.36
(2.03)

-0.06
(-0.33)

-0.13
(-0.51)

-0.21
(-0.96)

-0.69
(-3.13)

0.97
(3.69)

A25T034

0.16
(1.70)

-0.18
(-2.12)

0.50
(4.16)

A45T054

-0.15
(-1.25)

-0.38
(-3.22)

-0.42
(-2.65)

AGE 5 5

-0.34
(-2.01)

0.19
(1.18)

-0.38
(-1.79)

Building age
(relative to new and
one year old buildings)

Property location
(relative to suburban
Orange County)

Santa Ana
A g e of the applicant
(relative to 35-44
years)




ALT 2 5

B-10
Table B-2

(continued)

Denial

Modified
Down

Modified
Up

FONLYCB

-0.32
(-1.10)

-0.39
(-1.37)

-0.24
(-0.72)

FONLYNCB

0.29
(1.36)

-0.10
(-0.44)

-0.12
(-0.47)

MFCB

0.08
(0.56)

0.00
(0.02)

0.05
(0.48)

-0.02
(-0.13)

-0.24
(-1.81)

-0.13
(-0.79)

BLACK

0.93
(2.31)

-0.57
(-1.40)

0.77
(1.21)

SPANISH

0.24
(1.31)

0.11
(0.57)

-0.52
(-2.33)

ASIAN

-0.32
(-1.72)

-0.12
(-0.65)

-0.49
(-2.21)

OMIN

0.27
(0.81)

-0.12
(-0.33)

0.45
(1.12)

1.22
(0.60)

0.22
(0.10)

0.18
(0.06)

FSPANISH

-1.67
(-3.93)

0.29
(0.66)

0.85
(1.35)

FAS IAN

-18.42
(-3.60)

-7.87
(-1.42)

6.34
(0.88)

-6.63
(-17.97)

-6.54
(-19.56)

-1.51
(-3.70)

Sex of the applicant(s)
(relative to MFNCB)

MONLY
Race of applicant

Racial composition of
the neighborhood
FBLACK

Constant Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

12,542
699.63
102
0.0
22.35

* The numbers in parentheses are t - s t a t i s t i c s .




B-ll
Table B-3
Multinomial L o g i t Estimation of Actions on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the Bakersfield SMSA:
1977*

Denial

Modified

Financial characteristics
RLTOINC

1.44
(3.01)

-6.60
(-1.22)

FSECINC

-0.90
(-0.70)

-2.37
(-1.42)

FSIFCB

-0.45
(-0.30)

3.09
(1.71)

0.02
(0.01)

0.74
(0.34)

5.87
(3.30)

5.36
(3.59)

-2.40
(-2.07)

0.11
(0.15)

INC1976

0.36
(2.52)

0.10
(0.98)

DINC7675

0.37
(0.84)

-5.53
(-2.83)

DINC7570

-0.37
(-1.90)

0.88
(2.88)

DHH7675

0.15
(0.21)

0.31
(0.65)

DHH7570

-0.05
(-0.20)

-0.06
(-0.39)

1.18

-0.20
(-0.18)

FSIFNCB
RLTOAV
Neighborhood

characteristics

FHI

Age of neighborhood




PRE1940

(0.88)

B-12
Table

B-2

(continued)
Denial

Modified

0.50
(1.00)

0.08
(0.23)

BA10-19

-0.07
(-0.13)

-1.16
(-2.64)

BA20-29

-0.09
(-0.18)

-0.89
(-2.13)

BA30-39

1.28
(2.16)

-0.35
(-0.62)

BA40-49

-11.93
(-6.04)

-0.12
(-0.18)

2.55
(2.97)

-0.02
(-0.02)

0.80
(2.42)

-0.06
(-0.18)

-0.11
(-0.20)

-0.14
(-0.28)

A25T034

0.34
(0.87)

0.04
(0.10)

A45T054

0.08
(0.16)

0.72
(1.57)

AGE55

0.65
(0.82)

0.65
(0.89)

FONLYCB

-1.11
(-1.12)

-13.79
(-6.01)

FONLYNCB

-14.58
(-6.00)

0.21
(0.30)

Building age
(relative to new buildings)
BA1-9

BAGE50
Property location
(relative to suburbs)
City of Bakersfield
A g e of the applicant
(relative to 35-44 years)
ALT25

Sex of applicant(s)
(relative to MFNCB )




B-13
Table B-3

(continued)
Denial

Modified

MFCB

-0.22
(-0.43)

-0.46
(-1.02)

MONLY

-1.68
(-2.68)

-0.22
(-0.47)

BLACK

2.21
(3.28)

1.24
(1.71)

SPANISH

0.76
(1.50)

-0.19
(-0.39)

ASIAN

1.75
(2.16)

-12.83
(-5.61)

OMIN

1.82
(2.59)

-0.17
(-0.18)

1.39
(0.82)

0.87
(0.49)

-4.91
(-1.79)

0.16
(0.10)

-105.75
(-2.49)

-134.87
(-2.66)

-11.98
(-4.97)

-6.15
(-7.50)

Race of applicant

Racial composition of the
neighborhood
FBLACK
FSPANISH
FASIAN
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

1722
104.03
68
0.003
2.81

* The numbers in parentheses are t - s t a t i s t i c s .




B-14
Table B-4
Multinomial Logit Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the Bakersfield SMSA: 1978*

Denial

Modified

RLTOINC

2.16
(3.40)

0.54
(0.54)

FSECINC

1.16
(1.11)

0.49
(0.51)

FSIFCB

-3.10
(-2.41)

0.95
(0.76)

FSIFNCB

-0.23
(-0.14)

-0.00
(-0.00)

RLTOAV

8.94
(4.57)

1.36
(1.14)

-0.92
(-1.00)

1.34
(1.76)

INC1976

0.10
(0.64)

-0.06
(-0.51)

DINC7675

3.31
(1.38)

2.70
(2.06)

DINC7570

-0.65
(-1.63)

-0.32
(-1.73)

1.08
(1.63)

-0.17
(-0.47)

-0.31
(-1.45)

0.13
(1.10)

2.99
(2.34)

2.11
(1.88)

Financial characteristics

Neighborhood

characteristics

FHI

DHH7675
DHH7570
Age of neighborhood




PRE1940

B-15
Table B-4

(continued)
Denial

Modified

BA2-10

-0.20
(-0.58)

0.54
(1.54)

BAll-20

0.05
(0.13)

(2.46)

BA21-30

-0.03
(-0.07)

(2.22)

BA31-40

0.25
(0.48)

0.24
(0.40)

BA41-50

0.67
(1.15)

1.26
(1.88)

(0.22)

0.19

0.85
(0.93)

0.20
(0.61)

-0.34
(-1.19)

ALT 2 5

-0.36
(-0.74)

0.14
(0.30)

A25T034

-0.29
(-0.82)

-0.24
(-0.67)

A45T054

0.03
(0.06)

-0.38
(-0.96)

-0.29
(-0.49)

-2.17
(-2.59)

0.01
(0.02)

-15.70
(-6.28)

0.02

-1.30
(-1.56)

Building age
(relative to new and
one year old buildings)

BAGE51

1.06
0.99

Property location
(relative to suburbs)
City of Bakersfield
A g e of the applicant
(relative to 35-44 years)

AGE 5 5
Sex of applicant(s)
(relative to MFNCB)




FONLYCB
FONLYNCB

(0.03)

B-16
Table B-3 (continued)
Denial

Modified

MFCB

0.75
(1.47)

-1.02
(-2.12)

MONLY

-1.07
(-1.66)

-0.63
(-1.39)

1.49
(2.66)

0.11
(0.14)

-0.78
(-1.76)

-0.59
(-1.38)

0.26
(0.32)

-0.30
(-0.35)

-13.89
(-6.15)

0.19
(0.22)

-0.49
(-0.34)

0.39
(0.27)

FSPANISH

2.74
(2.20)

3.52
(2.68)

FAS IAN

40.09
(0.76)

19.52
(0.39)

-14.05
(-5.57)

-5.95
(-5.34)

Race of a p p l i c a n t
BLACK
SPANISH
ASIAN
OMIN
Racial composition of the
neighborhood
FBLACK

Constant

Sample size
Likelihood rat^o statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

1646
114.03
68
0.000
3.48

* The numbers in parentheses are t - s t a t i s t i c s .




B-17
Table B-5
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for C o n v e n t i o n a l M o r t g a g e s
on Owner-Occupied Single Family Houses
in the Fresno SMSA:

1977*

Denial

Modified
Down

Modified
Up

RLTOINC

0.48
(2.29)

0.51
(2.18)

-0.01
(-0.02)

FSECINC

0.30
(0.79)

-1.03
(-1.05)

1.98
(2.42)

FSIFCB

-0.63
(-1.25)

0.36
(0.33)

-1.84
(-1.70)

FSIFNCB

0.43
(0.54)

0.73
(0.55)

-0.97
(-0.73)

RLTOAV

5.18
(7.82)

13.39
(11.26)

-5.11
(-7.65)

-0.31
(-0.47)

2.65
(4.96)

-0.19
(-0.17)

INC1976

0.08
(1.59)

-0.30
(-3.39)

-0.10
(-2.00)

DINC7675

0.08
(0.15)

3.28
(4.51)

2.89
(S.74)

DINC7570

-0.04
(-0.38)

0.65
(2.82)

0.81
(6.04)

DHH7675

0.20
(1.84)

-0.43
(-3.58)

-0.38
(-2.77)

DHH7570

-0.01
(-0.61)

0.05
(1.68)

0.05
(1.33)

0.83
(2.39)

-0.15
(-0.21)

-2.18
(-2.44)

Financial characteristics

Neighborhood

characteristics

FHI

Age of neighborhood




PRE1940

B-18
Table

B-2

(continued)

Denial

Modified
Down

Modified
Up

BAl-9

-0.44
(-2.76)

0.21
(1.06)

-0.77
(-2.93)

BA10-19

-0.29
(-1.34)

0.05
(0.19)

-0.95
(-2.53)

BA20-29

0.06
(0.28)

0.40
(1.47)

-0.65
(-1.59)

BA30-39

0.34
(0.98)

0.16
(0.36)

-0.01
(-0.03)

BA40-49

0.44
(1.16)

0.87
(1.72)

-15.03
(-13.58)

BAGE50

1.00
(2.69)

1.46
(2.66)

0.33
(0.47)

-0.48
(-3.40)

0.05
(0.26)

0.30
(1.42)

-0.15
(-0.56)

-0.64
(-1.84)

0.04
(0.09)

A25T034

0.05
(0.41)

-0.20
(-0.99)

0.35
(1.65)

A45T054

-0.24
(-1.09)

-1.11
(-3.08)

-0.10
(-0.29)

0.13
(0.44)

0.05
(0.15)

-1.03
(-2.23)

FONLYCB

-0.03
(-0.06)

-0.73
(-1.26)

-15.14
(-12.84)

FONLYNCB

-0.64
(-1.60)

-1.08
(-2.20)

0.04
(0.07)

Building age
(relative to new building )

Property location
(relative to suburbs)
City of Fresno
Age of the a p p l i c a n t
(relative to 35-44 years)
ALT25

AGE 5 5
Sex of applicant(s)
(relative to MFNCB)




B-19
Table B-3 (continued)

Denial

Modified
Down

Meiifiti
Up

MFCB

0.14
(0.19)

-0.00
("Q.01)

=0.07
(=0.32)

MONLY

0.08
(0.40)

9.25
(0.91)

0.41
(1,40)

BLACK

1.26
(2.17)

" 9 . §1
(-0.12)

1,01
(1.21)

SPANISH

0.51
(1.92)

-0.11
(-0.S0)

0.33
(0,#3)

-0.12
(-0.21)

(-ilf2»)

0 . #4
(2.10)

0,51
(1,0$)

=17,§4
m

Race of a p p l i c a n t

ASIAN
OMIN

M.m

R a c i a l c o m p o s i t i o n of the
neiahborhood
FBLACK
(-0,09)
FSPAJSISH

9,19
(O.W

FASIAN

9.17
(0.87)

39.20
(1.57)

77.31
(4.73)

-8.37
(-12.96)

-16.83
(-9.49)

-4.43
(-15.28)

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

3173
333.46
102
0.000
11.58

* The numbers in parentheses are t - s t a t i s t i c s .




B-20
Table B-6
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
Applications for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the Fresno SMSA:

1978*

Denial

Modified
Down

Modified
Up

0.79
(4.30)

0.55
(2.35)

0.40
(1.70)

Financial characteristics
RLTOINC
FSECINC

-1.61

1.02

0.99

(-1.77)

(1.85)

(1.42)

FSIFCB

1.64
(1.66)

-0.77
(-1.07)

-1.82
(-1.97)

FSIFNCB

2.00
(1.75)

0.02
(0.02)

-0.79
(-0.63)

RLTOAV

2.93
(4.90)

7.13
(7.38)

-4.10
(-7.16)

FHI

-0.22
(-0.29)

1.26
(1.66)

-2.52
(-2.19)

INC1976

-0.10
(-2.01)

-0.19
(-2.20)

-0.06
(-0.80)

DINC7675

0.35
(0.68)

0.79
(0.80)

3.31
(4.18)

DINC7570

0.43
(3.57)

0.33
(1.82)

0.23
(1.15)

DHH7675

-0.03
(-0.29)

-0.11
(-0.85)

-0.42
(-2.94)

DHH7570

-0.04
(-1.35)

0.04
(1.12)

0.08
(1.97)

1.53
(3.45)

0.47
(0.83)

1.29
(1.52)

Neighborhood

characteristics

Age of neighborhood




PRE1940

B-21
T a b l e B-6

(continued)

Denial

Modified
Down

Modified
Up

BA2-10

-0.24
(-1.32)

-0.22
(-1.05)

-0.18
(-0.72)

BA11-20

-0.29
(-1.20)

-0.65
(-2.40)

-0.91
(-2.54)

BA21-30

-0.18
(-0.66)

-0.23
(-0.78)

-0.32
(-0.85)

(0.08)

0.02

-0.49
(-1.31)

-0.42
(-0.84)

BA41-50

-0.21
(-0.56)

-0.13
(-0.29)

-1.34
(-1.61)

BAGE51

-0.45
(-0.65)

-0.07
(-0.09)

-0.56
(-0.60)

-0.26
(-1.61)

-0.11
(-0.64)

-0.31
(-1.30)

ALT 2 5

-0.07
(-0.25)

-0.55
(-1.65)

0.24
(0.53)

A25T034

-0.30
(-1.66)

-0.50
(-2.62)

(2.26)

A45T054

-0.07
(-0.28)

-0.00
(-0.02)

0.78
(2.36)

AGE 5 5

-0.18
(-0.54)

-0.02
(-0.05)

-0.94
(-1.49)

FONLYCB

-0.44
(-0.96)

0.44
(0.88)

1.05
(1.71)

FONLYNCB

0.09
(0.22)

0.01
(0.01)

0.48
(0.89)

Building age
(relative to new and
one year old buildings)

BA31-40

P r o p e r t y location
(relative to suburbs)
City of Fresno
A g e of the applicant
(relative to 35-44 years)

0.68

Sex of applicant(s)
(relative to MFNCB)




B-2 2
Table B-6

(continued)

Denial

Modified
Down

Modified
Up

MFCB

-0.13
(-0.76)

0.15
(0.88)

0.50
(1.31)

MONLY

-0.28
(-1.10)

-0.02
(-0.06)

0.11
(0.25)

BLACK

0.64
(1.31)

-0.22
(-0.36)

-0.11
(-0..15)

SPANISH

0.28
(1.07)

0.20
(0.69)

0.43
(1.30)

ASIAN

-0.32
(-0.67)

-0.81
(-1.53)

-1.29
(-1.97)

OMIN

0.43
(0.85)

-0.14
(-0.24)

-0.93
(-1.32)

FBLACK

-1.51
(-1.51)

-0.16
(-0.14)

-12.17
(-2.62)

FSPANISH

-0.56
(-0.59)

-1.92
(-1.94)

-5.07
(-2.99)

48.86
(4.61)

63.79
(3.43)

24.82
(1.15)

-6.05
(-10.54)

-9.23
(-6.26)

-3.30
(-9.25)

Race of a p p l i c a n t

Racial composition of the
neighborhood

FASIAN
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

2850
234.60
102
0.000
7.41

* The numbers in parentheses are t - s t a t i s t i c s .




B-2 3
Table B-7
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family H o u s e s
in the Los A n g e l e s - L o n g Beach SMSA;
1977*

Denial

Modified
Down

Modified
Up

RLTOINC

0.
.98
(14,
.22)

.72
0.
(13,
.44)

-0,
.36
(-2,
.58)

FSECINC

0.
.36
(2.
.50)

-0.
.11
.01)
(-1.

.32
0.
(2.
.13)

FSIFCB

-0.
.63
(-3.
.11)

-0.
.09
(-0.
.59)

-0.
.00
(-0.
.02)

FSIFNCB

-1.
.42
(-4.
.85)

-0.
,01
,04)
(-0.

-0.
,12
(-0.
,39)

RLTOAV

6.
.08
(54.
,06)

6.
,42
(55.
,25)

-6.
.58
(-47.
.99)

FHI

-1,
.45
.95)
(-11.

1,
.46
(14,
.41)

0,
.25
(1 .91)

INC1976

-0.
.09
(-24.
.42)

-0,
.04
(-18,
.32)

0,
.05
(14.
.73)

DINC7675

0.
.68
(22.
.10)

.38
0,
(14.
.16)

-0.
.37
.21)
(-11.

DINC7570

0.
.06
(3.
.65)

0,
.03
(2.
,01)

-0,
.05
(-2.
.71)

DHH7675

,02
0.
,24)
(1.

0.
.04
,32)
(3.

-0.
.04
(-2.
.14)

DHH7570

,02
0.
(4.
,85)

0.
.01
(2.
,80)

-0.
,00
,04)
(-0.

-0.82
(-5.49)

0.85
(6.54)

0.56
(2.82)

Financial characteristics

Neighborhood

characteristics

Age of neighborhood




PRE1940

B-24
Table

B-2

(continued)

Denial

Modified
Down

Modified
Up

-13.
.01
.93)
(-7.

1.
,04
(0.
.83)

.21
-10.
(-5.
,83)

-12.
,58
.74)
(-20.

0.
.96
(2.
,20)

,93
-0.
,50)
(-1.

-0.
,51
,07)
(-1.

-0.
,20
(-0.
,56)

0.
,83
,64)
(1.

0.
.33
(0.
.71)

,72
-1.
(-4.
,31)

.37
0.
(0.
.68)

0.
.90
.50)
(1.

0.
,17
(0.
.17)

.18
-10.
.41)
(-7.

-0.
.40
.13)
(-1.

1.
.03
(4.
.78)

0.
.80
(2.
.24)

Pasadena-North
C e n t r a l (AR)

0.
.17
(0.
.30)

0.
.42
(0.
.99)

-0.
.31
(-0.
.51)

Pomona

0,
.71
.47)
(1,

-0.
.18
(-0.
.47)

-0,
.13
(-0.
.26)

0.
.36
(0,
.65)

0.
.39
(0.
.79)

-10.
.46
(-14.
.70)

South C e n t r a l L . A .
(AR)

0.
.11
(0.
.36)

.54
-0.
.13)
(-2.

,55
-0.
,55)
(-1.

Venice-Santa
Monica (AR)

0.
.19
.32)
(0.

-0.
.63
.35)
(-1.

-0.
.08
(-0.
.12)

W e s t Covina

0,
.11
(0.
.13)

0.
.13
(0.
.19)

,46
0.
.46)
(0.

Rest of the City of
Long Beach

-0.
.07
(-0,
.40)

-0.
.19
.36)
(-1.

-0.
,29
.52)
(-1.

Rest of the City of
Los A n g e l e s

0.
.05
(0,
.75)

0.
.27
(5.
.65)

.05
-0.
(-0.
.80)

Property location
(relative to the r e s t
of Los A n g e l e s County)




Compton

(AR)

Covina-Azusa

(AR)

E a s t L.A.-Boyle
Heights-Echo
Park (AR)
H i g h l a n d Park

(AR)

Long BeachS o u t h w e s t (AR)
Pacoima-San
F e r n a n d o (AR)

(AR)"

San Pedro

(AR)

(AR)

B-25
Table

B-2

(continued)

Denial

Modified
Down

Modified
Up

BAl-9

-0.78
(-8.52)

-0.51
(-7.00)

-1.49
(-14.09)

BA10-19

-0.39
(-4.20)

-0.73
(-9.70)

-1.79
(-16.40)

BA20-29

-0.66
(-9.58)

-0.95
(-18.03)

-2.04
(-23.61)

BA30-39

-0.32
(-3.00)

-0.60
(-6.73)

-2.09
(-16.24)

BA40-49

-0.25
(-2.11)

-0.58
(-5.94)

-1.99
(-13.62)

BAGE50

-0.04
(-0.24)

-0.51
(-3.84)

-2.20
(-11.38)

-0.52
(-3.68)

-0.12
(-1.09)

0.06
(0.41)

A25T034

0.08
(1.49)

-0.03
(-0.74)

0.08
(1.31)

A45T054

-0.39
(-4.28)

0.33
(4.82)

-0.29
(-2.99)

AGE 5 5

-0.46
(-3.66)

0.29
(3.00)

-1.04
(-7.51)

FONLYCB

-0.45
(-2.49)

-0.11
(-0.80)

-0.50
(-2.51)

FONLYNCB

-0.52
(-3.43)

-0.08
(-0.66)

-0.53
(-3.18)

-0.57
(-10.22)

-0.10
(-2.13)

0.11
(1.55)

-0.38
(-4.52)

-0.19
(-3.04)

0.14
(1.40)

Building age
(relative to n e w b u i l d i n g s )

A g e of t h e a p p l i c a n t
( r e l a t i v e to 35-44 y e a r s )
ALT25

S e x of a p p l i c a n t ( s )
( r elative t o M F N C B )




MFCB
MONLY

B-26
Table

B-2

(continued)

Denial

Modified
Down

Modified
Up

BLACK

0.44
(2.54)

-0.30
(-2.19)

-0.07
(-0.37)

SPANISH

0.17
(1.92)

-0.00
(-0.03)

0.17
(1.82)

ASIAN

-0.20
(-1.62)

0.04
(0.40)

-0.20
(-1.54)

OMIN

0.25
(1.35)

0.03
(0.21)

-0.56
(-2.80)

-0.86
(-3.06)

0.48
(2.20)

0.59
(1.91)

FSPANISH

0.36
(1.75)

0.36
(2.08)

-1.06
(-4.74)

FAS IAN

4.65
(4.78)

1.16
(1.54)

-1.01
(-0.96)

-7.09
(-75.18)

-8.56
(-63.25)

2.28
(17.78)

Race of a p p l i c a n t

Racial composition of the
neighborhood
FBLACK

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

38,398
1,884.43
141
0.0
44.63

* The numbers in parentheses are t - s t a t i s t i c s . An "AR" after a
property location indicates the neighborhood is alleged to be
redlined.




B-27
Table B-8
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the Los A n g e l e s - L o n g Beach SMSA:

1978*

Denial

Modified
Down

Modified
Up

RLTOINC

0,
.80
.12)
(14,

0.
.62
(10.
.35)

.45
-0.
(-3,
.63)

FSECINC

-0,
.61
(-5.
.75)

.12
-0.
.17)
(-1.

.14
0,
.98)
(0.

FSIFCB

-0.
.09
.58)
(-0.

-0.
.07
.52)
(-0.

-0.
.06
.29)
(-0.

FSIFNCB

-0.
.13
(-0.
.59)

-0.
,77
(-3.
,80)

.44
0.
.46)
(1.

RLTOAV

5.
,45
(57.
.43)

5.
,53
(54.
,10)

-5.
.48
(-43.
.11)

0,
.02
.21)
(0.

0,
.98
(12,
.74)

.50
-0.
.38)
(-4.

INC1976

.08
-0,
.02)
(-33.

-0,
.01
(-4.
.73)

0.
.06
(21,
.37)

DINC7675

0.
.55
(22.
.09)

.09
0.
(3.
.98)

-0.
.15
(-4.
.05)

DINC7570

-0.
.00
(-0.
.16)

0.
.04
.78)
(2.

-0.
.01
.55)
(-0.

DHH7675

0.
.00
(0.
.03)

0.
.03
(2.
.40)

,02
-0.
.53)
(-1.

DHH7570

-0.
.01
.96)
(-1.

-0.
,00
,30)
(-1.

0.
,01
,10)
(1.

0.14
(1.23)

0.53
(4.97)

-0.65
(-3.42)

Financial characteristics

Neighborhood
characteristics
FHI

A g e of neighborhood




PRE1940

B-2 8
Table B-8

(continued)

Denial

Modified
Down

Modified
Up

BA2-10

0.04
(0.54)

-0.41
(-5.88)

-0.73
(-6.69)

BAll-20

0.08
(1.03)

-0.44
(-6.24)

-0.83
(-7.48)

BA21-30

0.11
(2.12)

-0.52
(-9.82)

-1.06
(-12.08)

BA31-40

0.18
(2.15)

-0.43
(-5.35)

-0.82
(-6.61)

BA41-50

0.33
(3.53)

-0.52
(-5.49)

-0.69
(-4.71)

BAGE51

0.56
(5.73)

-0.38
(-3.85)

-0.91
(-5.86)

0.
.08
.16)
(0.

0.
.63
(0.
.76)

.82
-13.
.17)
(-11.

-0.
.01
.04)
(-0.

-2.
.81
(-7.
.89)

.87
-0.
.77)
(-1.

E a s t L.A.-Boyle
Heights-Echo
Park (AR)

.54
0.
(2.
.27)

.16
0.
(0.
.59)

0.
.81
(2.
.00)

Highland Park (AR)

0.
.22
(0.
.60)

-1.
.11
(-3.
.19)

.04
-0.
(-0.
.09)

Long BeachS o u t h w e s t (AR)

0.
,52
,35)
(1.

0.
,73
.19)
(1.

.21
-10.
(-10.
.91)

Pacoima-San
Fernando (AR)

0.
,03
(0.
,13)

.52
0.
(2.
,16)

0.
.53
,46)
(1.

Pasadena-North
C e n t r a l (AR)

0.
,16
(0.
.39)

.42
-0.
.09)
(-1.

,00
1.
.90)
(1.

Pomona

0.
.33
(0,
.72)

-0.
.07
.16)
(-0.

.24
0.
.38)
(0.

Building age
(relative to new and
one year old buildings)

Property location
(relative to the r e s t
of Los A n g e l e s County)




C o m p t o n (AR)
Covina-Azusa

(AR)

(AR)

B-29
Table

B-2

(continued)

Denial

Modified
Down

Modified
Up

0.77
(2.75)

0.29
(0.71)

0.61
(1.01)

-0.18
(-0.93)

0.17
(0.94)

-1.27
(-4.53)

0.22
(0.62)

1.04
(3.23)

0.29
(0.58)

(AR)

-0.64
(-0.87)

0.12
(0.18)

-3.73
(-3.97)

R e s t of t h e C i t y
of Long Beach

-0.43
(-2.86)

-0.59
(-4.18)

-0.10
(-0.46)

R e s t of t h e C i t y
of Los A n g e l e s

-0.07
(-1.45)

0.10
(2.25)

0.15
(2.45)

ALT 2 5

-0.40
(-3.53)

-0.35
(-3.33)

0.11
(0.73)

A25T034

-0.15
(-3.34)

-0.27
(-6.66)

0.01
(0.21)

A45T054

-0.14
(-1.95)

-0.05
(-0.83)

-0.35
(-3.57)

AGE 5 5

-0.25
(-2.60)

-0.04
(-0.50)

-0.51
(-3.79)

FONLYCB

-0.50
(-3.61)

-0.26
(-2.02)

-0.27
(-1.42)

FONLYNCB

-0.19
(-1.63)

-0.16
(-1.50)

-0.13
(-0.82)

MFCB

-0.16
(-3.55)

-0.23
(-5.45)

0.20
(2.87)

MONLY

0.07
(1.12)

-0.20
(-3.46)

0.10
(1.10)

San Pedro

(AR)

South Central L.A.
(AR)
Venice-Santa
M o n i c a (AR)
West Covina

A g e of t h e a p p l i c a n t
( r e l a t i v e t o 35-44 y e a r s )

S e x of a p p l i c a n t ( s )
( r e l a t i v e to M F N C B )




B-30
Table

B-2

(continued)

Denial

Modified
Down

Modified
Up

BLACK

.54
0,
.75)
(4.

.36
-0.
.12)
(-3.

0.
.38
(2,
.24)

SPANISH

.05
0,
.72)
(0,

0.
.08
.23)
(1.

0.
.15
.62)
(1.

.24
-0.
(-2.
.81)

.05
0.
.59)
(0.

-0.
.04
(-0.
.35)

.42
0,
(2,
.49)

.08
0.
(0.
.51)

-0.
.45
.90)
(-1.

FBLACK

0..30
.80)
(1.

0.
.03
.21)
(0.

0.
.90
(3.
.38)

FSPANISH

.03
0.
.22)
(0.

.17
-0.
.08)
(-1.

0.
.48
(2.
.21)

-0.
.01
(-0.
.01)

1..29
.89)
(1.

-3.
.31
(-3.
.22)

-7.
.02
.52)
(-94.

-7.
.19
.94)
(-88.

0.
.29
(3.
.36)

Race of a p p l i c a n t

ASIAN
OMIN
Racial composition of the
neighborhood

FASIAN
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal d e v i a t e

34,792
2,065.64
141
0.0
47.51

* The numbers in parentheses are t - s t a t i s t i c s . A n "AR" after a
property location indicates that the neighborhood is alleged to
be r e d l i n e d .




B-31
Table B-6
Multinomial Logit Estimation of Actions on
A p p l i c a t i o n s for Conventional Mortgages
on Owner-Occupied Single Family Houses
in the City of Los Angeles: 1977*

Denial

Modified
Down

Modified
Up

RLTOINC

0.71
(7.17)

0.46
(5.71)

-0.80
(-3.79)

FSECINC

-0.22
(-0.90)

-0.52
(-2.95)

-0.04
(-0.16)

FSIFCB

-0.70
(-1.97)

-0.03
(-0.12)

-0.80
(-2.13)

FSIFNCB

-0.71
(-1.42)

-0.42
(-1.15)

-0.20
(-0.37)

RLTOAV

6.28
(26.77)

7.51
(27.51)

-6.31
(-31.32)

-1,
.12
(-5.
.83)

-0,
.55
(-3,
.63)

0,
.35
.53)
(1.

INC1976

.16
-0.
(-20.
.89)

-0.
.16
.68)
(-23.

.08
0.
(16.
.45)

DINC7675

0.
.81
.94)
(13,

0,
.49
(10,
.59)

-0.
.58
.52)
(-11.

DINC7570

0,
.11
(3.
.88)

0,
.08
(3,
.70)

-0.
.05
.79)
(-1.

DHH7675

-0.
.01
.67)
(-0.

0.
.01
(0.
.83)

.04
-0.
(-2.
,52)

DHH7570

0.
,02
(2.
,35)

0.
.01
.91)
(1.

0.
,01
.24)
(1.

ASP7677LAC

0.
,003
(4. 14)

0.
,011
(19.
,10)

,004
-0.
( - 4 .72)

DSP7774LAC

0.
.003
.96)
(1.

0.,001
(0.
,96)

0..010
(5. 42)

Financial characteristics

Neighborhood




characteristics

FHI

B-32
Table B-10 (continued)

Denial

Modified
Down

Modified
Up

-1.24
(-5.08)

-0.04
(-0.26)

0.21
(0.81)

Age of neighborhood
PRE1940

Building age
(relative to new buildings)
BA1-9

-0.69
(-4.04)

-0.24
(-1.92)

-0.93
(-4.99)

BA10-19

-0.47
(-3.33)

-0.48
(-4.43)

-1.47
(-9.21)

BA20-29

-0.54
(-4.89)

-0.68
(-7.65)

-1.48
(-11.17)

BA30-39

-0.05
(-0.28)

-0.47
(-3.60)

-1.34
(-7.14)

BA40-49

0.09
(0.49)

-0.48
(-3.50)

-1.05
(-5.16)

BAGE50

0.19
(0.78)

-0.09
(-0.46)

-1.38
(-4.71)

-0.20
(-0.38)

0.16
(0.41)

0.84
(1.75)

0.43
(1.32)

-1.73
(-4.37)

0.27
(0.49)

-0.36
(-0.95)

0.50
(2.24)

0.72
(1.84)

0.51
(0.79)

0.15
(0.28)

-11.73
(-14.06)

South Central (AR)

0.68
(1.97)

-1.26
(-4.67)

-0.40
(-1.00)

Venice (AR)

0.55
(0.77)

-1.59
(-2.95)

0.51
(0.66)

Property location**
(relative to rest of the
City of Los Angeles)




East L.A.-Boyle
Heights - Echo
Park (AR)
Highland Park (AR)
Pacoima-San
Fernando (AR)
San Pedro

(AR)

B-33
Table B-9

(continued)

Denial

Modified
Down

Modified
Up

ALT 2 5

-0.29
(-1.13)

-0.10
(-0.56)

0.19
(0.76)

A25T034

-0.02
(-0.21)

-0.28
(-4.11)

-0.19
(-1.88)

A45T054

-0.52
(-3.50)

0.05
(0.46)

-0.49
(-3.08)

AGE 5 5

-0.62
(-3.10)

0.12
(0.85)

-1.37
(-6.12)

FONLYCB

-0.23
(-0.78)

-0.45
(-2.16)

-0.70
(-2.14)

FONLYNCB

0.05
(0.24)

-0.36
(-2.13)

-0.67
(-2.63)

MFCB

-0.04
(-0.38)

-0.25
(-3.51)

0.26
(2.17)

MONLY

-0.12
(-0.96)

-0.06
(-0.66)

0.14
(0.96)

BLACK

1.07
(4.40)

-0.86
(-4.44)

0.62
(2.18)

SPANISH

0.10
(0.57)

0.19
(1.52)

0.07
(0.38)

ASIAN

-0.17
(-0.75)

-0.07
(-0.42)

0.09
(0.37)

OMIN

0.56
(1.75)

0.18
(0.74)

-0.93
(-2.68)

-1.67
(-4.02)

1.00
(3.69)

-0.18
(-0.47)

Age of the a p p l i c a n t
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)

Race of a p p l i c a n t

Racial composition of the
neighborhood




FBLACK

B-34
Table B-10 (continued)

Denial

Modified
Down

Modified
Up

FSPANISH

.43
0.
.15)
(1.

-0.
.07
(-0.
.26)

0 ..03
(0.
.07)

FASIAN

-0,
.55
.35)

-7.
.68
(-6.
.79)

0,
.07
(0.
.05)

-6.
.90
(-41.
.17)

-7.
.32
(-34.
.75)

1 ..37
(6.
.69)

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

14,060
857.86
123
0.0
25.77

* The numbers in parentheses are t - s t a t i s t i c s .
**An "AR" after a property location indicates the neighborhood is
alleged to b e r e d l i n e d .




B-35
Table B-10
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the City of Los A n g e l e s :

1978*

Denial

Modified
Down

Modified
Up

RLTOINC

0.61
(7.66)

0.54
(7.41)

0.03
(0.20)

FSECINC

-0.27
(-1.63)

-0.79
(-5.17)

-0.02
(-0.09)

FSIFCB

-0.81
(-3.25)

-0.25
(-1.09)

0.11
(0.33)

FSIFNCB

-0.31
(-0.91)

-0.24
(-0.76)

-0.23
(-0.48)

RLTOAV

6.62
(59.35)

6.63
(58.44)

-6.17
(-49.12)

-0.74
(-5.08)

-0.54
(-4.43)

-0.28
(-1.64)

INC1976

-0.14
(-41.53)

-0.08
(-27.88)

0.05
(11.23)

DINC7675

0.61
(17.95)

0.12
(3.34)

-0.35
(-7.86)

DINC757Q

0.04
(1.85)

0.10
(4.92)

-0.01
(-0.49)

DHH7675

-0.02
(-1.65)

0.02
(1.47)

-0.04
(-2.48)

DHH7570

0.00
(0.57)

0.01
(1.00)

0.01
(0.66)

ASP7677LAC

0.011
(20.08)

0.002
(3.16)

-0.008
(-10.30)

DSP7774LAC

-0.006
(-4.62)

0.015
(13.62)

0.014
(7.05)

Financial c h a r a c t e r i s t i c s

Neighborhood characteristics




FHI

B-36
Table B-10

(continued)

Denial

Modified
Down

Modified
Up

0.12
(0.81)

-0.39
(-2.79)

-0.71
(-2.87)

BA2-10

-0.10
(-0.77)

-0.08
(-0.64)

-0.10
(-0.54)

BA11-20

-0.26
(-2.48)

-0.11
(-1.08)

-0.20
(-1.42)

BA21-30

0.04
(0.57)

-0.50
(-6.30)

-0.04
(-0.41)

BA31-40

0.18
(1.44)

-0.26
(-2.15)

0.18
(1.11)

BA41-50

0.26
(1.97)

-0.12
(-0.98)

0.46
(2.53)

BAGE51

0.27
(1.96)

-0.28
(-2.10)

0.00
(0.01)

East L.A. - Boyle
Heights - Echo
Park (AR)

0.37
(1.28)

0.80
(2.67)

1.46
(3.24)

Highland Park (AR)

0.15
(0.43)

-1.10
(-3.29)

-1.13
(-2.30)

-0.06
(-0.20)

0.52
(2.00)

1.46
(3.90)

0.89
(2.29)

0.36
(0.83)

1.12
(1.73)

-0.13
(-0.66)

0.43
(2.19)

-0.56
(-1.68)

0.31
(0.69)

1.11
(3.03)

0.16
(0.25)

Age of neighborhood
PRE1940

Building age
(relative to new and
one year old buildings)

Property location * *
(relative to rest of
the City of Los Angeles)




Pacoima - San
Fernando (AR)
San P e d r o

(AR)

South Central
Venice

(AR)

(AR)

B-37
Table B-10

(continued)

Denial

Modified
Down

Modified
Up

ALT 2 5

-0.08
(-0.44)

-0.28
(-1.66)

0.08
(0.32)

A25T034

-0.13
(-2.00)

-0.27
(-4.36)

-0.29
(-3.08)

A45T054

-0.19
(-1.82)

-0.18
(-1.76)

-0.75
(-5.06)

AGE 5 5

-0.02
(-0.14)

-0.09
(-0.67)

-0.78
(-4.05)

FONLYCB

-0.88
(-4.33)

-0.76
(-3.92)

-0.69
(-2.48)

FONLYNCB

-0.17
(-1.04)

-0.30
(-1.95)

-0.68
(-2.96)

MFCB

0.01
(0.11)

-0.19
(-2.60)

-0.38
(-3.73)

MONLY

0.16
(1.82)

-0.34
(-3.91)

-0.34
(-2.75)

BLACK

0.80
(4.76)

-0.09
(-0.55)

0.58
(2.24)

SPANISH

0.25
(2.21)

0.05
(0.45)

-0.20
(-1.27)

ASIAN

0.13
(0.87)

0.07
(0.49)

0.31
(1.57)

OMIN

0.46
(1.69)

0.12
(0.49)

-1.14
(-2.98)

0.12
(0.57)

-0.23

(-1.16)

-0.75
(-2.33)

A g e of the a p p l i c a n t
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)

Race of a p p l i c a n t

Racial composition of the
neighborhood




FBLACK

B-38
Table B-10

(continued)

Denial

Modified
Down

Modified
Up

FSPANISH

-0.19
(-0.83)

-0.93
(-3.85)

-0.54
(-1.61)

FAS IAN

-2.39
(-2.21)

-2.21
(-2.18)

-6.66
(-4.28)

-7.50
(-85.96)

-6.88
(-70.40)

1.41
(15.07)

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

13,662
894.93
123
0.0
26.65

* The numbers in parentheses are t - s t a t i s t i c s .
**An "AR" after a property location indicates the neighborhood is
alleged to be r e d l i n e d .




B-39
Table B-10
Multinomial L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family H o u s e s
in the M o d e s t o SMSA:
1977*
Denial

Modified

RLTOINC

0.70
(0.58)

2.21
(2.82)

FSECINC

1.51
(1.76)

2.36
(2.35)

Financial characteristics

FSIFCB

-1.98

-3.41

(-1.66)

Neighborhood

0.96
(0.50)
4.01

(2.94)

RLTOAV

-1.90
(-1.25)
3.49

FSIFNCB

(-2.18)

(2.70)

characteristics

FHI

1.67

-3.16

(1.68)

(-1.13)

-0.10
(-0.17)

1.72
(1.94)

-0.20
(-0.66)

-0.83
(-2.09)

BA10-19

0.44
(1.13)

-1.95
(-2.87)

BA20-29

0.95
(2.43)

-0.80
(-1.31)

BA30-39

0.38
(0.78)

-0.74
(-1.01)

BA40-49

0.72
(1.31)

-1.23
(-1.46)

Age of neighborhood
PRE1940
Building age
(relative to new buildings)




BA1-9

B-40
Table

B-10

(continued)
Denial

Modified

2.03
(3.04)

0.71
(0.58)

-0.68
(-2.53)

0.48
(1.22)

ALT25

-0.53
(-1.23)

-0.07
(-0.11)

A25T034

-0.32
(-1.20)

0.17
(0.45)

A45T054

-0.71
(-2.04)

-0.97
(-1.75)

AGE55

-1.48
(-3.02)

0.40
(0.60)

0.22
(0.28)

-11.24
(-3.58)

FONLYNCB

-0.92
(-1.33)

0.64
(0.62)

MFCB

-0.58
(-2.00)

0.22
(0.30)

MONLY

0.15

0.95

(0.38)

(1.36)

SPANISH

0.09
(0.16)

1.51
(2.37)

BLACK and OMIN

1.16
(2.27)

1.91
(3.19)

BAGE50
Property location
(relative to suburbs)
Modesto
A g e of the applicant
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)
FONLYCB

Race of applicant




B-41
Table

B-10

(continued)
Denial

Modified

FBLACK

8.21
(1.79)

-178.75
(-3.54)

FSPANISH

7.60
(3.96)

7.11
(2.28)

-6.84
(-6.00)

-8.31
(-6.07)

Racial composition of the
neighborhood

Constant

Sample size
Likelihood r a t i o statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

1885
98.33
52
0.000
3.87

* The numbers in parentheses are t - s t a t i s t i c s .




B-42
Table B-12
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the M o d e s t o SMSA:

1978*

Denial

Modified

0.70
(2.33)

0.32
(0.65)

(-1.59)

-1.16

-0.35
(-0.47)

FSIFCB

-0.59
(-0.67)

0.93
(0.97)

FSIFNCB

1.74
( 1.46)

(1.84)

4.91
(4.48)

0.30
(0.29)

-0.28
(-0.22)

-2.26
(-1.38)

-1.38

(-1.80)

-1.25
(-1.79)

BA2-10

0.27
(0.86)

-0.68
(-2.18)

0.80
BAll-20

(2.05)

-0.65
(-1.48)

BA21-30

0.90
(2.38)

-0.54
(-1.25)

1.39
(4.18)

0.42
(1.06)

Financial characteristics
RLTOINC
FSECINC

RLTOAV
Neighborhood

2.26

characteristics

FHI
Age of neighborhood
PRE1940
Building age
(relative to new and
one year old buildings)




BA31-40

B-43
T a b l e B-10 (continued)
Denial

Modified

BA41-50

0.78
(1.73)

0.16
(0.30)

BAGE51

-8.79
(-4.91)

-10.26
(-4.58)

Property location
(relative to suburbs)
Modesto

-0.72

0.22

(-2.80)

(0.81)

ALT25

-0.21
(-0.52)

0.31
(0.66)

A25T034

-0.46
(-1.69)

0.57
(2.03)

A45T054

0.06
(0.17)

-1.01
(-2.35)

AGE55

0.56
(1.31)

-0.57
(-1.13)

FONLYCB

1.06
(1.62)

-0.54
(-0.63)

FONLYNCB

-0.76
(-1.20)

Age of the applicant
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)

0.68
(1.08)

MFCB

0.75
(2.01)

-1.01
(-2.60)

MONLY

-0.40

-0.10

(-0.97)

(-0.24)

SPANISH

0.23
(0.63)

-0.22
(-0.44)

BLACK and OMIN

0.30
(0.58)

-10.43
(-5.49)

Race of applicants




B-44
Table B-10 (continued)

Denial

Modified

2.63
(0.50)

-0.39
(-0.06)

-1.26
(-0.71)

-0.43
(-0.18)

-6.88
(-6.51)

-2.57
(-2.51)

Racial composition of the
neighborhood
FBLACK
FSPANISH
Constant

Sample size
Likelihood ratio statistic
D e g r e e s of freedom
Probability
Corresponding standard
normal deviate

1558
92.30
52
0.000
3.44

* The numbers in parentheses are t - s t a t i s t i c s .




B-45
Table B-13
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the O x n a r d - V e n t u r a SMSA:

1977*

Denial

Modified
Down

Modified
Up

RLTOINC

1.03
(5.77)

0.65
(3.64)

-0.13
(-0.39)

FSECINC

0.29
(0.43)

0.88
(1.85)

1.13
(2.34)

FSIFCB

0.73
(0.88)

-0.62
(-0.97)

-0.29
(-0.45)

FSIFNCB

0.26
(0.24)

-1.02
(-1.31)

0.54
(0.63)

RLTOAV

7.61
(7.97)

10.07
(10.74)

-4.61
(-7.20)

-1.16
(-1.50)

0.45
(0.95)

0.99
(2.03)

INC1976

0.03
(0.47)

-0.20
(-7.94)

0.08
(3.39)

DINC7675

-1.24
(-2.45)

-0.03
(-0.04)

-4.80
(-4.71)

DINC7570

-0.34
(-3.88)

0.15
(2.15)

-0.24
(-2.34)

DHH7675

0.76
(4.09)

-0.02
(-0.09)

0.84
(3.85)

DHH7570

-0.05
(-2.98)

-0.01
(-0.93)

-0.09
(-4.13)

-0.01

-2.83
(-2.40)

-5.11
(-3.29)

F i n a n c i a l characteristics

Neighborhood

characteristics

FHI

A g e of neighborhood




PRE1940

(-0.01)

B-46
Table B-10 (continued)

Denial

Modified
Down

Modified
Up

-0.63
-2.79)
(

0.18
(1.00)

0.01
(0.06)

-2.71)
(

-0.73

0.11
(0.54)

-0.01
(-0.06)

BA20-29

-0.25
-0.57)
(

0.35
(1.04)

0.36
(0.89)

BA30-39

0.55
(0.81)

1.35
(2.64)

-0.04
(-0.05)

-0.05
-0.06)
(

0.74
(1.04)

-9.85
(-9.72)

0.96
(1.22)

-10.14
(-7.63)

-13.33
(-8.32)

-0.25

-0.47
(-1.36)

0.93
(2.08)

-0.44

-0.04
(-0.16)

-0.68
(-1.84)

-0.39

-0.77
(-2.05)

-0.16
(-0.37)

-0.92)
(

-0.19

-0.15
(-0.97)

0.16
(0.90)

-0.73
-2.44)
(

0.11
(0.52)

-0.10
(-0.37)

-1.78

-0.24
(-0.87)

-0.72
(-2.09)

Building age
(relative to new buildings)
BAl-9
BA10-19

BA40-49
BAGE50
Property location
(relative to suburbs)
Oxnard

-0.55)
(
Ventura

-1.26)
(

A g e of the a p p l i c a n t
(relative to 35-44 years)




ALT 2 5
A25T034
A45T054
AGE 5 5

-0.80)
(

-3.47)
(

B-47
""able B-17 (continued)

Denial

Modified
Down

Modified
Up

-1.02
(-1.30)

-1.44
(-2.24)

0.95
(1.37)

0.42
(0.80)

0.19
(0.47)

-0.51
(-1.02)

MFCB

-0.34
(-1.62)

-0.19
(-1.21)

0.65
(3.14)

MONLY

-0.28
(-0.88)

-0.37
(-1.57)

0.12
(0.41)

BLACK

0.75
(0.92)

0.32
(0.38)

0.74
(0.90)

SPANISH

0.42
(1.06)

0.09
(0.29)

0.06
(0.19)

ASIAN

-0.46
(-0.73)

0.12
(0.26)

r-1.18
(-1.56)

OMIN

0.32
(0.50)

0.59
(1.27)

0.13
(0.22)

17.97
(3.68)

-15.83
(-2.63)

-16.47
(-1.90)

FSPANISH

-5.06
(-3.55)

1.50
(1.52)

3.58
(3.49)

FASIAN

-44.93
(-2.76)

13.52
(0.94)

-96.97
(-4.66)

-7.41
(-7.50)

-8.76
(-8.11)

4.25
(3.57)

Sex of applicant(s)
(relative to MFNCB)
FONLYCB
FONLYNCB

Race of a p p l i c a n t

R a c i a l composition of the
neighborhood
FBLACK

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

4631
351.79
105
0.000
12.07

* The numbers in parentheses are t - s t a t i s t i c s .



B-48
Table B-10
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family H o u s e s
in the Oxnard-Ventura SMSA:

1978*

Denial

Modified
Down

Modified
Up

RLTOINC

0.87
(4.37)

0.49
(2.39)

-1.39
(-1.82)

FSECINC

0.27
(0.56)

-0.23
(-0.57)

1.08
(2.06)

FSIFCB

-0.60
(-0.92)

-1.23
(-1.96)

-1.31
(-1.86)

FSIFNCB

0.81
(0.98)

-1.12
(-1.62)

0.56
(0.68)

RLTOAV

5.95
(6.30)

3.10
(4.87)

-5.14
(-9.65)

0.05
(0.09)

0.42
(0.96)

1.49
(2.68)

INC1976

-0.12
(-2.53)

-0.06
(-1.82)

0.16
(1.67)

DINC7675

1.73
(2.19)

-2.30
(-5.77)

-3.11
(-2.88)

DHH7675

0.18
(0.94)

0.49
(5.46)

0.44
(1.88)

DHH7570

-0.02
(-1.04)

-0.03
(-3.69)

-0.06
(-2.74)

-0.96
(-0.84)

-0.46
(-0.53)

-2.00
(-1.53)

-0.23
(-1.34)

-0.42
(-2.56)

-0.92
(-4.39)

Financial c h a r a c t e r i s t i c s

Neighborhood

characteristics

FHI

A g e of neighborhood
PRE1940
B u i l d i n g age
(relative to new and
one year old buildings)




BA2-10

B-49
Table B-14

(continued)

Denial

Modified
Down

Modified
Up

BA11-20

0.15
(0.75)

-0.46
(-2.37)

-0.95
(-3.86)

BA21-30

0.51
(1.26)

-0.00
(-0.01)

0.08
(0.18)

BA31-40

0.23
(0.27)

0.24
(0.35)

-0.21
(-0.23)

BA41-50

0.93
(1.50)

-0.32
(-0.46)

-9.84
(-9.22)

BAGE51

1.49
(2.36)

0.67
(0.79)

-10.43
(-7.22)

Oxnard

-0.29
(-0.51)

-0.62
(-1.29)

Ventura

0.56
(1.74)

0.43
(1.76)

-0.02
(-0.05)

ALT25

0.44
(1.19)

-0.65
(-1.66)

0.43
(0.97)

A25T034

0.13
(0.80)

-0.31
(-1.77)

0.66
(3.41)

A45T054

0.03
(0.15)

-0.17
(-0.78)

-0.10
(-0.37)

-0.57
(-2.08)

0.13
(0.58)

-0.94
(-2.97)

FONLYCB

0.16
(0.27)

-0.45
(-0.79)

-9.42
(-10.17)

FONLYNCB

0.22
(0.52)

-0.08
(-0.22)

-0.82
(-1.63)

Property location
(relative to suburbs)
0.27
(0.41)

A g e of the a p p l i c a n t
(relative to 35-44 years)

AGE 5 5
Sex of applicant(s)
(relative to MFNCB)




B-50
Table 5-14

(continued)

Denial

Modified
Down

Modified
Up

MFCB

-0.38
(-2.25)

-0.03
(-0.22)

0.06
(0.27)

MONLY

-0.02
(-0.08)

-0.30
(-1.31)

-0.13
(-0.45)

BLACK

0.32
(0.39)

-0.10
(-0.13)

0.71
(0.84)

SPANISH

0.51
(1.61)

0.18
(0.63)

0.54
(1.57)

ASIAN

0.00
(0.00)

0.41
(1.17)

0.21
(0.45)

OMIN

0.43
(0.73)

-0.00
(-0.00)

0.33
(0.54)

-10.04
(-1.47)

-22.68
(-3.92)

-6.00
(-0.50)

FSPANISH

3.07
(2.76)

0.66
(0.77)

-0.43
(-0.32)

FAS IAN

15.40
(0.99)

10.49
(1.34)

-36.43
(-1.79)

-8.97
(-9.21)

-1.92
(-4.85)

1.76
(1.65)

Race of a p p l i c a n t

Racial composition of the
neighborhood
FBLACK

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

3970
300.33
105
0.000
10.05

* The numbers in parentheses are t - s t a t i s t i c s .




B-51
Table B-10
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional Mortgages
on Owner-Occupied Single-Family H o u s e s
in the Sacramento SMSA:

1977*

Denial

Modified
Down

Modified
Up

RLTOINC

0.89
(3.34)

0.74
(3.16)

-0.08
(-0.12)

FSECINC

-0.64
(-1.93)

0.26
(0.69)

1.73
(2.39)

FSIFCB

-0.25
(-0.54)

-1.68
(-3.23)

-0.53
(-0.53)

FSIFNCB

0.64
(0.98)

-0.75
(-1.07)

-3.28
(-2.46)

9.61
(17.24)

8.42
(17.83)

-5.61
(-11.86)

-1.38
(-5.06)

0.41
(0.96)

-8.75
(-11.50)

INC1975SAC

0.09
(7.34)

-0.05
(-5.35)

0.17
(12.77)

DINC7570SAC

-0.03
(-0.83)

-0.13
(-2.73)

-0.14
(-3.31)

DPOP7570SAC

0.03
(0.93)

0.11
(2.93)

0.06
(1.16)

-0.15
(-0.39)

0.09
(0.21)

-3.76
(-5.38)

-0.06
(-0.41)

-0.08
(-0.35)

Financial characteristics

RLTOAV
Neighborhood

characteristics

FHISAC

Age of neighborhood
PRE1940

Building age
(relative to new buildings)




BA1-9

-0.43
(-3.01)

B-52
Table B-14 (continued)

Denial

Modified
Down

Modified
Up

BA10-19

-0.36
(-1.99)

-0.14
(-0.70)

-0.77
(-2.52)

BA20-29

-0.18
(-0.90)

0.11
(0.48)

-0.51
(-1.51)

BA30-39

0.88
(3.28)

0.40
(1.19)

-0.22
(-0.42)

BA40-49

0.49
(1.35)

0.11
(0.28)

0.08
(0.13)

BAGE50

0.64
(1.34)

0.01
(0.02)

-0.39
(-0.48)

-0.31
(-0.56)

0.09
(0.12)

1.86
(1.80)

-0.39
(-2.08)

0.30
(1.05)

Property location
(relative to suburbs)
Old Sacramento

(AR)

R e s t of Sacramento

-0.28
(-1.67

Age of the applicant
(relative to 35-44 years)
ALT25

0.01
(0.03)

-0.69
(-1.92)

-0.44
(-0.78)

A25T034

0.01
(0.11)

-0.24
(-1.92)

-0.39
(-2.02)

A45T054

0.26
(1.35)

-0.09
(-0.43)

-0.69
(-2.17)

AGE 5 5

0.32
(1.26)

-0.01
(-0.03)

-0.44
(-1.06)

FONLYCB

-0.29
(-0.81)

-0.64
(-1.70)

-0.86
(-1.44)

FONLYNCB

-0.35
(-1.14)

-0.09
(-0.29)

0.21
(0.46)

Sex of applicant(s)
(relative to MFNCB)




B-53
Table B-10 (continued)

Denial

Modified
Down

Modified
Up

0.13
(1.04)

0.04
(0.29)

-0.18
(-0.95)

-0.11
(-0.56)

0.08
(0.42)

-0.22
(-0.64)

BLACK

0.88
(1.58)

-22.49
(-16.05)

1.55
(2.14)

SPANISH

0.26
(0.74)

-0.22
(-0.60)

0.14
(0.25)

ASIAN

0.17
(0.51)

-0.24
(-0.69)

-0.08
(-0.14)

OMIN

0.58
(1.23)

0.48
(0.97)

0.86
(1.15)

-1.03
(-0.75)

1.04
(0.69)

-3.88
(-1.67)

FSPANISHSAC

1.00
(0.53)

-13.02
(-3.79)

-11.04
(-3.33)

FASIANSAC

3.85
(2.53)

0.04
(0.03)

-2.39
(-0.85)

-11.83
(-18.96)

-9.11
(-19.20)

2.50
(4.44)

MFCB
MONLYRace of a p p l i c a n t

Racial composition of the
ne ighborhood
FBLACKSAC

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

5163
354.81
99
0.000
12.60

* The numbers in parentheses are t - s t a t i s t i c s . An "AR" after a
property location indicates the neighborhood is alleged to be
redlined.




B-54
Table B-10
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single-Family H o u s e s
in the Sacramento SMSA:

1978*

Denial

Modified
Down

Modified
Up

RLTOINC

1.62
(7.65)

1.37
(6.26)

-1.06
(-1.72)

FSECINC

0.15
(0.55)

-0.64
(-1.77)

-1.79
(-2.79)

FSIFCB

0.23
(0.57)

1.16
(2.43)

1.46
(1.92)

FSIFNCB

0.11
(0.18)

-0.01
(-0.02)

2.35
(2.31)

8.46
(15.36)

6.89
(15.41)

-6.05
(-16.42)

0.73
(1.55)

0.79
(2.31)

-1.63
(-2.13)

F i n a n c i a l characteristics

RLTOAV
Neighborhood

characteristics

FHISAC
INC1975SAC
DINC7570SAC
DPOP7570SAC

-0.12
(-15.48)
0.19
(4.65)

-0.01

-0.07
(-10.01)
0.05
(1.56)

0.01

0.03
(3.31)
-0.09
(-2.11)

0.02

(-0.47)

(0.38)

(0.37)

0.47
(1.04)

-0.14
(-0.40)

-2.48
(-3.96)

-0.48
(-3.46)

-0.08
(-0.61)

-0.28
(-1.41)

Age of neighborhood
PRE1940
Building age
(relative to new and
one year old buildings)




BA2-10

B-55

Table B-14 (continued)

Denial

Modified
Down

Modified
Up

BA11-20

-0.07
(-0.44)

0.02
(0.14)

-0.32
(-1.29)

BA21-30

0.13
(0.71)

0.18
(0.95)

-0.65
(-2.30)

BA31-40

0.38
(1.42)

-0.17
(-0.61)

0.42
(1.04)

BA41-50

0.71
(2.25)

-0.20
(-0.60)

-0.01
(-0.02)

BAGE51

1.21
(3.19)

0.49
(1.12)

0.81
(1.19)

Old Sacramento
(AR)

-1.33
(-2.40)

-0.85
(-1.46)

-10.92
(-10.86)

Rest of
Sacramento

-0.96
(-4.88)

-0.46
(-2.90)

-0.09
(-0.39)

ALT 2 5

-0.21
(-0.82)

-0.55
(-2.11)

0.05
(0.14)

A25T034

-0.52
(-4.33)

-0.07
(-0.70)

0.32
(2.06)

A45T054

0.26
(1.39)

0.02
(0.13)

0.02
(0.06)

AGE 5 5

0.03
(0.13)

-0.01
(-0.05)

-1.37
(-3.68)

FONLYCB

0.58
(1.76)

-0.38
(-1.26)

-0.23
(-0.49)

FONLYNCB

0.14
(0.45)

-0.37
(-1.27)

-1.04
(-2.35)

Property location
(relative to suburbs)

A g e of the applicant
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)




B-56
Table B-10 (continued)

Denial

Modified
Down

Modified
Up

MFCB

0.40
(2.17)

-0.28
(-2.47)

0.29
(1.58)

MONLY

0.51
(2.48)

-0.16
(-0.90)

-0.90
(-2.91)

BLACK

1.32
(3.72)

0.34
(0.68)

-0.19
(-0.25)

SPANISH

0.54
(1.88)

0.28
(0.97)

0.11
(0.24)

ASIAN

-0.02
(-0.08)

0.16
(0.56)

0.01
(0.03)

OMIN

0.77
(1.94)

0.03
(0.08)

-0.35
(-0.56)

1.73
(1.53)

-1.45
(-1.23)

-0.72
(-0.37)

-4.77
(-2.82)

-1.01
(-0.67)

-1.92
(-0.75)

3.58
(2.39)

0.69
(0.50)

2.19
(1.16)

-9.26
(-15.40)

-7.88
(-17.60)

1.44
(2.39)

Race of applicant

Racial c o m p o s i t i o n of the
neighborhood
FBLACKSAC
FS PANISHSAC
FASIANSAC
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

4884
493.97
99
0.000
17.40

* The numbers in parentheses are t - s t a t i s t i c s . An "AR" after a
property location indicates the neighborhood is alleged to be
redlined.




B-57
Table B-17
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single-Family H o u s e s
in the Salinas-Monterey SMSA:

1977*

Denial

Modified

RLTOINC

0.50
(2.33)

0.27
(1.18)

FSECINC

-1.07
(-1.79)

-0.60
(-0.66)

FSIFCB

-0.15
(-0.18)

-1.70
(-1.30)

FSIFNCB

1.56
(1.50)

-1.93
(-1.31)

RLTOAV

7.46

8.10

(5.10)

(5.74)

FHI

0.90
(0.68)

2.65
(2.55)

INC1976

0.03
(0.24)

0.94
(2.08)

DINC7675

0.52
(0.42)

-7.62
(-3.04)

DINC7570

0.18
(0.61)

-0.32
(-0.91)

DHH7675

-0.47
(-1.23)

0.43
(0.89)

DHH7570

0.18
(1.80)

-0.32
(-1.98)

0.02
(0.02)

3.03
(3.68)

F i n a n c i a l characteristics

Neighborhood

characteristics

A g e of neighborhood




PRE1940

B-58
Table B-10 (continued)

Denial

Modified

BA1-9

-0.22
(-0.61)

-0.89
(-2.65)

BA10-19

-0.70
(-1.80)

-1.62
(-4.30)

BA20-29

0.31
(0.77)

-0.67
(-1.76)

BA30-39

0.41
(0.87)

-0.46
(-1.02)

BA40-49

0.24
(0.38)

-0.53
(-0.94)

BAGE50

1.03
(1.59)

-1.76
(-2.05)

Monterey

1.20
(2.54)

-0.06
(-0.16)

Salinas

-0.88
(-2.41)

0.71
(1.46)

-0.89
(-1.70)

0.69
(1.33)

A25T034

0.10
(0.38)

-0.19
(-0.57)

A45T054

-0.27
(-0.81)

0.32
(0.89)

AGE55

-0.89
(-1.84)

0.40
(0.94)

0.26
(0.43)

-1.04
(-1.33)

Building age
(relative to new buildings)

Property location
(relative to suburbs)

Age of the applicant
(relative to 35-44 years)
ALT25

Sex of applicant(s)
(relative to MFNCB)




FONLYCB

B-59
""able B-17

(continued)
Denial

Modified

0.11
(0.23)

-1.81)

0.07
(0.31)

-0.07
(-0.18)

-0.09
(-0.28)

-0.79
(-2.08)

BLACK

1.06
(1.75)

0.27
(0.33)

SPANISH

0.65
(1.73)

-0.29
(-0.59)

-1.33
(-1.64)

-0.33
(-0.62)

0.80
(1.70)

1.19
(2.29)

3.40
(2.17)

(0.34)

FONLYNCB
MFCB
MONLY

-0.97

Race of a p p l i c a n t

ASIAN
OMIN
R a c i a l composition of the
neighborhood
FBLACK
FSPANISH
FAS IAN
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

(0.69)

1.08

-3.15
(-1.71)

21.86
(1.41)

-34.11
(-2.48)

-12.15
(-6.33)

-12.83
(-4.03)

1860
153.04
70
0.000
5.71

* The numbers in parentheses are t - s t a t i s t i c s .




0.81

B-60
Table B-18
Multinomial Logit Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single-Family H o u s e s
in the Salinas-Monterey SMSA:

1978*

Denial

Modified

RLTOINC

0.90
(5.03)

0.44
(1.44)

FSECINC

0.36
(0.62)

-3.01
(-1.54)

FSIFCB

-1.61
(-2.01)

(0.39)

FSIFNCB

-0.23
(-0.23)

1.55
(0.67)

RLTOAV

1.37
(1.45)

1.99
(1.42)

-0.96
(-0.81)

(-1.00)

INC1976

-0.26
(-1.42)

-0.60
(-1.50)

DINC7675

-2.75
(-1.88)

0.96
(0.32)

DINC7570

0.09
(0.47)

1.14
(1.97)

0.21

0.03
(0.05)

0.02
(0.30)

0.15
(0.93)

-0.81
(-1.12)

-0.45
(-0.41)

Financial characteristics

Neighborhood

0.86

characteristics

FHI

DHH7675

(0.70)
DHH7570

-1.74

Age of neighborhood




PRE1940

B-61
Table B-10 (continued)
Denial

Modified

BA2-10

-0.77
(-2.56)

-0.53
(-1.06)

BA11-20

-0.70
(-2.11)

0.07
(0.16)

BA21-30

-0.21
(-0.61)

-0.38
(-0.75)

BA31-40

-0.94
(-2.32)

-0.13
(-0.23)

BA41-50

0.25
(0.51)

0.57
(0.88)

BAGE51

-0.48
(-0.70)

-12.30
(-5.73)

Monterey

-1.71
(-3.92)

-0.67
(-1.09)

Salinas

-0.19
(-0.65)

-0.62
(-1.19)

ALT25

-0.48
(-1.09)

-0.83
(-1.23)

A25T034

-0.41
(-1.57)

-0.91
(-2.32)

A45T054

-0.69
(-2.25)

-0.46
(-1.03)

AGE55

-0.25
(-0.74)

0.16
(0.33)

0.32
(0.55)

0.68
(0.77)

Building age
(relative to new and
one year old buildings)

Property location
(relative to suburbs)

Age of the a p p l i c a n t
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)




FONLYCB

B-62
""able B-17 (continued)

Denial

Modified

-0.18
(-0.43)

-0.20
(-0.34)

0.25
(0.79)

0.38
(0.97)

-0.15
(-0.46)

-0.21
(-0.43)

BLACK

1.04
(2.19)

1.28
(1.51)

SPANISH

0.66
(2.27)

0.57
(1.23)

ASIAN

0.20
(0.49)

-10.91
(-5.88)

OMIN

1.14
(2.73)

0.25
(0.33)

FBLACK

-0.83
(-0.64)

-3.33
(-1.18)

FSPANISH

-2.68
(-1.91)

1.46
(0.74)

FAS IAN

-51.39
(-3.48)

-54.03
(-2.02)

5.07
(2.23)

1.52
(0.81)

FONLYNCB
MFCB
MONLY

Race of a p p l i c a n t

Racial composition of the
neighborhood

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

1530
108.99
70
0.002
2.97

* The numbers in parentheses are t - s t a t i s t i c s .




B-63
Table B-18
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family H o u s e s
in the San Bernardino-Riverside-Ontario SMSA:
1977*

Denial

Modified
Down

Modified
Up

RLTOINC

1.83
(3.72)

1.27
(2.72)

-2.21
(-2.02)

FSECINC

1.44
(1.64)

2.35
(4.08)

0.20
(0.19)

FSIFCB

-0.55
(-0.50)

-3.73
(-4.25)

-0.59
(-0.49)

FSIFNCB

-1.27
(-0.94)

-2.87
(-3.05)

3.50
(2.25)

RLTOAV

5.63
(4.40)

17.07
(11.64)

-4.75
(-6.00)

-3.25
(-3.60)

2.14
(2.45)

1.88
(2.44)

INC1976

0.17
(1.58)

0.28
(1.75)

-0.10
(-2.22)

DINC7675

0.88
(2.67)

-0.26
(-0.37)

0.95
(2.18)

DINC7570

-0.40
(-2.30)

-0.57
(-3.44)

-0.29
(-2.89)

DHH7675

-0.42
(-2.46)

0.02
(0.09)

0.35
(2.15)

DHH7570

-0.01
(-0.36)

-0.09
(-2.94)

-0.04
(-1.32)

-3.70
(-3.30)

-1.17
(-1.04)

-0.18
(-0.16)

Financial characteristics

Neighborhood

characteristics

FHI

Age of neighborhood




PRE1940

B-64
Table B-10 (continued)

Denial

Modified
Down

Modified
Up

BAl-9

0.82
(2.78)

-0.13
(-0.61)

-0.33
(-1.31)

BA10-19

1.02
(2.60)

0.24
(0.82)

-0.97
(-2.37)

BA20-29

0.84
(1.90)

-0.14
(-0.39)

-0.86
(-1.93)

BA30-39

1.50
(2.18)

0.69
(1.14)

-0.06
(-0.08)

BA40-49

2.78
(5.08)

-0.16
(-0.18)

-14.30
(-10.09)

BAGE50

2.41
(3.94)

0.90
(1.25)

0.56
(0.64)

0.90
(1.53)

-0.52
(-1.04)

0.55
(1.21)

Riverside City

-0.27
(-0.67)

-0.97
(-2.87)

0.19
(0.46)

San Bernardino
City

-0.65
(-0.71)

-1.58
(-2.14)

0.29
(0.34)

-0.32
(-0.59)

-0.13
(-0.35)

-0.96
(-1.82)

A25T034

0.15
(0.57)

-0.67
(-3.69)

-0.17
(-0.69)

A45T054

-0.02
(-0.05)

-0.13
(-0.44)

0.18
(0.53)

AGE 5 5

-0.59
(-1.08)

0.43
(1.22)

-0.91
(-1.77)

Building age
(relative to new buildings)

Property location
(relative to suburbs)
Ontario City

A g e of the a p p l i c a n t
(relative to 35-44 years)




ALT 2 5

B-65
T a b l e B-10 (continued)
Modified
Down

Modified
Up

-15.62
(-11.64)

-0.22
(-0.34)

0.68
(0.75)

0.11
(0.15)

0.34
(0.63)

-0.10
(-0.14)

MFCB

-0.14
(-0.53)

-0.12
(-0.62)

1.28
(2.94)

MONLY

0.57
(1.46)

-0.18
(-0.54)

1.30
(2.39)

1.00
(1.32)

-0.93
(-1.30)

0.59
(0.69)

SPANISH

-0.16
(-0.34)

0.03
(0.09)

0.66
(1.62)

ASIAN

-0.30
(-0.34)

0.32
(0.52)

0.60
(0.86)

OMIN

-0.38
(-0.42)

-14.80
(-12.56)

-14.01
(-11.28)

FBLACK

2.98
(1.23)

0.26
(0.10)

-0.28
(-0.08)

FSPANISH

1.10
(0.95)

1.32
(1.09)

1.11
(0.89)

FASIAN

19.80
(0.52)

34.68
(1.12)

103.97
(2.65)

-10.43
(-14.05)

-19.58
(-9.74)

-1.64
(-4.23)

Denial
Sex of applicant(s)
(relative to MFNCB)
FONLYCB
FONLYNCB

Race of applicant
BLACK

R a c i a l composition of the
ne ighborhood

Constant
Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

2606
324.85
108
0.000
10.83

* The numbers in parentheses are t - s t a t i s t i c s .



B-66
Table B-18
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family H o u s e s
in the San B e r n a r d i n o - R i v e r s i d e - O n t a r i o S M S A :

1978*

Denial

Modified
Down

Modified
Up

RLTOINC

1.25
(3.92)

0.76
(1.97)

FSECINC

-2.88
(-2.96)

-2.74
(-3.41)

2.14
(3.16)

FSIFCB

3.38
( 2.89)

1.26
(1.29)

-0.81
(-0.94)

FSIFNCB

3.19
(2.47)

1.39
(1.29)

-1.66
(-1.60)

11.78
(11.09)

10.33
(10.79)

-4.74
(-8.10)

-0.50
(-0.54)

1.00
(1.21)

4.42
(4.17)

INC1976

0.06
(0.51)

0.18
(1.28)

0.15
(3.62)

DINC7675

-0.55
(-0.92)

0.76
(1.50)

1.39
(4.48)

DINC7570

-0.74
(-4.92)

-0.46
(-2.85)

0.31
(3.22)

DHH7675

0.06
(0.39)

0.06
(0.49)

DHH7570

-0.04
(-1.63)

-0.04
(-1.44)

0.07
(1.53)

-2.68
(-2.66)

-3.30
(-2.69)

-3.35
(-2.08)

Financial c h a r a c t e r i s t i c s

RLTOAV
Neighborhood

-0.26
(-0.52)

characteristics

FHI

-0.37
(-1.58)

Age of neighborhood




PRE1940

B-67
Table B - 2 0

(continued)

Denial

Modified
Down

Modified
Up

BA2-10

-0.27
(-0.87)

-0.03
(-0.13)

-1.17
(-4.09)

BAll-20

0.37
(1.05)

0.26
(0.83)

-1.38
(-3.24)

BA21-30

0.27
(0.62)

0.35
(0.88)

-0.99
(-2.31)

BA31-40

1.91
(3.58)

1.39
(2.40)

-12.66
(-12.68)

BA41-50

2.80
(5.40)

0.34
(0.44)

-11.91
(-11.18)

BAGE51

1.49
(1.92)

0.45
(0.57)

-12.52
(-11.24)

Ontario City

-0.03
(-0.07)

0.02
(0.03)

2.39
(4.03)

Riverside City

-1.81
(-4.05)

-1.26
(-3.28)

-0.43
(-0.74)

San Bernardino
City

-1.90
(-2.23)

0.60
(1.02)

1.13
(1.41)

ALT25

-0.23
(-0.56)

0.00
(0.01)

-0.16
(-0.39)

A25T034

-0.31
(-1.51)

0.12
(0.60)

0.29
(1.35)

A45T054

0.33
(1.02)

0.50
(1.84)

-0.68
(-2.09)

AGE 5 5

0.64
(1.60)

-0.04
(-0.10)

-0.06
(-0.15)

Building age
(relative to new and
one y e a r old buildings)

Property location
(relative to suburbs)

A g e of the a p p l i c a n t
(relative to 35-44 years)




B-68
Table B-20

(continued)

Denial

Modified
Down

Modified
Up

FONLYCB

0.97
(1.73)

-0.79
(-1.37)

-12.12
(-12.92)

FONLYNCB

1.10
(1.81)

-0.56
(-0.97)

0.32
(0,55)

MFCB

0.11
(0.39)

-0.18
(-0.81)

0.02
(0.10)

MONLY

0.41
(1.16)

-0.52
(-1.66)

-0.11
(-0.35)

BLACK

1.57
(2.67)

1.31
(2.55)

-0.15
(-0.21)

SPANISH

0.46
(1.29)

0.11
(0.33)

0.59
(1.80)

ASIAN

-0.27
(-0.44)

0.71
(1.39)

-0.52
(-0.94)

OMIN

-0.81
(-0.98)

0.91
(1.57)

0.02
(0.03)

-2.69
(-1.22)

2.80
(1.40)

3.09
(1.01)

FSPANISH

2.25
(2.13)

-0.58
(-0.58)

4.03
(2.83)

FASIAN

72.94
(2.60)

-3.69
(-0.13)

-231.01
(-3.15)

-11.79
(-9.02)

-13.36
(-8.76)

-4.18
(-12.34)

Sex of the applicant(s)
(relative to MFNCB)

Race of a p p l i c a n t

Racial composition of the
neighborhood
FBLACK

Constant
Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

2038
426.58
108
0.000
14.55

* The numbers in parentheses are t - s t a t i s t i c s .




B-69
Table B - 2 1
Multinomial L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family H o u s e s
in the San Diego SMSA:
1977*

Denial

Modified
Down

Modified
Up

RLTOINC

0.31
(1.37)

0.47
(3.70)

-0.25
(-0.98)

FSECINC

0.18
(0.54)

0.29
(0.90)

-1.38
(-3.42)

FSIFCB

0.70
(1.40)

-1.85
(-4.00)

1.20
(2.14)

FSIFNCB

-0.15
(-0.20)

0.20
(0.33)

0.59
(0.74)

RLTOAV

4.26
(9.16)

6.52
(9.49)

-4.56
(-11.37)

-0.61
(-2.24)

1.83
(8.32)

2.12
(5.30)

INC1975SD

0.01
(0.10)

-0.01
(-2.07)

0.01
(2.50)

DINC7675

0.73
(7.22)

-0.35
(-2.02)

-0.71
(-3.74)

DINC7570SD

-0.00
(-0.11)

0.01
(1.58)

-0.01
(-1.88)

DHH7675

-0.06
(-0.93)

-0.14
(-2.00)

-0.43
(-5.35)

DHH7570

-0.05
(-4.60)

-0.01
(-0.91)

0.01
(1.00)

-0.15
(-0.35)

-0.07
(-0.17)

-2.07
(-2.96)

Financial characteristics

Neighborhood

characteristics

FHISD

A g e of neighborhood




PRE1940

B-70
Table B - 2 1

(continued)

Denial

Modified
Down

Modified
Up

-0.78
-5.26)

-0.40
(-3.27)

-0.68
(-4.91)

-3.46)
(

-0.73

-0.66
(-3.53)

-1.25
(-5.73)

BA20-29

-0.70
-2.91)

-0.59
(-2.77)

(-4.90)

BA30-39

-0.53
-1.44)

-0.56
(-1.69)

-1.47
(-3.66)

0.01

-0.08
(-0.22)

-0.55
(-1.24)

-0.60

0.15
(0.34)

-0.38
(-0.68)

(0.06)

-0.29
(-2.70)

-0.24
(-1.70)

ALT 2 5

-0.34
-1.09)

-0.11
(-0.39)

-0.12
(-0.37)

• A25T034

-0.13
-1.03)

-0.02

(-0.22)

-0.12
(-0.82)

A45T054

-0.14
-0.79)

0.25
(1.54)

-0.48
(-2.40)

AGE 5 5

-0.16
-0.68)

0.11
(0.51)

(-4.25)

0.16
(0.43)

(0.03)

Building age
(relative to new buildings)
BA1-9
BA10-19

BA40-49
BAGE50

(0.02)
-1.18)
(

-1.21

Property location
(relative to suburbs)
San Diego City

0.01

Age of the a p p l i c a n t
(relative to 35-44 years)

-1.11

Sex of applicant(s)
(relative to MFNCB)




FONLYCB

0.01

0.07
(0.18)

B-71
Table B - 1 0 (continued)

Denial

Modified
Down

Modified
Up

FONLYNCB

0.91
(3.17)

0.02
(0.07)

-0.42
(-1.29)

MFCB

0.03
(0.21)

-0.11
(-0.92)

-0.01
(-0.08)

MONLY

0.67
(3.57)

-0.25
(-1.50)

-0.44
(-2.03)

BLACK

0.94
(2.19)

-0.64
(-1.12)

0.30
(0.47)

SPANISH

0.05
(0.15)

0.54
(1.99)

0.26
(0.78)

ASIAN

-0.18
(-0.46)

-0.50
(-1.37)

-0.70
(-1.67)

OMIN

-0.21
(-0.44)

-0.52
(-1.20)

-0.14
(-0.28)

1.48
(1.86)

0.24
(0.24)

0.33
(0.24)

FSPANISH

-0.57
(-0.70)

-2.84
(-3.72)

-0.15
(-0.15)

FASIAN

-3.57
(-0.72)

3.09
(0.66)

-0.19
(-2.99)

-7.21
(-15.02)

-8.14
(-11.72)

1.15
(2.06)

Race of a p p l i c a n t

Racial composition of the
neighborhood
FBLACK

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

7628
390.75
102
0.000
13.71

* The numbers in parentheses are t - s t a t i s t i c s .




B-72
Table B-22
M u l t i n o m i a l L o g i t E s t i m a t i o n of A c t i o n s on
A p p l i c a t i o n s for C o n v e n t i o n a l M o r t a a a e s

B-74
Table B-22

(continued)

Denial

Modified
Down

Modified
Up

FONLYNCB

0.30
(1.25)

-0.35
(-1.59)

-0.08
(-0.28)

MFCB

0.04
(0.32)

0.10
(0.93)

0.30
(1.98)

MONLY

0.22
(1.53)

-0.12
(-0.95)

0.36
(2.03)

BLACK

0.69
(1.68)

0.04
(0.08)

0.13
(0.21)

SPANISH

0.05
(0.21)

0.11
(0.49)

-0.07
(-0.24)

ASIAN

0.30
(1.10)

0.23
(0.91)

0.17
(0.50)

OMIN

0.17
(0.43)

-0.17
(-0.45)

-0.41
(-0.84)

1.46
(1.83)

0.12
(0.14)

-0.40
(-0.36)

FSPANISH

-0.08
(-0.15)

-1.65
(-3.00)

-1.23
(-1.66)

FASIAN

-3.18
(-0.83)

2.99
(0.85)

4.67
(0.95)

-8.14
(-17.70)

-6.58
(-18.03)

1.43
(3.43)

R a c e of a p p l i c a n t

Racial c o m p o s i t i o n of the
neighborhood
FBLACK

Constant

Sample size
Likelihood ratio statistic
D e g r e e s of freedom
Probability
C o r r e s p o n d i n g standard
normal deviate

* The


7508
403.23
102
0.000
14.15

n u m b e r s in p a r e n t h e s e s are t - s t a t i s t i c s .

B-73
Table B-22

(continued)

Denial

Modified
Down

Modified
Up

BA2-10

0.26
(2.39)

-0.16
(-1.66)

-0.91
(-6.31)

BA11-20

0.25
(1.43)

-0.28
(-1.73)

-0.73
(-3.34)

BA21-30

0.12
(0.62)

0.08
(0.43)

-0.33
(-1.36)

BA31-40

0.86
(3.17)

0.58
(2.15)

-1.12
(-2.86)

BA41-50

0.55
(1.80)

0.56
(2.04)

-0.08
(-0.20)

BAGE51

0.88
(2.16)

0.33
(0.83)

-0.45
(-0.83)

-0.30
(-3.21)

-0.24
(-2.95)

-0.19
(-1.65)

-0.12
(-0.47)

-0.38
(-1.67)

-1.21
(-3.77)

A25T034

0.07
(0.69)

-0.42
(-4.21)

-0.15
(-1.17)

A45T054

0.36
(2.51)

0.18
(1.34)

-0.59
(-3.21)

-0.07
(-0.38)

0.15
(0.87)

-0.83
(-3.55)

0.38
(1.28)

-0.38
(-1.37)

-0.26
(-0.70)

Building age
(relative to new and
one year old buildings)

Property location
(relative to suburbs)
San Diego City
A g e of the applicant
(relative to 35-44 years)
ALT 2 5

AGE 5 5
S e x of applicant(s)
(relative to MFNCB)




FONLYCB

B-74
Table

5-14

(continued)

Denial

Modified
Down

Modified
Up

FONLYNCB

0.30
(1.25)

-0.35
(-1.59)

-0.08
(-0.28)

MFCB

0.04
(0.32)

0.10
(0.93)

0.30
(1.98)

MONLY

0.22
(1.53)

-0.12
(-0.95)

0.36
(2.03)

BLACK

0.69
(1.68)

0.04
(0.08)

0.13
(0.21)

SPANISH

0.05
(0.21)

0.11
(0.49)

-0.07
(-0.24)

ASIAN

0.30
(1.10)

0.23
(0.91)

0.17
(0.50)

OMIN

0.17
(0.43)

-0.17
(-0.45)

-0.41
(-0.84)

1.46
(1.83)

0.12
(0.14)

-0.40
(-0.36)

FSPANISH

-0.08
(-0.15)

-1.65
(-3.00)

-1.23
(-1.66)

FAS IAN

-3.18
(-0.83)

2.99
(0.85)

4.67
(0.95)

-8.14
(-17.70)

-6.58
(-18.03)

1.43
(3.43)

Race of a p p l i c a n t

Racial composition of the
neighborhood
FBLACK

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

7508
403.23
102
0.000
14.15

* The numbers in parentheses are t - s t a t i s t i c s .




B-75
Table B-23
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional Mortgages
on Owner-Occupied Single Family Houses
in the San Francisco-Oakland SMSA:
1977*

Denial

Modified
Down

Modified
Up

RLTOINC

0.84
(10.14)

0.53
(6.27)

-0.58
(-2.80)

FSECINC

-0.70
(-3.65)

-0.58
(-3.67)

0.81
(3.35)

FSIFCB

-0.32
(-1.26)

-0.65
(-2.89)

-0.52
(-1.60)

FSIFNCB

1.25
(3.23)

-0.35
(-0.99)

-0.36
(-0.71)

5.67
(22.33)

5.83
(23.65)

-4.96
(-21.48)

0.48
(2.97)

0.87
(5.34)

-0.53
(-2.75)

-0.11
-17.68)

-0.10
(-15.19)

0.00
(0.58)

DINC7675

0.00
(0.01)

0.55
(9.55)

-0.10
(-1.21)

DINC757Q

0.20
(9.67)

0.16
(7.36)

-0.07
(-2.63)

DHH7675

-0.05
(-1.21)

-0.18
(-4.51)

0.07
(1.32)

DHH7570

0.00
(0.54)

-0.02
(-2.06)

0.02
(2.02)

0.10
(0.79)

(0.69)

0.08

-0.06
(-0.29)

Financial characteristics

RLTOAV
Neighborhood

characteristics

FHI
INC1976

Age of neighborhood




PRE1940

B-76
Table

B-10

(continued)
Modified
Down

Modified
Up

-5.37)
(

-0.09
(-1.05)

(-1.60)

BA10-19

-0.19
-1.87)

-0.30
(-3.02)

0.28
(1.93)

BA20-29

-0.26
-2.72)

-0.43
(-4.45)

-0.12
(-0.87)

BA30-39

-0.03
-0.23)
(

-0.20
(-1.54)

-0.12
(-0.62)

BA40-49

-0.18
-1.21)

-0.12
(-0.81)

0.61
(2.85)

0.06
(0.41)

-0.07
(-0.49)

0.69
(3.49)

-1.
,01
(-2.
.46)

-0,
.51
-1,
( .29)

.51
0.
(0,
.93)

Berkeley

-0.
.08
.28)
(-0.

-4.
( .83)

Central Oakland
(AR)

-0.
.20
.64)
(-0.

-2.
( • 41)

E a s t Oakland

-0.
.61
(-3.
.56)

-5.
( .00)

Denial
Building age
(relative to new buildings)
BAl-9

BAGE50

-0.47

-0.19

Property location
(relative to San Mateo
County)




A l a m e d a County
Alameda City

W e s t Oakland

-1,
.48

-1,
.40
(-3.
.16)

-0,
.77

-0,
.42
(-0.
.89)

-0.
.82

-0.
.59
(-2,
.47)

-0.
.30
(-0.
.41)

,35)
(-17.

Rest of Alameda
County

-0.
.03
(-0.
.24)

( 6 .,68)

Contra Costa County

-0.
.25
(-3.
,13)

( 5 .,89)

—

15.
.88
-0.
,78
,48
-0.

-11.
.76
(-10,
.63)
0 . .07
(0.
.44)
0 . .26
(2,
.40)

B-77
Table

B-10

(continued)

Denial

Modified
Down

Modified
Up

Marin County

-0.12
(-0.99)

-0.29
(-2.41)

-0.17
(-1.12)

San Francisco

-0.22
(-1.73)

0.06
(0.55)

-0.36
(-2.19)

-0.49
(-2.84)

-0.25
(-1.50)

0.44
(1.86)

A25T034

0.08
(1.19)

-0.32
(-4.59)

0.31
(3.35)

A45T054

-0.13
(-1.11)

-0.12
(-1.04)

-0.33
(-2.08)

AGE 5 5

-0.23
(-1.36)

-0.07
(-0.46)

-0.94
(-4.04)

-0.27
(-1.42)

-0.43
(-2.35)

-0.77
(-2.80)

0.05
(0.30)

-0.65
(-3.65)

-0.01
(-0.04)

MFCB

-0.05
(-0.71)

-0.10
(-1.65)

-0.36
(-3.60)

MONLY

0.15
(1.48)

-0.41
(-4.35)

-0.17
(-1.18)

BLACK

0.45
(2.52)

-0.24
(-1.36)

0.19
(0.70)

SPANISH

0.02
(0.09)

0.09
(0.60)

-0.63
(-2.74)

ASIAN

-0.01
(-0.11)

0.05
(0.40)

-0.03
(-0.15)

OMIN

0.31
(1.66)

-0.30
(-1.65)

0.11
(0.40)

Age of the a p p l i c a n t
(relative to 35-44 years)
ALT 2 5

Sex of applicant(s)
(relative to MFNCB)
FONLYCB
FONLYNCB

Race of a p p l i c a n t




B-78
Table

B-10

(continued)

Denial

Modified
Down

Modified
Up

FBLACK

-0.50
(-1.65)

-0.33
(-1.09)

0.21
(0.47)

FSPANISH

-1.13
(-3.07)

-0.90
(-2.46)

-1.81
(-3.06)

FAS IAN

-5.69
(-6.35)

-2.97
(-3.70)

-0.47
(-0.41)

-6.54
(-34.42)

-6.53
(-31.65)

-0.34
(-1.32)

Racial composition of the
neighborhood

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

24,766
812.00
126
0.0
24.46

* The numbers in parentheses are t - s t a t i s t i c s . A n "AR" after a
property location indicates the neighborhood is alleged to b e
redlined.




B-79
Table B-10
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the San Francisco-Oakland SMSA:

1978*

Denial

Modified
Down

Modified
Up

RLTOINC

1,
.06
.08)
(14.

0,
.80
(9,
.38)

0,
.07
(0.
.47)

FSECINC

0.
.07
(0,
.50)

.03
0.
.18)
(0,

-0.
.93
(-3,
.60)

FSIFCB

.32
-0.
,57)
(-1.

.32
-0.
.45)
(-1.

.21
1.
.74)
(3,

FSIFNCB

-0.
,27
(-0.
.93)

-0.
,56
.77)
(-1.

-0.
,22
(-0.
.51)

RLTOAV

6.
,68
(25.
.57)

6.
.05
(25.
,27)

-4.
,48
(-24.
,37)

0.13
(0.84)

1.73
(11.45)

0.03
(0.12)

-0.05
(-10.54)

-0.12
(-19.60)

0.06
(7.96)

DINC7675

0.36
(3.66)

0.79
(9.05)

-0.51
(-5.70)

DINC7570

-0.04
(-1.94)

0.01
(0.32)

-0.18
(-6.48)

DHH7675

-0.17
(-4.28)

-0.15
(-3.69)

-0.01
(-0.28)

DHH7570

-0.01
(-1.98)

-0.01
(-1.29)

0.00
(0.24)

0.37
(3.31)

-0.28
(-1.68)

0.65
(2.47)

F i n a n c i a l characteristics

Neighborhood




characteristics

FHI
INC1976

neighborhood
PRE1940

B-80
Table

B-10

(continued)

Denial

Modified
Down

Modified
Up

BA2-10

-0.24
(-2.76)

-0.28
(-3.30)

-1.10
(-9.05)

BA11-20

-0.20
(-2.11)

-0.28
(-3.03)

-1.07
(-8.14)

BA21-30

-0.24
(-2.74)

-0.13
(-1.51)

-0.98
(-7.84)

BA31-40

-0.13
(-1.09)

-0.20
(-1.67)

-0.98
(-5.85)

BA41-50

0.12
(0.98)

0.23
(1.77)

-0.86
(-4.65)

BAGE51

0.41
(3.44)

0.17
(1.36)

-1.03
(-5.52)

-0.
,13
.36)
(-0.

-0.
,08
(-0.
,21)

0,
.06
(0.
.11)

.16
0.
.71)
(0.

0.
,33
.24)
(1.

0.
.52
.48)
(1.

C e n t r a l Oakland
(AR)

.43
-0.
.81)
(-1.

0.
,31
,23)
(1.

.22
-0,
(-0.
.62)

East Oakland

-0.
,18
.35)
(-1.

,22
0.
,47)
(1.

.48
-0.
.42)
(-2.

W e s t Oakland

-0.32
(-0.75)

-0.51
(-0.87)

-11.75
(-13.61)

Rest of Alameda
County

-0.17
(-1.47)

-0.13
(-1.05)

-0.44
(-2.83)

Contra Costa County

-0.33
(-4.25)

-0.07
(-0.88)

0.47
(4.69)

Building age
(relative to new and
one year old buildings)

Property location
(relative to San M a t e o
County)




Alameda County
A l a m e d a City
Berkeley

B-81
Table B-24

(continued)

Denial

Modified
Down

Modified
Up

Marin C o u n t y

-0.02
(-0.18)

0.54
(5.17)

-0.12
(-0.80)

San Francisco

-0.62
(-6.01)

-0.19
(-1.75)

-0.70
(-4.69)

ALT 2 5

-0.27
(-1.76)

-0.65
(-4.03)

0.04
(0.18)

A25T034

-0.15
(-2.68)

-0.24
(-3.88)

0.09
(1.16)

A45T054

0.03
(0.27)

0.13
(1.30)

-0.13
(-1.04)

-0.26
(-1.84)

0.02
(0.15)

-0.65
(-3.44)

FONLYCB

-0.31
(-1.94)

-0.54
(-3.22)

-0.48
(-2.23)

FONLYNCB

-0.11
(-0.72)

-0.48
(-3.08)

-0.04
(-0.22)

MFCB

-0.21
(-3.53)

-0.38
(-5.05)

-0.01
(-0.16)

MONLY

-0.06
(-0.73)

-0.28
(-3.05)

0.13
(1.14)

BLACK

0.56
(4.14)

0.02
(0.14)

1.20
(6.00)

SPANISH

0.28
(2.08)

-0.14
(-1.01)

0.57
(3.20)

ASIAN

0.15
(1.43)

-0.04
(-0.35)

-0.14
(-0.98)

OMIN

0.18
(0.85)

-0.17
(-0.79)

0.26
(0.93)

(

Age of the a p p l i c a n t
(relative to 35-44 years)

AGE 5 5
Sex of applicant(s)
(relative to MFNCB)

Race of a p p l i c a n t




B-82
Table

B-10

(continued)

Denial

Modified
Down

Modified
Up

FBLACK

0.29
(1.23)

0.50
(2.01)

-0.67
(-1.79)

FSPANISH

0.42
(1.01)

-0.47
(-1.29)

-0.84
(-1.43)

-3.72
(-4.63)

0.81
(1.10)

-2.83
(-2.18)

-7.79
(-25.42)

-7.19
(-30.86)

0.18
(0.82)

Racial composition of the
neighborhood

FASIAN
Constant

Sample

size

Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

21,608
1,386.38
126
0.0
36.81

* The numbers in parentheses are t-statistics. An "AR" after a
property location indicates the neighborhood is alleged to be
redlined.




B-83
Table B-10
M u l t i n o m i a l Logit Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the. San Jose SMSA:

1977*

Denial

Modified
Down

Modified
Up

RLTOINC

1,
.01
(8,
.30)

.72
0,
(5.
.14)

.34
0,
.16)
(1.

FSECINC

-0,
.38
.50)
(-1.

.29
-0,
.23)
(-1.

0,
.69
(2.
.02)

FSIFCB

0.
.33
,95)
(0.

.32
0.
.98)
(0.

0.
.01
.02)
(0.

FSIFNCB

,61
-0.
.10)
(-1.

.33
-0.
(-0.
,66)

.94
0.
.36)
(1.

RLTOAV

7.
.38
(18.
.22)

10.,23
.05)
(19.

,62
-5.
(-13.
,99)

1,
.05
(7,
.40)

.98
0,
(6,
.00)

-0,
.09
(-0,
.26)

INC1976

.14
-0,
.61)
(-13.

.05
-0.
(-4,
.50)

-0,
.00
(-0,
.14)

DINC7675

1.
.20
(10.
.79)

0.
.83
(6,
.70)

0.
.16
.10)
(1,

DINC7570

0.
.01
,30)
(0.

.02
-0.
(-0.
.76)

.02
-0,
(-0.
.60)

DHH7675

,02
0.
,42)
(0.

.02
-0.
(-0.
,49)

-0.
.09
.72)
(-1.

DHH757Q

,02
0.
(3.
,87)

0.
,00
(0.
,81)

0.
.00
.34)
(0.

FVACANTSJ

1.,88
,72)
(1.

0.,64
.63)
(0.

,12
-3.
( - 1 .75)

Financial characteristics

Neighborhood




characteristics

FHISJ

B-84
Table

B-10

(continued)

Denial

Modified
Down

Modified
Up

0.84
(2.11)

0.43
(1.04)

-1.23
(-2.03)

BAl-9

0.20
(1.62)

0.07
(0.67)

-0.33
(-2.03)

BA10-19

0.10
(0.63)

-0.04
(-0.32)

-0.70
(-3.25)

BA20-29

0.72
(3.99)

-0.23
(-1.45)

-0.78
(-3.11)

BA30-39

0.79
(2.23)

0.14
(0.43)

-0.59
(-1.17)

BA40-49

0.91
(2.42)

0.45
(1.23)

-0.01
(-0.03)

BAGE50

1.60
(4.61)

0.63
(1.54)

-0.33
(-0.53)

-0.40
(-3.22)

0.13
(1.12)

0.32
(1.76)

0.03
(0.14)

0.04
(0.18)

-0.34
(-1.03)

A25T034

-0.09
(-0.79)

-0.25
(-2.71)

0.07
(0.53)

A45T054

-0.47
(-2.67)

0.00
(0.03)

-0.02
(-0.08)

AGE55

-1.57
(-5.02)

-0.25
(-1.04)

-0.16
(-0.48)

A g e of neighborhood
PRE1940
Building age
(relative to new buildings)

Property locatioh
(relative to suburbs)
San Jose
Age of the a p p l i c a n t
(relative to 35-44 years)




ALT25

B-85
Table

B-10

(continued)

Denial

Modified
Down

Modified
Up

FONLYCB

-0.82
(-2.49)

-0.73
(-2.43)

-0.84
(-1.90)

FONLYNCB

-0.61
(-2.03)

-0.08
(-0.28)

-1.24
(-3.02)

MFCB

-0.50
(-3.55)

-0.43
(-4.14)

0.33
(2.47)

MONLY

-0.45
(-2.75)

-0.31
(-2.18)

0.38
(1.78)

BLACK

1.49
(4.66)

0.20
(0.45)

0.19
(0.29)

SPANISH

0.55
(2.52)

0.15
(0.71)

-0.11
(-0.35)

ASIAN

0.50
(2.23)

-0.02
(-0.11)

0.02
(0.06)

OMIN

0.18
(0.61)

-0.28
(-1.07)

-0.58
(-1.45)

FBLACKSJ

4.00
(2.28)

-5.71
(-3.05)

-13.66
(-4.75)

FSPANISHSJ

2.49
(4.94)

0.10
(0.20)

1.29
(1.42)

-6.39
(-3.31)

-2.82
(-1.55)

8.38
(3.88)

-9.75
(-23.88)

-11.73
(-20.25)

-0.07
(-0.20)

Sex of applicant(s)
(relative to MFNCB)

Race of applicant

Racial composition of the
neighborhood

FASIANSJ
Constant
Sample size
Likelihood ratio statistic
Degrees of freeidom
Probability
Corresponding standard
normal deviate

9887
608.81
105
0.000
20.44

* The numbers in parentheses are t - s t a t i s t i c s .



£-86
Table B-26
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional Mortgages
on Owner-Occupied Single Family Houses
in the San Jose SMSA:

1978*

Denial

Modified
Down

Modified
Up

RLTOINC

.84
0.
.89)
(7.

0,
.63
(4.
.52)

-0.
.02
(-0.
.07)

FSECINC

,04
0.
(0.
.13)

-0.
.39
.43)
(-1.

-0.
.27
(-0,
.75)

FSIFCB

-0.
.84
.12)
(-2.

,26
-1.
(-3.
.28)

-0.
.00
(-0.
.01)

FSIFNCB

.18
-1.
.99)
(-1.

,09
1.
(2.
.00)

0.
.47
(0.
.66)

RLTOAV

7.
.90
(15.
.94)

7.
,85
(16. 41)
•

Financial characteristics

Neighborhood




-4.
.48
(-13.
.29)

characteristics
1,
.05
(5,
.19)

1.
.17
(5.
.27)

0,
.85
(2.
.84)

INC1976

-0,
.07
(-6,
.84)

.08
-0.
(-4.
.72)

0,
.02
.54)
(1.

DINC7675

.84
0.
(8.
.26)

.41
0,
(3.
.09)

-0.
.39
(-2.
.02)

DINC7570

-0.
.17
.44)
(-4.

0.
.03
.54)
(0.

.14
0.
(3.
.18)

DHH7675

0,
.28
(5.
.16)

-0.
.21
(-3.
.61)

0.
.07
.16)
(1.

DHH7570

-0.
.03
(-4.
.11)

0.
.01
.78)
(1.

,02
0.
(2. 41)

FVACANTSJ

-1.21
(-0.93)

1.31
(1.07)

-6.26
(-3.19)

FHISJ

B-87
Table

B-10

(continued)

Denial

Modified
Down

Modified
Up

2.21
(5.80)

-0.76
(-1.51)

-2.48
(-4.41)

BA2-10

0.05
(0.45)

-0.22
(-1.74)

-1.06
(-5.67)

BA11-20

0.25
(1.87)

0.03
(0.23)

-0.92
(-4.41)

BA21-30

-0.07
(-0.43)

0.12
(0.71)

-0.85
(-3.52)

BA31-40

(-0.22)

(-1.22)

(-1.18)

BA41-50

0.45
(1.50)

0.63
(1.56)

0.11
(0.21)

BAGE51

0.14
(0.37)

-0.13
(-0.27)

-0.18
(-0.29)

0.42
(3.31)

-0.11
(-0.79)

-0.43
(-2.43)

ALT 2 5

-0.11
(-0.46)

-0.29
(-1.08)

0.31
(0.94)

A25T034

-0.26
(-2.74)

-0.03
(-0.32)

0.14
(1.09)

A45T054

-0.44
(-2.58)

-0.07
(-0.38)

-0.24
(-1.08)

AGE 5 5

-0.22
(-0.84)

-0.03
(-0.12)

-2.44
(-3.67)

Age of neighborhood
PRE1940
Building age
(relative to new and
one year old buildings)

-0.07

-0.45

-0.53

Property location
(relative to suburbs)
San Jose
A g e of the applicant
(relative to 35-44 years)




B-120
""able B-17 (continued)

Denial

Modified
Down

Modified
Up

FONLYCB

-0.52
(-1.69)

-0.33
(-0.95)

0.32
(0.77)

FONLYNCB

-0.37
(-1.29)

-0.10
(-0.31)

0.47
(1.27)

0.08
(0.80)

0.09
(0.83)

0.47
(3.50)

-0.04
(-0.25)

-0.19
(-1.17)

0.13
(0.62)

BLACK

1.06
(3.59)

0.17
(0.35)

0.78
(1.35)

SPANISH

0.23
(1.02)

-0.47
(-1.80)

0.70
(2.38)

ASIAN

-0.29
(-1.50)

-0.34
(-1.55)

-0.13
(-0.50)

OMIN

0.61
(1.92)

-0.25
(-0.67)

0.31
(0.72)

-4.21
(-2.39)

-1.17
(-0.57)

2.23
(0.93)

0.96
(1.85)

1.58
(2.59)

3.98
(4.11)

-4.21
(-2.51)

0.11
(0.06)

2.63
(1.06)

-9.65
(-15.95)

-9.36
(-17.60)

-1.21
(-3.80)

Sex of applicant(s)
(relative to MFNCB)

MFCB
MONLY
Race of applicant

Racial composition of the
neighborhood
FBLACKSJ
FSPANISHSJ
FASIANSJ
Constant
Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

7691
526.61
105
0.000
18.00

* The numbers in parentheses are t - s t a t i s t i c s .




B-89
Table B-27
M u l t i n o m i a l L o g i t Estimation of A c t i o n s on
on Owner-Occupied Single Family Houses
in the Santa Barbara SMSA:

1977*

Denial

Modified

RLTOINC

0.07
(0.02)

0.59
(2.99)

FSECINC

-3.71
(-2.42)

-2.60
(-2.25)

FSIFCB

2.23
(1.26)

0.94
(0.66)

FSIFNCB

5.50
(3.26)

0.05
(0.04)

RLTOAV

1.04
(4.73)

1.12
(2.74)

0.62
(0.58)

-2.22
(-2.75)

INC1976

-0.04
(-1.34)

-0.00
(-0.13)

DINC7675

1.93
(4.29)

0.46
(1.76)

DINC7570

0.12
(1.08)

-0.05
(-1.56)

DHH7675

-1.68
(-1.00)

3.89
(2.66)

DHH7570

0.03
(0.81)

-0.08
(-2.30)

1.65
(1.59)

-0.60
(-0.61)

Financial characteristics

Neighborhood characteristics
FHI

Age of neighborhood




PRE1940

B-90
Table

B-10

(continued)
Denial

Modified

BA1-9

-0.86
(-1.69)

-0.71
(-2.63)

BA10-19

-0.44
(-0.94)

0.20
(0.81)

BA20-29

-0.57
(-0.99)

0.24
(0.65)

BA30-39

-0.38
(-0.49)

0.59
(1.06)

BA40-49

-0.94
(-1.46)

0.06
(0.14)

BAGE50

-1.86
(-2.20)

-0.48
(-0.92)

0.05
(0.16)

-1.12
(-4.01)

-0.25
(-0.30)

-0.56
(-0.96)

A25T034

0.64
(1.96)

-0.20
(-1.00)

A45T054

-0.42
(-1.07)

0.14
(0.52)

AGE55

-0.32
(-0.59)

-0.68
(-1.76)

-0.52
(-0.56)

-0.45
(-0.69)

Building age
(relative to new buildings)

Property location
(relative to suburbs)
City of Santa Barbara
Age of the a p p l i c a n t
(relative to 35-44 years)
ALT25

Sex of applicant(s)
(relative to MFNCB)




FONLYCB

B-91
Table

B-10

(continued)
Denial

Modified

FONLYNCB

0.02
(0.02)

-1.53
(-2.77)

MFCB

0.01
(0.03)

-0.14
(-0.71)

MONLY

-0.13
(-0.31)

-0.18
(-0.64)

0.43
(0.79)

-0.26
(-0.61)

-9.77
(-5.69)

0.96
(1.59)

0.80
(1.23)

0.35
(0.56)

-1.94
(-0.29)

-2.77
(-0.62)

2.59
(2.08)

-1.26
(-1.09)

-141.37
(-0.92)

-12.28
(-1.06)

-11.54
(-5.31)

-2.90
(-11.31)

Race of applicant
SPANISH
ASIAN
BLACK and OMIN
Racial composition of.the
neighborhood
FBLACK
FSPANISH
FASIAN
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

1401
95.64
66
0.010
2.38

* The numbers in parentheses are t - s t a t i s t i c s .




B-92
Table B-28
M u l t i n o m i a l Logit Estimation of A c t i o n s on
A p p l i c a t i o n s for C o n v e n t i o n a l M o r t g a g e s
on Owner-Occupied Single Family H o u s e s
in the Santa Barbara SMSA:

1978*

Denial

Modified

RLTOINC

1.14
(4.95)

0.75
(3.07)

FSECINC

0.03
(0.05)

-0.98
(-1.41)

FSIFCB

-1.20
(-1.37)

-0.11
(-0.12)

FSIFNCB

0.45
(0.39)

1.16
(0.82)

RLTOAV

6.37
(6.25)

5.23
(6.77)

0.92
(0.78)

0.95
(1.16)

-0.18
(-5.36)

(-6.38)

DINC7675

1.84
(3.99)

1.24
(2.21)

DINC7570

0.11
(1.98)

0.13
(3.20)

DHH7675

4.51
(2.34)

4.98
(2.15)

DHH7570

-0.04
(-0.91)

(-3.22)

-0.98
(-0.90)

-3.54
(-2.64)

Financial characteristics

Neighborhood

characteristics

FHI
INC1976

-0.26

-0.16

Age of neighborhood




PRE1940

B-93
Table

B-31

(continued)
Denial

Modified

BA2-10

0.51
(1.47)

-0.04
(-0.13)

BA11-20

0.26
(0.83)

0.02
(0.06)

BA21-30

0.08
(0.19)

-0.17
(-0.43)

BA31-40

1.51
(2.85)

-0.06
(-0.11)

BA41-50

1-27
(2.48)

0.92
(1.84)

BAGE51

2.06
(4.82)

1.30
(2.61)

-0.70
(-1.59)

-0.90
(-3.33)

-0.29
(-0.55)

1.07
(2.22)

A25T034

0.07
(0.32)

0.30
(1.08)

A45T054

-0.59
(-1.55)

1.04
(2.95)

0.05
(0.12)

0.59
(1.36)

Building age
(relative to new and
one y e a r old buildings)

Property location
(relative to suburbs)
City of Santa Barbara
Age of the a p p l i c a n t
(relative to 35-44 years)
ALT25

AGE55
Sex of applicant(s)
(relative to MFNCB)




FONLYCB

-0.01

-0.19

(-0.01)

(-0.28)

B-94
Table

B-32

(continued)
Denial

Modified

0.95
(1.80)

0.19
(0.33)

MFCB

-0.13
(-0.53)

0.34
(0.98)

MONLY

-0.34
(-1.19)

0.40
(1.10)

0.11
(0.28)

-0.00
(-0.01)

-0.07
(-0.08)

-0.81
(-0.99)

1.34
(2.66)

-0.21
(-0.32)

FBLACK

-3.36
(-0.77)

0.54
(0.11)

FSPANISH

-0.67
(-0.54)

(0.09)

•168.79
(-2.71)

-103.50
(-4.45)

-6.93
(-7.33)

-5.38
(-11.56)

FONLYNCB

Race of a p p l i c a n t
SPANISH
ASIAN
BLACK and OMIN
Racial composition of the
neighborhood

FASIAN
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

1254
134.53
66
0.000
4.96

* The numbers in parentheses are t - s t a t i s t i c s .




0.10

B-95
TableB-40(continued)
M u l t i n o m i a l Logit Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional Mortgages
on Owner-Occupied Single-Family H o u s e s
in the Santa Rosa SMSAs

1977*

Denial

Modified
Down

Modified
Up

RLTOINC

0.98
(3.92)

1.20
(4.69)

-27.44
(-10.38)

FSECINC

0.91
(1.31)

1.84
(2.63)

0.97
(1.04)

FSIFCB

-1.80
(-1.96)

-3.02
(-3.09)

-2.69
(-2.12)

FSIFNCB

0.32
(0.28)

-0.98
(-0.83)

1.08
(0.62)

RLTOAV

6.79
(6.19)

10.65
(9.19)

-4.56
(-5.67)

4.75
(2.43)

-2.70
(-1.15)

1.99
(0.64)

-0.70
(-0.78)

-0.28
(-0.38)

-1.38
(-1.43)

-0.29
(-1.33)

0.07
(0.31)

0.24
(0.79)

BA10-19

0.20
(0.67)

0.57
(1.97)

-0.22
(-0.51)

BA20-29

0.49
(1.42)

0.40
(1.16)

0.34
(0.70)

BA30-39

0.11
(0.21)

0.31
(0.64)

-0.64
(-0.88)

Financial characteristics

Neighborhood

characteristics

FHI
Age of neighborhood
PRE1940

Building age
(relative to new buildings)




BA1-9

B-96
Table

B-31

(continued)

Denial

Modified
Down

Modified
Up

BA40-49

1.30
(3.21)

0.41
(0.81)

-0.50
(-0.66)

BAGE50

1.36
(2.74)

0.03
(0.04)

-12.85
(-9.80)

0.03
(0.08)

-0.37
(-1.20)

-0.15
(-0.36)

-0.10
(-0.01)

-0.09
(-0.20)

0.72
(1.27)

A25T034

0.05
(0.26)

0.55
(2.34)

-0.14
(-0.44)

A45T054

0.55
(1.71)

-0.72
(-1.86)

-0.87
(-1.75)

AGE 5 5

0.04
(0.12)

0.49
(1.47)

-0.73
(-1.38)

FONLYCB

0.31
(0.53)

0.25
(0.49)

1.36
(1.66)

FONLYNCB

-0.52
(-1.03)

0.93
(2.11)

0.58
(0.87)

MFCB

0.29
(1.51)

-0.18
(-0.97)

0.73
(1.37)

MONLY

0.08
(0.28)

-0.23
(-0.77)

0.18
(0.31)

0.57
(0.47)

0.37
(0.30)

-13.55
(-6.62)

Property location
(relative to suburbs)
City of Santa Rosa
Age of the a p p l i c a n t
(relative to 35-44 years)
ALT 2 5

Sex of appl-icant(s)
(relative to MFNCB)

Race of applicant




BLACK

B-97
Table

B-31

(continued)

Denial

Modified
Down

Modified
Up

SPANISH

0.33
(0.51)

-0.25
(-0.41)

-14.31
(-9.95)

ASIAN

1.15
(1.66)

-13.25
(-9.51)

-13.65
(-8.16)

OMIN

0.74
(1.07)

0.52
(0.74)

1.71
(3.12)

-5.25
(-0.45)

0.90
(0.09)

-4.59
(-0.33)

12.94
(3.02)

-3.57
(-0.70)

3.88
(0.61)

-11.08
(-12.64)

-12.13
(-10.28)

-1.61
(-1.29)

Racial composition of the
neighborhood
FBLACK
FSPANISH
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

3419
232.32
84
0.000
8.63

* The numbers in parentheses are t - s t a t i s t i c s .




B-98
Table B-40 (continued)
Multinomial L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single Family Houses
in the Santa Rosa SMSA:

1978*

Denial

Modified
Down

Modified
Up

RLTOINC

1.10
(7.71)

0.62
(2.86)

0.42
(0.78)

FSECINC

0.40
(1.05)

-0.60
(-1.24)

-0.18
(-0.21)

FSIFCB

-0.23
(-0.44)

0.87
(1.41)

2.11
(1.86)

FSIFNCB

-1.38
(-1.74)

0.40
(0.36)

1.75
(1.31)

RLTOAV

10.91
(13.18)

9.41
(10.37)

-3.84
(-4.54)

1.85
(1.30)

-3.06
(-1.67)

-0.83
(-0.24)

0.30
(0.68)

-0.72
(-1.18)

0.09
(0.09)

BA2-10

0.04
(0.25)

0.75
(2.89)

-0.02
(-0.05)

BA11-20

0.21
(0.95)

1.11
(3.74)

-0.23
(-0.53)

BA21-30

0.52
(2.16)

0.65
(1.95)

-1.60
(-2.00)

BA31-40

1.14
(3.88)

1.04
(3.72)

-0.40
(-0.62)

Financial characteristics

Neighborhood

characteristics

FHI
Age of neighborhood
PRE1940
Building age
(relative to new and
one year old buildings)




B-99
Table B-31 (continued)

Denial

Modified
Down

Modified
Up

BA41-50

1-63
(5.57)

1.47
(3.42)

0.09
(0.12)

BAGE51

1.52
(3.93)

-0.46
(-0.63)

-17.88
(-12.29)

0.14
(0.68)

-0.17
(-0.70)

-0.42
(-0.94)

-0.18
(-0.62)

-0.48
(-1.37)

0.03
(0.04)

A25T034

0.06
(0.43)

-0.28
(-1.55)

0.09
(0.29)

A45T054

0.17
(0.78)

0.27
(1.02)

-0.61
(-1.43)

-0.47
(-1.70)

0.14
(0.42)

-0.92
(-1.67)

FONLYCB

-1.00
(-2.25)

0.00
(0.01)

-1.05
(-1.27)

FONLYNCB

-0.94
(-2.49)

1.03
(2.48)

-0.00
(-0.00)

MFCB

-0.55
(-2.13)

0.57
(1.67)

-0.42
(-1.43)

MONLY

-0.56

Property location
(relative to suburbs)
City of Santa Rosa
Age of a p p l i c a n t
(relative to 35-44 years)
ALT25

AGE55
Sex of applicant(s)
(relative to MFNCB)

0.84

-1.04

(-2.21)

(2.55)

(-2.06)

-0.44
(-0.50)

-0.05
(-0.05)

-19.50
(-9.07)

Race of a p p l i c a n t




BLACK

B-100
Table B-30

(continued)

Denial

Modified
Down

SPANISH

-0.40
(-1.07)

-0.33
(-0.74)

-21.21
(-14.32)

ASIAN

-0.70
(-1.34)

1.18
(2.70)

0.27
(0.30)

-17.68
(-15.15)

0.13
(0.19)

0.14
(0.13)

-6.44
(-1.03)

-9.90
(-1.16)

-11.39
(-0.84)

6.25
(2.29)

1.85
(0.43)

2.64
(0.48)

-12.43
(-12.88)

-11.34
(-9.96)

-1.12
(-0.90)

OMIN

Modified
Up

Racial composition of the
neighborhood
FBLACK
FSPANISH
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

3307
411.94
84
0.000
15.78

* The numbers in parentheses are t - s t a t i s t i c s .




B-101
TableB-40(continued)
M u l t i n o m i a l Logit Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single-Family H o u s e s
in the Stockton SMSA:

1977*

Denial

Modified

RLTOINC

0.48
(0.37)

2.64
(3.59)

FSECINC

-1.03
(-1.30)

0.03
(0.03)

FSIFCB

0.87
(0.82)

0.17
(0.16)

FSIFNCB

1.82
(1.11)

-0.51
(-0.35)

RLTOAV

7.27

4.95

(3.81)

(3.78)

-2.48
(-0.89)

1.02.
(0.69)

DPOP7570STK

0.48
(2.76)

-0.22
(-1.33)

AVESP77STK

0.02
(0.54)

0.05
(2.58)

DSP7776STK

-0.13
(-1.66)

0.11
(1.86)

FVACANTSTK

-6.12
(-0.62)

5.37
(0.69)

DVAC7570STK

0.19

0.07

(1.80)

(0.80)

1.47
(1.20)

2.90
(2.70)

Financial characteristics

Neighborhood

characteristics

FHI

A g e of neighborhood




PRE1940

B-102
Table B - 3 1

(continued)
Denial

Modified

-0.39
(-0.95)

-0.23
(-0.70)

BA10-19

0.56
(1.06)

-0.16
(-0.35)

BA20-29

0.52
(0.97)

-0.04
(-0.09)

BA30-39

0.73
(1.08)

-0.57
(-0.93)

Building age
(relative to new buildings)
BAl-9

BA40-49

1.01

0.12

(1.26)

(0.18)

-10.61
(-6.80)

-14.21
(-7.48)

-1.24
(-2.53)

-1.25
(-3.18)

ALT25

-1.67
(-2.69)

-0.13
(-0.21)

A25T034

-1.37
(-4.05)

0.13
(0.29)

A45T054

-1.16
(-2.14)

1.03
(2.15)

AGE55

-1.08
(-1.71)

0.57
(0.91)

FONLYCB

1.43
(1.59)

-0.21
(-0.22)

FONLYNCB

-0.35
(-0.39)

-0.08
(-0.11)

BAGE50
Property location
(relative to suburbs)
City of Stockton
A g e of the a p p l i c a n t
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)




B-103
Table B - 3 1

(continued)
Denial

Modified

MFCB

0.38
(0.96)

0.22
(0.44)

MONLY

-0.01
(-0.03)

-10.94
(-7.49)

BLACK

2.08
(2.71)

-10.96
(-5.57)

SPANISH

0.94
(1.80)

-1.09
(-1.42)

ASIAN

0.90
(1.05)

-14.44
(-7.27)

OMIN

0.59
(0.70)

-11.26
(-6.80)

FBLACKSTK

-4.73
(-0.95)

-1.09
(-0.11)

FOTHERSTK

11.87
(2.27)

11.31
(1.65)

-9.94
(-4.70)

-12.09
(-6.56)

Race of a p p l i c a n t

Racial composition of the
ne ighborhood

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal d e v i a t e

2432
133.12
66
0.000
4.87

* The numbers in parentheses are t - s t a t i s t i c s .




B-104
Table B-32
Multinomial L o g i t Estimation of A c t i o n s on
A p p l i c a t i o n s for Conventional M o r t g a g e s
on Owner-Occupied Single-Family Houses
in the Stockton SMSA:

1978*

Denial

Modified

RLTOINC

1.46
(4.50)

0.68
(1.02)

FSECINC

-0.10
(-0.09)

0.52
(0.55)

FSIFCB

-0.96
(-0.79)

-3.52
(-2.73)

FSIFNCB

-1.32
(-0.70)

2.10
(1.23)

7.80

3.91

(4.89)

(2.40)

-2.63
(-1.56)

-0.81
(-0.64)

0.19
(1.70)

0.16
(1.18)

AVESP77STK

-0.01
(-0.46)

0.02
(0.94)

DSP7776STK

0.11
(2.06)

-0.07
(-1.16)

FVACANTSTK

8.84
(1.33)

12.38
(2.11)

DVAC7570STK

0.03
(0.38)

-0.01
(-0.20)

0.90
(0.92)

1.82
(1.61)

Financial characteristics

RLTOAV

Neighborhood

characteristics

FHI
DPOP7570STK

Age of neighborhood




PRE1940

B-105
Table

B-31

(continued)
Denial

Modified

BA2-10

-0.64
(-2.08)

-0.11
(-0.26)

BA11-20

0.52
(1.31)

0.63
(1.15)

BA21-30

0.02
(0.05)

0.60
(1.06)

BA31-40

-0.56
(-0.98)

0.34
(0.46)

BA41-50

-1.15
(-1.66)

-0.17
(-0.19)

BAGE51

-0.40
(-0.39)

0.94
(1.03)

0.16
(0.54)

0.91
(2.64)

-1.02
(-1.83)

-1.08
(-1.40)

A25T034

0.14
(0.50)

0.16
(0.39)

A45T054

-0.30
(-0.79)

0.33
(0.65)

AGE55

-0.82
(-1.67)

-0.29
(-0.49)

-0.16
(-0.20)

-13.81
(-6.66)

Building age
( r e l a t i v e to n e w a n d
one year old buildings)

Property location
(relative to suburbs)
City of Stockton
A g e of t h e a p p l i c a n t
( r e l a t i v e to 35-44
ALT25

years)

S e x of a p p l i c a n t ( s )
(relative to M F N C B )




FONLYCB

B-106
Table B-32

(continued)
Denial

Modified

FONLYNCB

1.01
(1.92)

-0.26
(-0.32)

MFCB

0.06
(0.14)

0.62
(1.19)

MONLY

-0.04
(-0.08)

0.30
(0.51)

BLACK

-0.99
(-1.19)

-12.67
(-6.30)

SPANISH

-0.25
(-0.56)

0.02
(0.04)

ASIAN

-0.70
(-1.11)

0.54
(0.79)

OMIN

-0.93
(-1.25)

-12.86
(-6.59)

FBLACKSTK

0.53
(0.22)

-3.19
(-0.92)

FOTHERSTK

4.05
(1.19)

-1.92
(-0.46)

-10.83
(-6.55)

-9.48
(-5.20)

Race of a p p l i c a n t

Racial composition of the
neighborhood

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

2381
114.49
66
0.000
3.69

* The numbers in parentheses are t - s t a t i s t i c s .




B-107
Table B-33
M u l t i n o m i a l L o g i t E s t i m a t i o n of: A c t i o n s on
A p p l i c a t i o n s for C o n v e n t i o n a l M o r t g a g e s
on O w n e r - O c c u p i e d S i n g l e - F a m i l y H o u s e s
in the V a l l e j o - N a p a SMSA:

1977*

Denial

Modified
Down

Modified
Up

RLTOINC

1.42
(4.51)

1.00
(3.21)

-25.16
(-2.05)

FSECINC

0.90
(1.01)

2.01
(2.29)

3.15
(3.09)

FSIFCB

0.26
(0.21)

-0.80
(-0.73)

-2.76
(-2.18)

FSIFNCB

-3.86
(-2.55)

-1.44
(-0.93)

-2.83
(-1.73)

12.59
(8.80)

14.13
(9.01)

-3.02
(-3.21)

0.69
(0.46)

-2.75
(-1.72)

1.66
(0.94)

0.96
(1.02)

1.87
(2.33)

0.39
(0.35)

-0.57
(-1.44)

-0.53
(-1.71)

-0.27
(-0.68)

BA10-19

0.23
(0.52)

-0.13
(-0.34)

-1.69
(-2.63)

BA20-29

0.24
(0.51)

-0.38
(-0.92)

0.01
(0.03)

BA30-39

-0.30
(-0.44)

-0.11)
(-0.21)

-0.62
(-0.75)

Financial characteristics

RLTOAV
Neighborhood characteristics
FHI
A g e of n e i g h b o r h o o d
PRE1940
B u i l d i n g age
(relative to new b u i l d i n g s )




BA1-9

B-108
Table B-31 (continued)

Denial

Modified
Down

Modified
Up

1.45
(2.34)

-1.44
(-1.66)

-15.22
(-8.22)

-13.32
(-8.24)

0.11
(0.17)

-15.55
(-8.38)

-0.22
(-0.65)

-0.25
(-0.95)

-0.60
(-1.69)

0.03
(0.07)

0.46
(0.90)

-0.94
(-1.48)

0.64
(1.28)

-1.07
(-1.94)

0.43
(0.56)

A25T034

-0.78
(-2.73)

-0.35
(-1.19)

0.51
(1.15)

A45T054

-0.66
(-1.33)

-0.02
(-0.05)

-0.49
(-0.87)

0.36
(0.65)

1.31
(2.85)

-0.19
(-0.29)

FONLYCB

-1.20
(-1.15)

0.54
(0.57)

0.16
(0.14)

FONLYNCB

-2.64
(-2.28)

1.21
(1.50)

-12.38
(-7.86)

MFCB

-0.77
(-2.34)

0.78
(1.52)

-0.59
(-1.37)

MONLY

-0.91
(-1.90)

1.07
(2.08)

-0.23
(-0.42)

1.69
(2.50)

0.90
(1.07)

0.49
(0.44)

BA40-49
BAGE50
Property location
(relative to suburbs)
City of Napa
City of V a l l e j o
Age of the a p p l i c a n t
(relative to 35-44 years)
ALT 2 5

AGE 5 5
Sex of applicant(s)
(relative to MFNCB)

Race of applicant




BLACK

B-109
Table B-31 (continued)

Denial

Modified
Down

Modified
Up

SPANISH

0.48
(0.57)

0.77
(1.23)

0.22
(0.23)

ASIAN

1.08
(1.58)

0.82
(1.32)

1.17
(1.97)

OMIN

0.76
(0.93)

0.45
(0.64)

0.06
(0.07)

0.17
(0.12)

-3.61
(-1.60)

-0.27
(-0.10)

-0.15
(-0.06)

-3.60
(-1.10)

-1.38
(-0.48)

-14.08
(-9.87)

-15.40
(-10.22)

-1.58
(-1.30)

Racial composition of the
neighborhood
FBLACK
FSPANISH
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

1884
210.03
87
0.000
7.34

* The numbers in parentheses are t - s t a t i s t i c s .




B-110
TableB - 4 0(continued)
iir

' - nual L o g i t Estimation of A c t i o n s on
..ications for Conventional M o r t g a g e s

on Owner-Occupied Single-Family H o u s e s
in the Vallejo-Napa SMSA:

1978*

Denial

Modified
Down

Modified
Up

RLTOINC

0.82
(1.68)

1.77
(4.65)

FSECINC

-0.83
(-1.02)

-22.81
(-3.26)

0.27
(0.26)

FSIFCB

-1.36
(-1.18)

26.07
(3.66)

1.53
(1.13)

FSIFNCB

1.48
(0.86)

21.27
(3.01)

2.74
(1.45)

RLTOAV

11.40
(6.07)

10.99
(6.42)

-5.10
(-5.15)

Financial characteristics

Neighborhood

-0.56
(-0.45)

characteristics

FHI

-0.08

2.01

1.80

(-0.05)

(1.29)

(0.89)

0.72
(0.86)

0.41
(0.53)

1.78
(1.76)

BA2-10

-0.47
(-1.22)

0.29
(0.88)

-0.80
(-2.04)

BAll-20

-0.97
(-1.84)

0.08
(0.20)

-1.01
(-1.98)

BA21-30

0.02
(0.03)

-0.69
(-1.60)

-2.36
(-2.31)

BA31-40

-0.05
(-0.08)

0.05
(0.11)

-0.69
(-1.14)

Age of neighborhood
PRE1940
Building age
(relative to new and
one year old buildings)




B-lll
T a b l e B-34 (continued)

Denial

Modified
Down

Modified
Up

BA41-50

-0.72
(-0.95)

0.42
(0.67)

-1.47
(-1.69)

BAGE51

0.04
(0.05)

0.94
(1.24)

-0.76
(-0.87)

-0.35
(-1.04)

-0.40
(-1.39)

0.18
(0.53)

0.09
(0.23)

-0.40
(-1.08)

0.15
(0.23)

ALT 2 5

-1.56
(-2.26)

-19.00
(-9.48)

-0.12
(-0.18)

A25T034

-0.14
(-0.45)

0.25
(0.70)

0.20
(0.52)

A45T054

0.08

0.86

-0.82

(0.17)

(2.32)

(-1.40)

-14.51
(-9.34)

1.09
(2.31)

-1.58
(-1.85)

-13.92
(-8.38)

-1.36
(-1.44)

1.62
(1.54)

Property location
(relative to suburbs)
City of Napa
City of V a l l e j o
A g e of the a p p l i c a n t
(relative to 35-44 years)

AGE 5 5
Sex of applicant(s)
(relative to MFNCB)
FONLYCB
FONLYNCB

0.94
(1.10)

0.48
(0.93)

1.94
(2.36)

MFCB

0.72
(1.20)

-1.77
(-2.86)

1.02
(1.51)

0.58
(0.91)

-0.55
(-1.23)

0.50
(0.63)

1.05
(1.46)

1.38
(2.23)

0.21
(0.23)

MONLY
Race of a p p l i c a n t




BLACK

B-112
Table B-31 (continued)

Denial

Modified
Down

Modified
Up

SPANISH

0.72
(1.26)

-0.54
(-0.88)

0.93
(1.53)

ASIAN

0.32
(0.48)

0.76
(1.41)

-0.14
(-0.20)

-12.51
(-7.52)

0.18
(0.19)

1.46
(1.80)

FBLACK

-1.73
(-1.05)

-2.06
(-1.30)

-1.37
(-0.40)

FSPANISH

-0.11
(-0.04)

6.13
(2.82)

-0.02
(-0.01)

-13.41
(-6.80)

-13.29
(-7.69)

-1.53
(-1.23)

OMIN
Racial composition of the
neighborhood

Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

1866
225.14
87
0.000
8.07

* The numbers in parentheses are t - s t a t i s t i c s .




B-113
TableB-40(continued)
Downward Loan Modifications on A p p l i c a t i o n s for
Conventional Mortgages on
Owner-Occupied Single Family Houses in the
Fresno SMSA:

1977 and 1978*

1977

1978

RLTOINC

2201
(1.77)

8583
(3.68)

FSECINC

598
(0.10)

-2824
(-0.65)

FSIFCB

6056
(0.98)

-3677
(-0.69)

FSIFNCB

987
(0.11)

15723
(2.65)

RLTOAV

7808
(1.57)

-6273
(-1.23)

Financial characteristics

REQLOAN

69

114

(2.55)

(2.90)

FHI

-4381
(-0.78)

8992
(1.40)

INC1976

-528
(-0.56)

440
(0.64)

DINC7675

6709
(0.88)

-3261
(-0.45)

DINC7570

-108
(-0.06)

-1123
(-0.75)

DHH7675

-1474
(-1.47)

-23
(-0.09)

Neighborhood

characteristics

DHH7570

187

1305

(0.87)

(1.37)

1951
(0.43)

-3552
(-0.80)

Age of neighborhood




PRE1940

B-114
Table B-35

(continued)
1977

1978

BA1-9

620
(0.44)

17
(0.01)

BA10-19

361
(0.21)

-1966
(-0.94)

BA20-29

481
(0.28)

-2337
(-1.20)

BAGE30

-347
(-0.15)

2792
(1.27)

-1090
(-1.05)

-490
(-0.31)

ALT 25

-1379
(-0.69)

3060
(1.46)

A25T034

-642
(-0.51)

2393
(1.72)

A45T054

-147
(-0.07)

5188
(3.14)

107
(0.05)

1215
(0.54)

FONLY

80
(0.03)

-52
(-0.02)

MFCB

140
(0.08)

691
(0.36)

MONLY

825
(0.48)

5
(0.00)

Building age**
(relative to new buildings)

Property location
(relative to suburbs)
City of Fresno
Age of a p p l i c a n t
(relative to 35-44 years)

AGE 5 5
Sex of applicant(s)
(relative to MFNCB)




B-115
Table B-31 (continued)
1977

1978

-97
(-0.04)

-2215
(-0.93)

702
(0.41)

(-0.09)

FBLACK

-21194
(-0.27)

-4864
(-0.66)

FSPANISH

-4020
(-0.57)

5626
(0.67)

•163129
(-0.87)

-44212
(-0.23)

-1046
(-0.09)

(0.16)

Race of a p p l i c a n t
BLACK and OTHERMIN
SPANISH

-161

Racial components of the
neighborhood

FAS IAN
Constant

1047

Sample size

121

110

R-squared

.24

.52

F-statistic

0.945

2.82

P-value

0.5549

0.0001

Mean of the d e p e n d e n t variable

4559

5309

* The numbers in parentheses are t - s t a t i s t i c s .
** Due to a programming error in the 1978 e s t i m a t e s , building
age is measured relative to new and one year old buildings
and the other variables are B A 2 - 1 0 , B A l l - 2 0 , B A 2 1 - 3 0 , and
BAGE31 for 1 9 7 8 .




B-116
Table B-36
Downward Loan Modifications on A p p l i c a t i o n s for
Conventional Mortgages on
Owner-Occupied Single Family Houses in the
Los A n g e l e s - L o n g Beach SMSA:

1977 and 1978*
1977

1978

RLTOINC

3142
(5.57)

4440
(7.12)

FSECINC

-1684
(-0.70)

-2115
(-1.05)

FSIFCB

3172
(1.08)

400
(0.15)

FSIFNCB

38
(0.01)

-1717
(-0.58)

RLTOAV

5045
(2.07)

2207
(0.90)

120
(13.78)

80
(10.02)

FHI

2135
(0.94)

6069
(2.88)

INC1976

287
(1.67)

135
(0.83)

DINC7675

-2774
(-2.33)

-1717
(-1.47)

DINC7570

30
(0.12)

-57
(-0.26)

DHH7675

-140
(-0.91)

64
(0.48)

DHH7570

-31
(-0.57)

-48
(-1.05)

3484
(1.64)

2119
(1.09)

Financial characteristics

REQLOAN
Neighborhood

characteristics

Age of neighborhood




PRE1940

B-117
Table B-31 (continued)
1977

1978

BAl-9

-2109
(-2.14)

-796
(-0.88)

BA10-19

-728
(-0.69)

-453
(-0.49)

BA20-29

-1256
(-1.33)

-124
(-0.15)

-2109

-1460
(-1.41)

Building age**
(relative to new buildings)

BA30-39

(-1.82)
BA40-49

(-0.87)

-1111

-2828
(-2.31)

-3510
(-2.20)

413
(0.33)

-1140
(-0.85)

(0.12)

-814
(-0.43)

-2074
(-1.15)

-764
(-1.17)

820
(1.38)

ALT 2 5

-1514
(-1.11)

-1222
(-0.98)

A25T034

-677
(-0.89)

-585
(-0.84)

A45T054

1485
(1.82)

1346
(1.72)

AGE 5 5

3058
(2.95)

765
(0.79)

BAGE50
Property location
(relative to the rest of
Los A n g e l e s County)
A l l e g e d redlined area
Rest of the City of
Long Beach
Rest of the City of
Los A n g e l e s

143

Age of the applicant
(relative to 35-44 years)




B-118
Table B-31 (continued)
1977

1978

FONLYCB

-539
(-0.32)

-1326
(-0.84)

FONLYNCB

-343
(-0.27)

516
(0.45)

MFCB

-942
(-0.96)

-1596
(-1.63)

MONLY

-596
(-0.64)

-3018
(-3.49)

2784
(1.56)

-2927
(-1.94)

SPANISH

-715
(-0.83)

-1332
(-1.75)

ASIAN

-1038
(-1.05)

(-1.06)

Sex of applicant(s)
(relative to MFNCB)

Race off a p p l i c a n t
BLACK

155

-864

(0.11)

-3370
(-2.25)

-5414
(-1.78)

972
(0.42)

FSPANISH

5773
(2.09)

2956
(1.31)

FASIAN

4497
(0.41)

-12715
(-1.41)

-4942
(-1.74)

434
(0.16)

1325

1519

.30

.25

OMIN
Racial composition of the
neighborhood
FBLACK

Constant

Sample size
R-squared




B-119
Table B-31 (continued)
1977
F-statistic

1978

15.15

13.21

P-value

0.0001

0.0001

Mean of the dependent variable

8666

9097

* The numbers in parentheses are t - s t a t i s t i c s .
** Due to a programming error in the 1978 e s t i m a t e s , building age
is measured relative to new and one year old buildings and the
variables are B A 2 - 1 0 , B A 1 1 - 2 0 , B A 2 1 - 3 0 , B A 3 1 - 4 0 , BA41-50 and
B A G E 5 1 in 1 9 7 8 .




B-120
TableB-40(continued)
Downward Loan Modifications on A p p l i c a t i o n s for
Conventional Mortgages on
Owner-Occupied Single Family H o u s e s in the
San Francisco-Oakland SMSA:

1977 and 1978*

1977

1978

RLTOINC

5809
(6.08)

3479
(5.09)

FSECINC

4064
(1.45)

-1217
(-0.53)

FSIFCB

-6294
(-1.81)

}.455
(0.46)

FSIFNCB

-6044
(-1.48)

3422
(1.02)

RLTOAV

8421
(3.01)

2200
(0.78)

REQLOAN

75
(5.72)

108
(8.71)

Financial characteristics

Neighborhood

characteristics

FHI
INC1976

-569

893

(-0.18)

(0.28)

139
(0.44)

-554
(-1.91)

DINC7675

-1798
(-0.87)

2055
(1.06)

DINC7570

-239
(-0.56)

-141
(-0.33)

DHH7675

149
(0.28)

2055
(1.06)

DHH7570

53

89

(0.66)

(1.11)

2488
(1.03)

5538
(2.56)

A g e of neighborhood




PRE 1940

B-121
Table B-31 (continued)
1977

1978

149
(0.12)

729
(0.66)

BA10-19

-791
(-0.61)

-999
(-0.88)

BA20-29

-1951
(-1.44)

-1211
(-1.09)

BA30-39

-1871
(-1.23)

-1476
(-1.07)

BA40-49

-547
(-0.32)

-2128
(-1.45)

BAGE50

318
(0.19)

-1676
(-1.14)

696
(0.40)

-1047
(-0.75)

Alameda C i t y , W e s t and
Central Oakland

-3464
(-1.52)

-1295
(-0.70)

Rest of A l a m e d a County
and Berkeley

-117
(-0.09)

-2038
(-1.69)

331
(0.30)

152
(0.14)

-981
(-0.80)

-1447
(-1.34)

1094
(0.70)

-124
(-0.09)

ALT 2 5

-892
(-0.60)

-752
(-0.43)

A25T034

-42
(-0.05)

10
(0.01)

Building age**
(relative to new buildings)
BA1-9

Property location
(relative to San Mateo County)
East Oakland

Contra Costa County
Marin County
San Francisco County
A g e of the applicant
(relative to 35-44 years)




B-122
Table B-31 (continued)
1977

1978

A45T054

2790
(2.71)

1854
(2.07)

AGE 5 5

2192
(1.61)

83
(0.07)

FONLYCB

-2976
(-1.62)

-2131
(-1.20)

FONLYNCB

-475
(-0.28)

-2127
(-1.47)

MFCB

-232
(-0.20)

-1541
(-1.30)

MONLY

-683
(-0.59)

-2181
(-2.13)

BLACK

-2715
(-1.58)

-2576
(-2.07)

SPANISH

-1827
(-1.47)

-1229
(-0.92)

ASIAN

-1311
(-1.29)

(-2.01)

-2060
(-1.25)

(-0.02)

4987
(1.65)

693
(0.28)

FSPANISH

-7251
(-1.40)

-6809
(-1.14)

FASIAN

-25110

Sex of applicant(s)
(relative to MFNCB)

Race of a p p l i c a n t

OMIN

-1900
-45

Racial composition of the
neighborhood
FBLACK

(-1.62)
Constant




1382
(0.13)

-3419
(-0.79)

5788
(1.45)

B-123
Table B-31 (continued)
1977

1978

Sample size

601

730

R-squared

.26

.29

F-statistic

4.98

6.98

P-value

0.0001

0.0001

M e a n of the d e p e n d e n t variable

7054

7703

* The numbers in parentheses are t - s t a t i s t i c s .
** Due to a programming error in the 1978 e s t i m a t e s , building age
is measured relative to new and one year old buildings and the
variables are B A 2 - 1 0 , B A 1 1 - 2 0 , B A 2 1 - 3 0 , B A 3 1 - 4 0 , BA41-50 and
BAGE51 in 1 9 7 8 .




B-124
TableB-40(continued)
Downward Loan Modifications on Applications for
Conventional Mortgages on
Owner-Occupied Single Family Houses in the
San Jose SMSA:

1977 and 1978*

1977

1978

RLTOINC

7030
(8.10)

6872
(2.58)

FSECINC

4300
(1.05)

667
(0.08)

FSIFCB

-4639
(-0.95)

-7270
(-0.68)

FSIFNCB

-16012
(-2.72)

3661
(0.31)

RLTOAV

22856
(4.64)

-5319
(-0.56)

REQLOAN

75
(3.72)

120
(3.07)

488
(0.11)

-3294
(-0.35)

INC1976

-332
(-0.95)

1981
(2.33)

DINC7675

2417
(0.87)

-13393
(-2.26)

DINC7570

-503
(-0.64)

-1550
(-0.90)

DHH7675

406
(0.45)

1793
(0.95)

DHH7570

-145
(-1.03)

-339
(-1.05)

FVACANTSJ

-13534
(-0.83)

-44504
(-1.06)

Financial characteristics

Neighborhood




characteristics

FHI

B-125
Table B-31 (continued)

1977

1978

-7093
(-1.36)

13523
(1.17)

-704
(-0.52)

(-1.02)

BA10-19

-1644
(-1.05)

-6002
(-1.91)

BA20-29

-1985
(-1.09)

-6347
(-1.92)

BA30-39

-1867
(-0.72)

-2606
(-0.38)

-616

(-0.26)

-9477
(-1.91)

121
(0.09)

1059
(0.37)

-2445
(-1.36)

1287
(0.28)

-816

(-0.72)

1498
(0.61)

319
(0.23)

1688
(0.54)

-445
(-0.21)

4026
(0.92)

Age of neighborhood
PRE1940
Building age**
(relative to new buildings)
BA1-9

BAGE40

-2995

Property location
(relative to suburbs)
City of San Jose
A g e of a p p l i c a n t
(relative to 35-44 years)




ALT 2 5
A25T034
A45T054
AGE 5 5

B-126
Table B-31 (continued)

1977

1978

FONLY

-5571
(-2.88)

1545
(0.35)

MFCB

-4195
(-2.57)

2770
(0.76)

MONLY

-4076

2273

(-2.57)

(0.64)

BLACK and OTHERMIN

-2336
(-1.20)

2461
(0.54)

SPANISH

-353
(-0.22)

3051
(0.71)

-39060
(-1.37)

-62173
(-1.17)

FSPANISH

991
(0.12)

8089
(0.47)

FASIAN

8981
(0.37)

43199
(0.88)

-7534
(-1.24)

-7556
(-0.57)

Sex of applicant(s)
(relative to MFNCB)

Race of a p p l i c a n t

Racial composition of the
neighborhood
FBLACK

Constant

Sample size

288

212

R-squared

.41

.26

F-statistic

5.59

1.93

P-value

0.0001

0.0039

Mean of the d e p e n d e n t
variable

6367

7788




B-127
Table B-31 (continued)

* The numbers in parentheses are t - s t a t i s t i c s .
** Due to a programming error in the 1978 e s t i m a t e s , building
age is measured relative to new and one year old buildings
and the other variables are B A 2 - 1 0 , B A l l - 2 0 , B A 2 1 - 3 0 , BA3140 and B A G E 4 1 .




B-128
Table B-39
Interest R a t e , M a t u r i t y , and L o a n - t o - V a l u e Ratio
for Conventional Mortgages on Owner-Occupied
Single Family H o m e s in the Fresno SMSA;

1977

(Two-Stage L e a s t Squares Estimation Technique)*

Maturity

(percent)

(years)

Loan-to-Value
Ratio
(percent)

-3.55
(-2.67)

Interest Rate

-2.72
(-1.32)

M o r t g a g e terms
INT**
MAT**

-0.20
(-0.93)

-0.01

(-0.77)

LTOAV* *

0.006

(7.39)

0.06
(7.01)

Financial characteristics
VRM

-0.06
(-6.14)

0.02

REQLOAN

(6.52)
96.76
(55.98)

RLTOAV

0.06
(3.27)

0.30
(1.54)

-0.57
(-2.09)

FSECINC

0.01
(0.26)

-0.24
(-0.57)

0.65
(1.17)

FSIFCB

-0.01
(-0.23)

-0.11
(-0.24)

-0.99
(-1.52)

FSIFNCB

-0.04
(-0.69)

0.76
(1.27)

-0.44
(-0.53)

-0.02
(-0.35)

-0.73
(-1.53)

-0.94
(-1.49)

0.01

0.04
(0.61)

0.10
(1.03)

RLTOINC

Neighborhood




characteristics

FHI
INC1976

(1.92)

B-129
T a b l e B-39

(continued)

(percent)

(years)

Loan-to-Value
Ratio
(percent)

DINC7675

-0.29
(-4.26)

-0.24
(-0.33)

(-1.85)

DINC7570

-0.02
(-1.33)

(-1.00)

(-1.19)

DHH7675

0.04
(4.74)

0.07
(0.64)

0.27
(1.89)

DHH7570

0.00
(0.29)

0.03
(1.57)

-0.00
(-0.11)

-0.07
(-1.63)

0.58
(1.55)

-0.36
(-0.67)

BAl-9

-0.09
(-7.13)

-0.42
(-2.43)

-0.56
(-2.12)

BA10-19

-0.04
(-2.56)

-0.47
(-2.96)

-0.65
(-2.53)

BA20-29

-0.03
(-1.49)

-0.51
(-3.12)

(-2.12)

(0.60)

0.02

-1.19
(-5.26)

-0.50
(-1.15)

BA40-49

0.00
(0.05)

-2.37
(-&.09)

-0.91
(-1.37)

BAGE50

0.02
(0.36)

-3.21
(-10.69)

-1.19
(-1.41)

(2.09)

0.46
(4.47)

0.24
(1.50)

0.05
(2.42)

(2.22)

0.41

0.33
(1.31)

Interest Rate

Maturity

-0.13

-1.82
-0.21

A g e of neighborhood
PRE1940
Building age
(relative to new buildings)

BA30-39

-0.59

Property location
(relative to suburbs)
City of Fresno

0.02

A g e of a p p l i c a n t
(relative to 35-44 years)




ALT 2 5

B-130
Table B-31 (continued)

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio
(percent)

A25T034

0.01
(0.50)

0.11
(0.91)

0.18
(1.07)

A45T054

0.01
(0.41)

0.04
(0.27)

0.29
(1.53)

-0.01
(-0.34)

-0.14
(-0.83)

-0.31
(-J..29)

FONLYCB

-0.02
(-0.51)

0.27
(0.98)

0.20
(0.53)

FONLYNCB

-0.02
(-0.67)

-0.06
(-0.28)

0.38
(1.32)

MFCB

-0.01
(-0.64)

0.09
(0.59)

0.00
(0.00)

MONLY

-0.07
(-4.20)

-0.37
(-2.13)

-0.28
(-1.07)

BLACK

0.04
(0.97)

-0.49
(-1.41)

0.28
(0.59)

SPANISH

0.05
(2.93)

-0.20
(-1.23)

-0.16
(-0.68)

ASIAN

0.02
(0.54)

0.08
(0.31)

-0.15
(-0.42)

OMIN

0.00
(0.09)

-0.10
(-0.41)

-0.36
(-1.05)

-0.00
(-0.02)

-0.81
(-0.76)

-0.42
(-0.28)

0.21
(2.66)

-0.60
(-0.85)

0.14
(0.14)

AGE 5 5
Sex of applicant(s)
(relative to MFNCB)

Race of a p p l i c a n t

Racial composition of
neighborhood




FBLACK
FSPANISH

B-131
Table B-31 (continued)
Interest Rate
(percent)
FASIAN
Constant

Sample size

Maturity
(years)

Loan-to-Value
Ratio
(percent)

0.41
(0.23)

10.37
(0.64)

17.01
(0.76)

9.08
(21.79)

56.41
(4.82)

33.96
(1.60)

3017

3017

3017

Standard error of the
equation

0.24

2.22

3.01

Mean' value of the d e p e n d e n t
variable

9.05

29.46

79.49

* The numbers in parentheses are t - s t a t i s t i c s .
** Predicted values from the first stage of the two-stage least squares
estimation t e c h n i q u e .




B-132
Table B-40 (continued)
Interest R a t e , M a t u r i t y , and L o a n - t o - V a l u e Ratio
for Conventional Mortgages on O w n e r - O c c u p i e d
Single Family Homes in the Fresno SMSA:

1978

(Two-Stage L e a s t Squares Estimation Technique)*

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio
(percent)

Mortgage terms
INT**

—

0.15
(1.75)

MAT**
LTOAV* *

0.001
(0.49)

-0.08
(-0.23)

—

0.03
(8.01)

0.52
(0.82)
-0.11
(-0.18)

—

Financial characteristics
-0.20
(-10.35)

VRM
REQLOAN

—

RLTOAV

—

—

.007
(2.91)
—

—

—

96.64
(57.02)

RLTOINC

0.05
(1.85)

-0.08
(-0.74)

-0.46
(-2.37)

FSECINC

0.04
(0.60)

-0.13
(-0.45)

0.47
(0.93)

FSIFCB

-0.01
(-0.07)

0.07
(0.18)

0.04
(0.07)

FSIFNCB

0.01
(0.08)

0.26
(0.60)

-1.07
(-1.48)

-0.07
(-0.69)

0.18
(0.47)

-0.67
(-1.01)

0.02
(1.47)

-0.00
(-0.02)

-0.03
(-0.32)

Neighborhood




characteristics

FHI
INC1976

B-133
Table B-40 (continued)

(percent)

(years)

Loan-to-Value
Ratio
(percent)

-0.22
(-1.84)

-0.00
(-0.00)

-0.03
(-0.04)

(0.83)

0.02

-0.09
(-0.95)

-0.08
(-0.50)

DHH7675

0.04
(2.67)

0.03
(0.51)

-0.10
(-0.93)

DHH7570

-0.00
(-0.89)

-0.01
(-0.01)

0.02
(0.89)

-0.14
(-1.89)

0.19
(0.63)

0.03
(0.05)

-0.03
(-1.45)

-0.08
(-0.90)

(-1.18)

BA10-19

0.01
(0.20)

-0.18
(-1.65)

-0.07
(-0.29)

BA20-29

0.00
(0.07)

-0.14
(-1.12)

-0.10
(-0.40)

0.16
(2.18)

-0.56
(-3.42)

-0.16
(-0.34)

BA40-49

0.17
(2.23)

-0.51
(-2.53)

-0.40
(-0.80)

BAGE50

0.44
(1.85)

-2.52
(-8.85)

-0.42
(-0.26)

-0.00
(-0.10)

0.04
(0.53)

(0.12)

0.05
(1.27)

-0.16
(-1.22)

0.05
(0.19)

-0.01

0.17
(1.07)

Interest Rate

DINC7675
DINC7570

Maturity

Age of neighborhood
PRE1940
Building Age
(relative to new buildings)
BAl-9

BA30-39

-0.19

Property location
(relative to suburbs)
City of Fresno

0.02

A g e of a p p l i c a n t
(relative to 35-44 years)
ALT 2 5
A25T034




0.02
(0.71)

(-0.12)

B-134
Table

B-31

(continued)

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio
(percent)

A45T054

0.07
(2.37)

-0.04
(-0.42)

-0.13
(-0.69)

AGE 5 5

0.06
(1.50)

-0.13
(-0.94)

-0.16
(-0.66)

FONLYCB

0.02
(0.29)

0.23
(1.51)

0.23
(0.68)

FONLYNCB

0.01
(0.31)

0.05
(0.03)

0.13
(0.44)

MFCB

0.01
(0.24)

0.10
(0.83)

0.08
(0.38)

MONLY

0.01
(0.27)

0.10
(0.80)

0.11
(0.49)

BLACK

0.13
(1.89)

-0.38
(-1.65)

0.21
(0.48)

SPANISH

0.00
(0.15)

0.03
(0.23)

0.08
(0.46)

ASIAN

0.03
(0.63)

-0.01
(-0.05)

-0.12
(-0.43)

OMIN

0.03
(0.51)

0.22
(1.15)

-0.06
(-0.19)

FBLACK

0.31
(1.09)

-2.83
(-5.08)

-0.29
(-0.15)

FSPANISH

0.06
(0.48)

0.16
(0.30)

-0.00
(-0.00)

FAS IAN

0.01
(0.41)

-14.75
(-1.17)

-28.29
(-1.24)

Sex of applicant(s)
(relative to MFNCB)

Race of a p p l i c a n t

Racial composition of
neighborhood




B-135
Table

B-31

(continued)

Interest Rate
(percent)
Constant

Sample size

(years)

Loan-to-Value
Ratio
(percent)

0.050
(2.07)

28.85
(7.95)

1.806
(0.11)

2715

Maturity

2715

2715

Standard error of the
equation

0.41

1.62

2.70

Mean value of the d e p e n d e n t
variable

9.81

29.72

77.79

*The numbers in parentheses are t - s t a t i s t i c s .
**Predicted values from the first stage of the two-stage least squares
estimation t e c h n i q u e .




B-136
TableB-40(continued)
Interest R a t e , M a t u r i t y , and L o a n - t o - V a l u e Ratio
for Conventional Mortgages on Owner-Occupied
Single Family Homes in the Los A n g e l e s - L o n g Beach SMSA:

1977

(Two-Stage Least Squares Estimation Technique)*

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio
(percent)

-6.43
(-2.92)

-8.75
(-5.12)

Mortgage terms
INT**
—

0.33
(9.14)

MAT**
LTOAV* *

-0.003
(-5.32)

—

0.02
(7.30)

1.86
(3.79)
—

Financial characteristics
-0.03
(-4.91)

VRM
REQLOAN

—

RLTOAV

—
—

0.001
(4.34)
—

—

—

93.37
(166.44)

RLTOINC

0.00
(0.07)

-0.03
(-0.73)

-0.94
(-10.99)

FSECINC

0.01
(0.37)

0.30
(2.56)

0.37
(1.96)

FSIFCB

-0.00
(-0.11)

-0.02
(-0.14)

-0.12
(-0.52)

FSIFNCB

-0.04
(-1.16)

-0.17
(-1.16)

-0.44
(-1.55)

FHI

-0.21
(-8.63)

-1.04
(-2.57)

-2.18
(-5.66)

INC1976

-0.01
(-0.30)

-0.01
(-1.87)

-0.21
(-1.39)

Neighborhood




characteristics

B-137
Table B - 3 1

(continued)

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio
(percent)

DINC7675

0.01
(0.70)

-0.04
(-0.80)

0.17
(1.69)

DINC7570

-0.02
(-5.48)

-0.04
(-1.74)

-0.11
(-3.39)

DHH7675

-0.002
(-1.23)

-0.02
(-2.32)

-0.02
(-1.75)

DHH7570

-0.002
(-4.10)

0.00
(0.24)

-0.01
(-2.14)

-0.10
(-4.45)

-0.30
(-1.80)

-1.18
(-4.92)

BA1-9

0.06
(5.11)

0.32
(2.72)

0.58
(4.65)

BA10-19

0.10
(8.91)

0.44
(2.51)

1.01
(5.58)

BA20-29

0.09
(8.42)

0.49
(2.82)

0.89
(5.68)

BA30-39

0.16
(10.49)

0.37
(1.89)

1.26
(5.06)

BA40-49

0.25
(10.71)

0.10
(0.49)

1.77
(4.74)

BAGE50

0.54
(10.64)

-0.52
(-2.02)

3.43
(4.33)

0.02
(0.19)

-0.47
(-1.02)

-1.46
(-1.48)

-0.02
(-0.39)

0.14
(0.87)

-0.24
(-0.68)

A g e of neighborhood
PRE1940
Building age
(relative to new buildings)

Property location
(relative to rest of
Los A n g e l e s County)




Compton

(AR)

Covina-Azusa (AR)

B-138
Table B - 3 1

(continued)

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio
(percent)

East Los AngelesBoyle HeightsEcho Park (AR)

-0.
.11
(-2.
.99)

0.
.40
(2,
.84)

.32
-0.
(-0,
.91)

Highland Park

.12
-0.
(-3.
.31)

.05
0.
.28)
(0.

-0,
.48
.27)
(-1.

0.
.10
.10)
(1.

-0.
.13
.35)
(-0.

.22
0.
.28)
(0,

-0.
.04
.37)
(-1.

.02
0.
(0.
.19)

.74
-0,
(-3.
.16)

.31
0.
(5.
.86)

.72
-0.
.28)
(-4.

.87
1.
.22)
(3.

0,
.20
(5.
.27)

0.
,27
.10)
(1.

.47
1.
(3.
,45)

0,
.01
(0.
.10)

0.
,51
(2.
,26)

0.
.31
.75)
(0.

South Central Los
A n g e l e s (AR)

0,
.20
(5.
.51)

-0.
,60
(-5.
.21)

.15
1.
(2.
.99)

Venice-Santa Monica
(AR)

0.
.03
(0.
.69)

.07
0.
(0.
.39)

0.
.48
.28)
(1.

W e s t Covina

.04
0.
(0.
.53)

0.
.66
(2.
,09)

0.
.79
.38)
(1.

Rest of the City of
Long Beach

0,
.01
(0.
.79)

.08
0.
.37)
(1.

.18
0,
.50)
(1.

Rest of the City of
Los A n g e l e s

-0,
.04
.02)
(-6.

-0,
.07
.29)
(-1.

-0,
.31
(-3,
.81)

0.
.05
(3.
.88)

0.
.09
.25)
(1.

0.
,51
(4.
,08)

A25T034

-0,
.00
(-0,
.04)

.04
0.
.37)
(1.

0.
.10
.59)
(1.

A45T054

0.
.02
(2.
.29)

-0.
.09
(-2.
.73)

-0.
.07
(-0.
.95)

(AR)

Long BeachS o u t h w e s t (AR)
Pacoima-San Fernando
(AR)
PasadenaNorth C e n t r a l
Pomona

(AR)

(AR)

San Pedro

(AR)

(AR)

Age of applicant
(relative to 35-44 years)




ALT 2 5

B-139
T a b l e B-31

(continued)

Interest Rate

Maturity

(percent)

(years)

Loan-to-Value
Ratio
(percent)

0.01
(0.71)

-0.08
(-1.87)

-0.29
(-3.13)

FONLYCB

-0.00
(-0.11)

0.19
(2.55)

0.09
(0.66)

FONLYNCB

0.01
(0.65)

0.21
(2.89)

0.10
(0.92)

-0.01
(-1.24)

-0.06
(-1.25)

-0.02
(-0.22)

0.03
(3.53)

0.04
(0.75)

0.38
(3.99)

BLACK

0.04
(2.57)

0.37
(2.84)

0.55
(3.57)

SPANISH

0.06
(6.64)

0.14
(1.79)

0.50
(4.54)

ASIAN

0.02
(1.94)

0.08
(1.58)

0.20
(2.24)

OMIN

0.02
(1.14)

-0.04
(-0.80)

0.03
(0.28)

FBLACK

0.13
(4.21)

0.54
(2.11)

1.33
(3.81)

FSPANISH

0.24
(6.62)

-0.59
(-5.16)

1.11
(2.56)

-0.54
(-4.91)

-0.57
(-0.87)

-4.31
(-3.60)

-0.57
(-0.55)

86.12
(4.39)

28.67
(3.39)

AGE 5 5
Sex of applicant(s)
(relative to MFNCB)

MFCB
MONLY
Race of applicant

Racial composition of
neighborhood

FASIAN
Constant




B-140
Table B - 3 1

(continued)

Interest Rate
(percent)
Sample size
Standard error of the
equation
Mean value of the dependent
variable

Maturity
(years)
37,606

37,606

Loan-to-Value
Ratio
(percent)
37,606

.50

1.95

4.25

9.06

29.78

77.30

* The numbers in parentheses are t - s t a t i s t i c s . T h e "AR" after a
property location indicates that the neighborhood is alleged to
be r e d l i n e d .
** Predicted values from the first stage of the two-stage least
squares estimation t e c h n i q u e .




B-141
Table B-42
Interest R a t e , M a t u r i t y , and L o a n - t o - V a l u e Ratio
for C o n v e n t i o n a l Mortgages on Owner-Occupied
Single Family Homes in the Los A n g e l e s - L o n g Beach SMSA:

1978

(Two-Stage Least Squares Estimation Technique)*

Interest Rate
(percent)

(years)

Loan-to-Value
Ratio
(percent)

-0.43
(-4.22)

-1.18
(-5.29)

Maturity

Mortgage terms
INT**

- -

MAT**

1.66
(5.57)

LTOAV**

-0.01
(-4.31)

—

.009
(13.28)

-0.21
(-0.58)
—

F i n a n c i a l characteristics
- .23
(-7.40)

VRM
REQLOAN

—

RLTOAV

—

—

.002
(7.67)

—
—

—

95.55
(274.57)

RLTOINC

-0.05
(-1.38)

- .01
(-0.33)

-1.00
(-16.65)

FSECINC

-0.07
(-0.77)

0.12
(2.40)

0.23
(1.65)

FSIFCB

0.02
(0.17)

-0.04
(-0.66)

0.03
(0.18)

FSIFNCB

-0.06
(-0.52)

-0.02
(-0.32)

0.29
(1.45)

-0.41
(-3.70)

0.05
(0.85)

-0.66
(-3.93)

0.00
(0.70)

-0.01
(-1.25)

-0.04
(-3.20)

Neighborhood




characteristics

FHI
INC1976

B-142
Table

B-31

(continued)

Interest Rate
(percent)

Maturity
(years)

Loan - to - Va lue
Ratio
(percent)

DINC7675

-0.01
(-0.23)

0.02
(0.56)

0.21
(2.79)

DINC7570

-0.02
(-1.55)

-0.00
(-0.59)

0.01
(0.84)

DHH7675

-0.00
(-0.31)

-0.00
(-0.23)

-0.01
(-1.89)

DHH7570

0.00
(0.92)

-0.00
(-0.87)

0.003
(1.03)

-0.38
(-3.52)

0.15
(2.87)

-0.32
(-1.98)

BAl-9

0.20
(5.02)

0.06
(2.04)

0.22
(3.02)

BA10-19

0.20
(4.98)

0.06
(2.04)

0.26
(3.51)

BA20-29

0.23
(6.09)

0.06
(2.10)

0.23
(3.35)

BA30-39

0.33
(6.07)

-0.03
(-0.86)

0.17
(1.96)

BA40-49

0.64
(6.07)

-0.22
(-6.61)

0.20
(1.42)

BAGE50

1.16
(6.28)

-0.47
(-12.51)

0.01
(0.03)

0.95
(2.52)

-0.45
(-2.20)

-0.46
(-0.76)

-0.43
(-3.21)

-0.03
(-0.37)

-0.03
(-0.13)

A g e of neighborhood
PRE1940
Building age
(relative to new buildings)

Property location
(relative to the rest of
Los Angeles County)




Compton (AR)
Covina-Azyra (AR)

B-143
Table

B-31

(continued)

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio
(percent)

E a s t Los AngelesB o y l e HeightsE c h o Park (AR)

0.01
(0.12)

0.02
(0.21)

0.08
(0.40)

H i g h l a n d Park (AR)

-0.39
(-2.51)

0.24
(2.90)

0.25
(1.02)

Long BeachS o u t h w e s t (AR)

-0.43
(-1.68)

-0.04
(-0.25)

-1.26
(-2.95)

PacoimaSan F e r n a n d o

-0.16
(-1.47)

0.08
(1.37)

-0.10
(-0.58)

-0.04
(-0.28)

-0.08
(-0.88)

0.15
(0.59)

0.42
(2.21)

-0.29
(-2.88)

-0.02
(-0.06)

0.62
(2.84)

-0.57
(-5.67)

-0.52
(-1.59)

0.30
(2.71)

-0.15
(-2.59)

-0.46
(-2.69)

-0.26
(-1.82)

0.17
(1.45)

-0.55
(-2.39)

-0.27
(-1.01)

0.19
(1.23)

0.80
(1-83)

Rest of the City of
Long Beach

-0.04
(-0.67)

-0.04
(-0.90)

0.10
(1.11)

Rest of the City of
Los A n g e l e s

-0.06
(-2.15)

0.00
(0.27)

-0.07
(-1.79)

ALT 2 5

-0.02
(-0.51)

0.02
(0.82)

0.21
(2.74)

A25T034

-0.04
(-1.48)

-0.02
(-1.39)

0.08
(1.77)

A45T054

0.10
(2.61)

-0.05
(-2.81)

-0.20
(-3.37)

(AR)

PasadenaNorth C e n t r a l (AR)
Pomona

(AR)

San Pedro

(AR)

South C e n t r a l
Los A n g e l e s (AR)
VeniceSanta M o n i c a
West Covina

(AR)

(AR)

A g e of a p p l i c a n t
(relative to 35-44 years)




B-144
Table

B-31

(continued)

(years)

Loan-to-Value
Ratio
(percent)

0.08
(1.78)

-0.05
(-1.90)

-0.27
(-3.81)

FONLYCB

-0.08
(-1.33)

0.05
(1.40)

0.11
(1.04)

FONLYNCB

-0.09
(-1.72)

0.05
(1.75)

-0.07
(-0.89)

MFCB

-0.03
(-0.80)

0.00
(0.03)

0.15
(2.33)

MONLY

0.07
(1.61)

-0.02
(-0.91)

0.23
(3.67)

BLACK

0.06
(1.13)

0.01
(0.44)

0.40
(4.28)

SPANISH

0.10
(3.03)

-0.02
(-1.11)

0.05
(0.96)

ASIAN

0.06
(1.73)

-0.01
(-0.55)

0.05
(0.79)

OMIN

0.05
(0.89)

-0.02
(-0.60)

0.09
(0.85)

FBLACK

0.36
(2.81)

-0.15
(-2.20)

0.08
(0.38)

FSPANISH

0.67
(4.40)

-0.43
(-6.78)

-0.47
(-2.02)

-1.20
(-2.80)

0.39
(1.65)

-1.00
(-1.47)

-0.39
(-4.48)

33.39
(33.94)

21.29
(2.01)

Interest Rate
(percent)
AGE 5 5

Maturity

Sex of applicant(s)
(relative to MFNCB)

Race of a p p l i c a n t

Racial composition of
neighborhood

FASIAN
Constant




B-145
Table

B-31

(continued)

Interest Rate
(percent)
Sample size

33,462

Maturity
(years)
33,462

Loan-to-Value
Ratio
(percent)
33,462

Standard error of the
equation

1. 84

1. 10

3 . 04

Mean value of the
d e p e n d e n t variable

9 . 79

2 9 . 87

7 6 . 92

* The numbers in parentheses are t - s t a t i s t i c s . The "AR" after
a property location indicates that the neighborhood is alleged
to b e r e d l i n e d .
** Predicted values from the first stage of the two-stage least
squares estimation t e c h n i q u e .




B-146
TableB-40(continued)
Interest R a t e , M a t u r i t y , and L o a n - t o - V a l u e Ratio
for C o n v e n t i o n a l M o r t g a g e s on Owner-Occupied
S i n g l e Family H o m e s in the San Francisco-Oakland SMSA:

1977

(Two-Stage Least Squares Estimation Technique*

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio
(percent)

Mortgage terms
INT**

—

0.42
(5.35)

MAT**
LTOAV* *

-0.003
(-3.60)

1.32
(2.56)

—

.009
(10.24)

11.40
(1.28)
-5.65
(-1.27)
—

Financial characteristics
VRM

0.01
(1.63)

REQLOAN
—

RLTOAV

—

.001
(1.50)

—
—

—

—

101.93
(26.83)

RLTOINC

-0.01
(-0.77)

0.024
(0.88)

-0.46
(-2.27)

FSECINC

0.01
(0.17)

0.04
(0.66)

0.23
(0.58)

FSIFCB

0.04
(1.14)

-0.13
(-1.72)

-0.48
(-0.72)

FSIFNCB

0.02
(0.40)

-0.08
(-0.83)

-0.07
(-0.10)

FHI

-0.17
(-4.58)

0.26
(2.52)

1.84
(1.07)

INC1976

-0.008
(-2.12)

0.02
(2.74)

0.11
(1.20)

Neighborhood




characteristics

B-147
T a b l e B - 3 1 (continued)
Interest Rate
(percent)

(years)

Loan-to-Value
Ratio
(percent)

Maturity

DINC7675

0.03
(1.13)

-0.11
(-2.08)

-0.51
(-1.11)

DINC7570

0.00
(0.13)

-0.00
(-0.32)

-0.01
(-0.19)

DHH7675

-0.01
(-1.97)

0.03
(2.28)

-0.51
(-1.17)

DHH7570

-0.00
(-0.62)

0.00
(0.22)

0.01
(1.01)

-0.09
(-3.24)

0.18
(3.06)

1.08
(1.06)

BAl-9

0.04
(3.54)

-0.06
(-1.76)

-0.48
(-1.07)

BA10-19

0.05
(3.98)

-0.08
(-2.24)

-0.52
(-0.97)

BA20-29

0.07
(5.02)

-0.12
(-2.81)

-0.72
(-1.01)

BA30-39

0.13
(6.08)

-0.24
(-4.79)

-1.52
(-1.17)

BA40-49

0.14
(6.21)

-0.25
(-4.35)

-1.66
(-1.17)

BAGE50

0.29
(6.91)

-0.60
(-9.03)

-3.76
(-1.26)

0.03
(0.79)

-0.06
(-0.83)

-0.12
(-0.21)

-0.02
(-0.57)

0.05
(0.78)

0.45
(1.07)

#

A g e of neighborhood
PRE1940
Building age
(relative to new buildings)

Property location
(relative to San Mateo
County)
Alameda County




A l a m e d a City
Berkeley

B-148
Table B-43

(continued)

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio
(percent)

C e n t r a l Oakland
(AR)

0.24
(4.89)

-0.50
(-6.93)

-2.76
(-1.13)

East Oakland

0.14
(5.19)

-0.29
(-6.76)

-1.71
(-1.16)

W e s t Oakland

0.30
(4.23)

-0.60
(-4.07)

-3.43
(-1.09)

Rest of A l a m e d a
County

0.00
(0.15)

0.01
(0.29)

0.19
(1.06)

Contra Costa County

0.09
(5.69)

-0.15
(-4.36)

-0.90
(-1.06)

M a r i n County

0.02
(1.81)

-0.04
(-1.36)

-0.15
(-0.51)

-0.06
(-3.02)

0.13
(3.83)

0.72
(1.14)

ALT 2 5

0.04
(2.67)

-0.09
(-2.43)

-0.46
(-0.93)

A25T034

0.00
(0.35)

-0.00
(-0.01)

0.07
(0.50)

A45T054

0.02
(1.92)

-0.06
(-2.36)

-0.40
(-1.35)

AGE 5 5

0.05
(3.06)

-0.12
(-3.60)

-0.92
(-1.55)

0.04
(1.87)

-0.06
(-1.37)

-0.32
(-0.74)

FONLYNCB

-0.01
(-0.60)

0.05
(1.34)

0.30
(1.12)

MFCB

-0.01
(-0.50)

0.01
(0.49)

0.15
(0.77)

MONLY

0.04
(3.06)

-0.07
(-2.39)

-0.36
(-0.85)

San Francisco County
Age of a p p l i c a n t
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)




FONLYCB

B-149
Table B - 3 1 (continued)
Interest Rate

Maturity

Loan-to-Value
Ratio
(percent)

(percent)

(years)

-0.00
(-0.28)

0.03
(0.73)

0.31
(1.22)

SPANISH

0.06
(3.81)

-0.11
(-3.40)

-0.71
(-1.20)

ASIAN

0.04
(3.66)

-0.08
(-2.92)

-0.44
(-1.04)

OMIN

0.03
(1.94)

-0.07
(-2.04)

-0.25
(-0.67)

FBLACK

0.27
(5.90)

-0.51
(-5.12)

-3.66
(-1.33)

FSPANISH

0.18
(2.97)

-0.30
(-2.04)

-2.04
(-1.05)

-0.13
(-1.09)

0.05
(0.19)

2.30
(1.16)

-3.40
(-1.48)

17.21
(3.77)

64.16
(1.17)

Race of applicant
BLACK

Racial composition of
neighborhood

FAS IAN
Constant

Sample size

24,173

24,173

Standard error of the
equation

0.50

1.09

Mean value of the
d e p e n d e n t variable

9.02

29.88

*

24,173
7.0
76.31

The numbers in parentheses are t - s t a t i s t i c s . The "AR" after a
property location indicates that the neighborhood is alleged to
be r e d l i n e d .

** Predicted values from the first stage of the two-stage least
squares estimation t e c h n i q u e .




B-150
Table B-44
Interest R a t e , M a t u r i t y , and Loan-to-Value Ratio
for Conventional Mortgages on O w n e r - O c c u p i e d
Single Family Homes in the San Francisco-Oakland SMSA;

1977

(Two-Stage Least Squares Estimation Technique*

Interest Rate

Maturity***

(percent)

(years)

Loan-to-Value
Ratio
(percent)

M o r t g a g e terms
INT**

-6.73

(-1.68)
1.17
(4.00)

MAT**
LTOAV* *

5.73

- .006
(-2.61)

Financial characteristics
- .03
(-1.34)

VRM
REQLOAN
RLTOAV

94.26
(40.55)
-0.08
(-2.69)

-1.23
(-3.60)

(2.00)

0.12

0.71
(1.21)

FSIFCB

-0.10
(-1.26)

-0.38
(-0.69)

FSIFNCB

-0.03
(-0.37)

(-0.16)

FHI

-0.17
(-2.06)

-1.38
(-1.79)

INC1976

-0.03
(-2.87)

(-1.02)

RLTOINC
FSECINC

Neighborhood




-0.08

characteristics

-0.11

B-151
Table

B-31

(continued)

Interest Rate
(percent)
DINC7675
DINC7570

0.10
(1.86)

0.02
(1.62)

Maturity*** L o a n - t o - V a l u e
Ratio
(years)
(percent)
0.40
(0.86)

0.06

(0.73)

(-1.47)

-0.02

-0.07
(-0.70)

-0.001
(-0.60)

-0.01
(-0.64)

-0.04
(-0.64)

-0.26
(-0.75)

0.04
(1.46)

0.09
(0.42)

0.08
(2.88)

0.45
(1.30)

BA20-29

0.11
(3.79)

0.59
(1.31)

BA30-39

0.16
(4.07)

0.89
(1.39)

BA40-49

0.22
(4.31)

1.13
(1.35)

BAGE50

0.36
(4.48)

1.74
(1.30)

0.16
(1.90)

1.12
(1.41)

-0.15
(-1.99)

-0.68
(-1.07)

DHH7675
DHH7570
A g e of neighborhood
PRE1940
Building age
(relative to new buildings)
BAl-9
BA10-19

Property location
(relative to San M a t e o
County)
A l a m e d a County




Alameda City
Berkeley

B-152
Table

B-31

(continued)

Interest Rate
(percent)
C e n t r a l Oakland

0.19
(2.12)

E a s t Oakland

0.10
(2.07)

W e s t Oakland

0.40
(2.39)

R e s t of A l a m e d a
County

-0.04
(-1.40)

Contra Costa County

0.12
(3.29)

Marin County

0.02
(0.83)

San F r a n c i s c o County

-0.13
(-2.77)

Maturity*** L o a n - t o - V a l u e
Ratio
(years)
(percent)

—

—

—

—

—

—

—

0.59
(0.75)
0.28
(0.66)
1.94
(1.20)
-0.32
(-1.33)
0.69
(1.42)
(-0.05)
(-0.25)
-0.67
(-1.31)

Age of a p p l i c a n t
(relative to 35-44 years)
ALT 2 5

0.09
(1.99)

A25T034

-0.00
(-0.07)

A45T054

-0.01
(-0.68)

AGE 5 5

-0.01
(-0.15)

—

- -

—

—

0.58
(1.57)
0.06
(0.48)
-0.26
(-1.68)
-0.19
(-1.07)

Sex of applicant(s)
(relative to MFNCB)




FONLYCB

-0.00
(-0.00)

FONLYNCB

-0.04
(-1.03)

MFCB

-0.03
(-0.85)

MONLY

0.07
(2.28)

—

—

—

—

0.17
(0.71)
-0.018
(-0.07)
0.03
(0.15)
0.59
(1.98)

B-153
Table

B-31

(continued)

Interest Rate
(percent)

Maturity*** Loan-to-Value
Ratio
(years)
(percent)

Race of a p p l i c a n t
BLACK
SPANISH
ASIAN
OMIN

0.01
(0.27)

—

0.07
(2.06)

—

0.06
(2.31)
0.03
(0.63)

—

—

0.43
(2.01)
0.51
(1.69)
0.42
(1.60)
0.18
(0.69)

Racial composition of
neighborhood
FBLACK
FSPANISH
FASIAN
Constant

Sample size

0.20
(2.07)
0.33
(2.22)
-0.23
(-0.84)
-0.25
( 2.88)
20,842

—

—

—

—

—

Standard error of the
equation

1.08

—

Mean value of the d e p e n d e n t
variable

9.77

—

0.57
(0.68)
1.92
(1.33)
-1.96
(-1.13)
-100.99
(-1.13)
20,842
6.01
76.30

* The numbers in parentheses are t - s t a t i s t i c s . The "AR" after a
property location indicates that the neighborhood is alleged to
be redlined.
** Predicted values from the first stage of the two-stage least
squares estimation t e c h n i q u e .
*** This equation is not identified because of the insignificance
of VRM in the first stage interest rate e q u a t i o n .




B-154
TableB-40(continued)
Interest R a t e , M a t u r i t y , and L o a n - t o - V a l u e Ratio
for C o n v e n t i o n a l M o r t g a g e s on Owner-Occupied
Single Family Homes in the San Jose SMSA;

1977

(Two-Stage Least Squares Estimation Technique)*

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio***
(percent)

1.64
(0.84)

-16.85
(-0.45)

M o r t g a g e terms
INT**

—

1.17
(2.64)

MAT**
LTOAV**

-0.005
(-2.11)

—

.004
(4.23)

18.45
(0.45)
—

Financial characteristics
-0.01
(-0.40)

VRM
REQLOAN

—

RLTOAV

—

-0.00
(-0.39)
—

—

—

—

89.30
(5.60)

RLTOINC

-0.03
(-0.64)

0.01
(0.24)

-1.64
(-1.97)

FSECINC

-0.04
(-0.43)

-0.31
(-0.18)

-0.68
(-0.39)

FSIFCB

0.05
(0.52)

-0.01
(-0.08)

0.94
(0.42)

FSIFNCB

0.03
(0.27)

0.02
(0.14)

1.09
(0.53)

FHI

-0.02
(-0.22)

0.11
(0.44)

-0.66
(-0.46)

INC1976

-0.01
(-1.50)

0.01
(1.58)

-0.23
(-0.47)

Neighborhood




characteristics

B-155
Table

B-31

(continued)

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio***
(percent)

DINC7675

0.05
(0.81)

-0.04
(-0.76)

0.83
(0.45)

DINC7570

0.02
(1.30)

-0.02
(-1.32)

0.36
(0.45)

DHH7675

-0.03
(-1.41)

0.03
(1.18)

-0.49
(-0.51)

DHH7570

0.00
(0.63)

-0.00
(-0.71)

0.04
(0.54)

-0.02
(-0.04)

0.08
(0.21)

0.23
(0.04)

-0.07
(-0.65)

0.11
(0.71)

-1.04
(-0.36)

BAl-9

0.01
(0.33)

-0.02
(-0.47)

0.12
(0.25)

BA10-19

0.02
(0.81)

-0.04
(-0.69)

0.44
(0.47)

BA20-29

0.15
(2.88)

-0.17
(-1.65)

2.60
(0.47)

BA30-39

0.14
(2.05)

-0.16
(-1.64)

2.25
(0.43)

BA40-49

0.23
(2.28)

-0.23
(-2.36)

3.94
(0.47)

BAGE50

0.12
(1.57)

-0.16
(-1.00)

1.82
(0.41)

-0.03
(-1.09)

0.03
(1.11)

-0.46
(-0.43)

FVACANTSJ
A g e of neighborhood
PRE1940
Building age
(relative to new buildings)

Property location
(relative to suburbs)




San Jose

B-156
Table

B-31

(continued)

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio***
(percent)

A g e of a p p l i c a n t
(relative to 35-44 years)
0.02
(0.42)

-0.04
(-0.54)

0.33
(0.37)

A25T034

-0.00
(-0.12)

0.00
(0.00)

0.02
(0.05)

A45T054

0.05
(1.42)

-0.05
(-1.59)

0.69
(0.38)

AGE 5 5

0.08
(1.57)

-0.07
(-1.81)

1.19
(0.39)

FONLYCB

0.07
(1.26)

-0.08
(-1.23)

1.38
(0.52)

FONLYNCB

-0.04
(-0.78)

0.01
(0.09)

-0.51
(-0.34)

MFCB

-0.02
(-0.55)

0.02
(0.64)

-0.05
(-0.06)

0.05
(1.41)

-0.06
(-1.23)

1.10
(0.61)

BLACK

0.06
(0.90)

-0.09
(-0.81)

1.07
(0.43)

SPANISH

0.06
(1.62)

-0.07
(-1.34)

0.98
(0.44)

ASIAN

0.03
(0.79)

-0.02
(-0.76)

0.54
(0.51)

OMIN

0.08
(1.78)

-0.09
(-1.70)

1.44
(0.47)

0.54
(1.11)

-0.94
(-0.73)

11.49
(0.54)

ALT 2 5

Sex of applicant(s)
(relative to MFNCB)

MONLY
Race of a p p l i c a n t

Racial composition of
neighborhood




FBLACK

B-157
Table

B-31

(continued)

Interest Rate
(percent)
PSPANISH
FAS IAN
Constant

Sample size

Maturity
(years)

Loan-to-Value
Ratio***
(percent)

0.32
(1.89)

-0.40
(-1.21)

4.66
(0.39)

-0.56
(-1.21)

0.59
(1.19)

-7.76
(-0.36)

-25.55
(-1.96)

14.84
(0.86)

-392
(-0.45)

9634

9634

9634

Standard error of the
equation

0.83

.78

13.42

Mean value of the
d e p e n d e n t variable

8.99

29.95

75.82

* The numbers in parentheses are t - s t a t i s t i c s .
** Predicted values from the first stage of the two-stage least
squares estimation t e c h n i q u e .
*** Unreliable equation with large standard e r r o r .




B-158
Table B-46
Interest R a t e , M a t u r i t y , and Loan-to-Value Ratio
for Conventional Mortgages on Owner-Occupied
Single Family Homes in the San Jose SMSA;

1978

(Two-Stage Least Squares Estimation Technique)*

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio
(percent)

- .57
(-0.55)

-4.22
(-1.77)

Mortgage terms
INT**

—
—

0.89
(2.59)

MAT**
LTOAV**

- .003
(-1.17)

—
—

.009
(2.58)

0.62
(0.30)
—_
—

Financial characteristics
VRM

- .03
(-1.43)

REQLOAN

—
—

RLTOAV

—
—

.002
(1.60)

—

—
—

98.94
(98.82)

—
—

RLTOINC

0.14
(2.43)

-0.18
(-5.07)

-0.49
(-1.45)

FSECINC

0.13
(1.53)

-0.09
(-1.06)

0.22
(0.53)

FSIFCB

-0.11
(-1.12)

0.02
(0.22)

0.14
(0.34)

FSIFNCB

-0.03
(-0.23)

0.06
(0.50)

-0.01
(-0.03)

-0.20
(-2.10)

0.01
(0.50)

-0.52
(-0.97)

0.01
(0.66)

-0.01
(-0.71)

-0.03
(-0.87)

Neighborhood




characteristics

FHI
INC1976

B-159
Table

B-31

(continued)

Interest R a t e

Maturity

Loan-to-Value
Ratio
(percent)

(percent)

(years)

DINC7675

0.01
(0.66)

0.00
(0.04)

0.18
(0.87)

DINC7570

0.01
(0.80)

0.02
(0.79)

0.12
(1.84)

DHH7675

-0.00
(-0.14)

-0.04
(-1.28)

-0.08
(-1.14)

DHH7570

0.00
(0.49)

0.01
(1.00)

0.02
(1.68)

FVACANTSJ

0.14
(0.41)

0.69
(1.09)

2.04
(1.57)

-0.22
(-1.87)

0.02
(0.11)

-0.66
(-1.08)

BAl-9

0.14
(4.92)

0.05
(0.37)

0.51
(1.53)

BA10-19

0.09
(3.08)

0.06
(0.60)

0.45
(1.91)

BA20-29

0.14
(3.85)

0.30
(0.26)

0.52
(1.58)

BA30-39

0.31
(3.58)

-0.11
(-0.74)

0.65
(0.89)

BA40-49

0.28
(3.59)

0.17
(0.08)

0.74
(1.09)

BAGE50

0.30
(3.23)

-0.07
(-0.41)

0.89
(1.25)

0.01
(0.31)

-0.02
(-0.54)

-0.02
(-0.22)

A g e of n e i g h b o r h o o d
PRE1940
Building age
(relative to rjew buildings)

Property location
(relative to suburbs)




San J o s e

B-160
Table

B-31

(continued)

Interest Rate
(percent)

Maturity
(years)

Loan-to-Value
Ratio
(percent)

A g e of a p p l i c a n t
(relative to 35-44 years)
ALT 2 5

-0.01
(-0.20)

0.07
(1.20)

0.23
(1.55)

A25T034

-0.03
(-1.21)

0.04
(1.57)

0.02
(0.17)

A45T054

-0.01
(-0.30)

0.01
(0.29)

-0.06
(-0.52)

AGE 5 5

-0.02
(-0.57)

0.04
(0.90)

-0.28
(-1.84)

FONLYCB

-0.02
(-0.34)

0.05
(0.89)

-0.04
(-0.19)

FONLYNCB

-0.07
(-1.44)

0.07
(1.41)

-0.30
(-1.32)

MFCB

0.00
(0.06)

-0.00
(-0.09)

-0.09
(-0.77)

MONLY

0.03
(0.71)

-0.04
(-1.05)

-0.03
(-0.22)

BLACK

0.05
(0.74)

-0.07
(-0.98)

-0.23
(-0.90)

SPANISH

0.03
(0.70)

-0.00
(-0.08)

0.20
(1.49)

ASIAN

0.03
(0.84)

-0.02
(-0.55)

0.10
(0.81)

OMIN

0.03
(0.57)

-0.00
(-0.003)

0.10
(0.58)

-0.87
(-1.78)

0.40
(0.70)

0.53
(0.21)

Sex of applicant(s)
(relative to MFNCB)

Race of applicant

Racial composition of
neighborhood




FBLACK

B-161
Table

B-31

(continued)

Interest Rate

Maturity

(percent)

(years)

Loan-to-Value
Ratio
(percent)

FSPANISH

0.12
(0.76)

0.76
(0.35)

-0.10
(-0.16)

FASIAN

0.27
(0.58)

-0.21
(-0.44)

-1.57
(-0.92)

-16.93
(-1.84)

34.66
(3.57)

23.00
(0.52)

Constant

Sample size

7412

7412

7412

Standard error of the
equation

.76

.78

2.62

Mean value of the
dependent variable

9.73

29.94

75.49

* The numbers in parentheses are t - s t a t i s t i c s .
** Predicted v a l u e s from the first stage of the two-stage least
squares estimation t e c h n i q u e .




B-162
Table B-47
Loan Fees on Conventional M o r t g a g e s
Granted on Owner-Occupied Single Family H o u s e s
in the Fresno S M S A :

1977 and 1978*

1977

1978

LOANAMT

18.21
(27.85)

18.27
(47.37)

AV

-4.02
(-7.22)

-4.47
(-11.32)

9.27
(0.81)

(0.19)

FHI

-18.54
(-0.37)

-38.31
(-0.95)

INC1976

-0.23
(-0.03)

-6.09
(-1.10)

DINC7675

•240.35
(-3.59)

39.41
(0.77)

DINC7570

17.84
(1.30)

13.82
(1.30)

DHH7675

11.30
(1.28)

-1.09
(-0.16)

DHH7570

-0.012
(-0.01)

4.79
(2.87)

Loan and property characteristics

SPACE
Neighborhood

2.60

characteristics

Age of neighborhood
13.62
(0.35)

-33.09
(-1.05)

BAl-9

0.52
(0.55)

-8.59
(-0.90)

BA10-19

0.26
(0.02)

-7.38
(-0.61)

PRE1940
Building age**
(relative to new buildings)




B-163
Table

B-31

(continued)
1977

1978

BA20-29

-4.15
(-0.24)

-1.28
(-0.09)

BA30-39

-61.63
(-2.53)

-0.81
(-0.04)

BA40-49

-93.43
(-3.19)

-4.25
(-0.18)

BAGE50

-89.59
(-2.84)

1.27
(0.04)

8.05
(0.75)

-15.22
(-1.63)

ALT25

-37.68
(-1.97)

7.02
(0.48)

A25T034

-34.76
(-2.70)

-0.13
(-0.01)

A45T054

-9.51
(-0.66)

10.09
(0.89)

AGE55

-21.69
(-1.21)

4.87
(0.33)

FONLYCB

4.91
(0.17)

20.55
(0.97)

FONLYNCB

9.97
(0.46)

-2.43
(-0.14)

MFCB

22.82
(1.60)

2.59
(0.23)

MONLY

38.00
(2.64)

13.27
(1.08)

Property location
(relative to suburbs)
City of Fresno
A g e of applicant
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)




B-164
Table

B-31

(continued)
1977

1978

Race of applicant
BLACK

-29.82
:-0.79)

112.43
(4.32)

9.99
(0.62)

7.83
(0.66)

ASIAN

-7.60
(-0.28)

20.37
(1.14)

OMIN

-12.22
(-0.47)

21.92
(1.05)

FBLACK

-80.36
(-0.76)

•110.99
(-1.69)

FSPANISH

109.31
(1.57)

36.65
(0.66)

•3746.90
(-2.20)

•819.67
(-0.62)

SPANISH

Racial composition of the
neighborhood

FASIAN
Constant

Sample size
R-square
F-statistic
P-value
Mean value of the dependent
variable

312.44
(3.66)
2565

142.28
(2.16)
2310

0.50

0.73

77.88

191.72

0.0001
609

0.0001
724

* The numbers in parentheses are t - s t a t i s t i c s .
** Due to a programming error in the 1978 e s t i m a t e s , building age
is measured relative to new and one year old buildings and the
other variables are B A 2 - 1 0 , B A l l - 2 0 , B A 2 1 - 3 0 , BA31-40, BA41-50
and BAGE51 for 1978.




B-165
Table B-48
Loan Fees on Conventional M o r t g a g e s
Granted on Owner-Occupied Single Family Houses
in the Los A n g e l e s - L o n g Beach SMSA;

1977 and 1978*

1977

1978

10.60
(85.56)

12.77
(96.24)

0.42
(4.52)

0.74
(7.29)

-3.10
(-1.37)

-24.72
(-6.89)

FHI

-72.79
(-7.11)

-96.37
(-7.04)

INC1976

-5.37
(-6.84)

-4.95
(-4.70)

DIN7675

19.16
(3.64)

(-0.88)

DINC7570

0.22
(0.18)

-3.68
(-2.30)

(0.15)

0.08

-2.12
(-2.90)

0.10
(0.48)

1.00
(3.48)

-56.61
(-5.74)

-73.27
( 5.60)

BAl-9

18.79
(4.01)

20.19
(3.45)

BA10-19

8.47
(1.78)

14.43
(2.44)

Loan and property characteristics
LOANAMT
AV
SPACE
Neighborhood

characteristics

DHH7675
DHH7570

-6.11

Age of neighborhood
PRE1940
Building age**
(relative to new buildings)




B-166
Table

B-31

(continued)
1977

1978

BA20-29

8.75
(1.98)

22.29
(4.12)

BA30-39

13.57
(2.52)

29.14
(4.30)

BA40-49

20.65
(3.40)

40.92
(5.25)

BAGE50

18.32
(2.46)

44.20
(5.10)

72.23
(1.48)

-0.45
(-0.01)

156.92
(10.07)

223.47
(12.90)

East L . A . - Boyle H e i g h t s Echo Park (AR)

4.49
(0.25)

16.68
(0.84)

Highland Park (AR)

16.34
(0.85)

43.26
(1.99)

Long B e a c h - S o u t h w e s t
(AR)

22.86
(0.55)

20.62
(0.48)

Pacoima - San Fernanco
(AR)

-18.77
(-1.64)

-44.04
(-2.51)

Pasadena - North Central
(AR)

-8.55
(-0.47)

-6.92
(-0.29)

Pomona (AR)

163.06
(10.48)

116.66
(4.56)

25.79
(1.24)

-36.20
(-1.45)

South Central L . A . (AR)

-26.07
(-1.97)

29.80
(1.95)

Venice - Santa Monica
(AR)

-36.64
(-1.76)

-81.17
(-4.06)

Property location
(relative to the rest of
Los A n g e l e s County)




Compton
Covina

(AR)
(AR)

San Pedro (AR)

B-167
T a b l e B-48

(continued)
1977

1978

Rest of the City of
Long Beach

-1.41
(-0.21)

-0.02
(-0.00)

R e s t of the City of
Los Angeles

-22.30
i-7.76)

-30.98
(-8.24)

ALT 2 5

11.62
(2.13)

19.69
(2.66)

A25T034

0.58
(0.17)

-1.94
(-0.44)

A45T054

-3.96
(-1.04)

3.44
(0.68)

AGE 5 5

-0.00
(-0.00)

-5.46
(-0.88)

FONLYCB

11.86

9.96
(1.12)

FONLYNCB

-0.02
(-0.00)

-2.96
(-0.41)

(2.12)

7.89

6.48
(1.34)

9.29
(2.40)

5.17
(1.03)

BLACK

23.59
(3.25)

45.03
(5.11)

SPANISH

13.51
(3.62)

25.89
(5.28)

ASIAN

9.35
(2.16)

26.71
(5.08)

OMIN

2.87
(0.46)

12.06
(1.20)

A g e of a p p l i c a n t
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)

MFCB
MONLY

(1.73)

Race of a p p l i c a n t




B-168
Table

B-31

(continued)
1977

1978

44.55
(3.04)

41.42
(2.30)

FSPANISH

-5.31
(-0.41)

21.43
(1.25)

FAS IAN

-84.77
(-1.75)

-75.59
(-1.26)

151.32
(16.56)

75.06
(6.09)

Racial composition of the
neighborhood
FBLACK

Constant

Sample size
R-square
F-statistic
P-value

29937
0.75
1850
0.0001

Mean value of the d e p e n d e n t
variable

698

27520
0.74
1786
0.0001
846

* The numbers in parentheses are t - s t a t i s t i c s . A n "AR" after
a property location indicates the neighborhood is alleged to
be r e d l i n e d .
** Due
age
and
40,




to a programming error in the 1978 e s t i m a t e s , b u i l d i n g
is measured relative to new and one year old buildings
the other variables are B A 2 - 1 0 , B A 1 1 - 2 0 , B A 2 1 - 3 0 , BA31BA41-50 and BAGE51 for 1 9 7 8 .

B-169
Table B-49
Loan Fees on Conventional M o r t g a g e s
Granted on Owner-Occupied Single Family Houses
in the San Francisco-Oakland SMSAs: 1977 and 1978*

1977

1978

(93.59)

11.66

12.82
(99.47)

AV

-0.36
(-3.51)

-0.28
(-2.53)

SPACE

-5.40
(-2.53)

-23.53
(-5.90)

FHI

-3.34
(-0.25)

-55.20
(-3.45)

INC1976

-3.88
(-3.11)

-3.80
(-2.49)

DINC7675

18.94
(2.22)

26.72
(2.57)

DINC7570

4.16
(2.39)

-1.09
(-0.51)

DHH7675

-8.95
(-4.51)

10.59
(4.15)

DHH757Q

-1.21
(-3.81)

0.03
(0.08)

-14.80
(-1.47)

-6.44
(-0.56)

BAl-9

29.88
(6.69)

7.83
(1.48)

BA10-19

32,66
(6.71)

20.96
(3.75)

Loan and property characteristics
LOANAMT

Neighborhood

characteristics

A g e of neighborhood
PRE1940
Building age**
(relative to new buildings)




B 170
Table B-49

(continued)
1977

1978

BA20-29

37.89
(7.47)

34.98
(6.23)

BA30-39

38.34
(6.20)

34.45
(5.54)

BA40-49

46.06
(6.59)

44.00
(5.53)

BAGE50

45.49
(6.52)

60.59
(7.43)

-6.89
(-0.49)

12.06
(0.74)

-32.44
(-2.95)

-30.22
(-2.36)

5.24
(0.37)

12.24
(0.92)

E a s t Oakland

-3.05
(-0.41)

16.57
(2.12)

W e s t Oakland

-5.06
(-0.17)

55.77
(2.00)

23.44
(4.25)

12.42
(1.97)

Contra Costa County

29.35
(6.59)

2*9.47
(5.48)

Marin County

23.86
(4.97)

20.18
(3.56)

-4.71
(-0.76)

-7.99
(-1.09)

16.82
(2.77)

16.44
12.2 3)

Property location
(relative to San M a t e o County)
A l a m e d a County
A l a m e d a City
Berkeley
Central Oakland

Rest of A l a m e d a County

San Francisco
Age of the applicant
(relative to 35-44 years)




ALT 2 5

B-171
Table

B-31

(continued)
1977

1978

A25T034

7.62
(2.14)

5.72
(1.36)

A45T054

0.33
(0.08)

1.22
(0.24)

AGE 5 5

9.78
(1.78)

-7.64
(-1.18)

FONLYCB

3.52
(0.51)

-2.39
(-0.30)

FONLYNCB

6.14
(1.04)

-3.47
(-0.50)

(0.06)

0.24

-2.27
(-0.47)

2.46
(0.57)

14.33
(2.87)

BLACK

7.23
(1.00)

34.04
(4.40)

SPANISH

13.24
(2.45)

9.81
(1.58)

ASIAN

1.92
(0.46)

2.55
(0.54)

OMIN

2.05
(0.35)

2.39
(0.26)

58.69
(4.15)

18.62
(1.15)

FSPANISH

-14.73
(-0.62)

140.87
(5.14)

FAS IAN

192.44
(4.53)

89.30
(1.70)

Sex of applicant(s)
(relative to MFNCB)

MFCB
MONLY
Race of applicant

Racial composition of the
neighborhood




FBLACK

B-172
Table

B-31

(continued)
1977

Constant

Sample size
R-square
F-statistic
P-value
Mean v a l u e of the d e p e n d e n t
variable

1978

55.36
(3.79)

51.54
(2.93)

17906
0.70
1051
0.0001
696

18852
0.70
1090
0.0001
842

* The numbers in parentheses are t - s t a t i s t i c s . An "AR" after
a property location indicates the neighborhood is alleged
to be r e d l i n e d .
** Due to a programming error in the 1978 e s t i m a t e s , building
age is measured relative to new and one year old b u i l d i n g s
and the other variables are B A 2 - 1 0 , B A 1 1 - 2 0 , B A 2 1 - 3 0 ,
B A 3 1 - 4 0 , BA41-50 and BAGE51 for 1 9 7 8 .




B-173
Table B-50
Loan Fees on Conventional M o r t g a g e s
Granted on Owner-Occupied Single Family Houses
in the San Jose SMSA: 1977 and 1978*

1977

1978

LOANAMT

10.66
(45.20)

12.10
(51.59)

AV

-0.48
(-2.66)

-0.45
(-2.23)

SPACE

-0.13
(-0.05)

-14.87
(-1.78)

-33.11
(-1.58)

-84.79
(-3.17)

1.24
(0.61)

-4.57
(-1.69)

DINC7675

-6.37
(-0.44)

38.63
(2.06)

DINC7570

-0.47
(-0.12)

(1.25)

DHH7675

-17.95
(-3.97)

9.48
(1.70)

DHH7570

2.27
(3.13)

0.05
(0.05)

290.34
(3.28)

-35.83
(-0.34)

43.62
(1.65)

38.56
(1.15)

67.08
(10.33)

15.20
(1.78)

Loan and property characteristics

Neighborhood

characteristics

FHI
INC1976

FVACANTSJ

6.26

Age of neighborhood
PRE1940
Building age**
(relative to new buildings)




BAl-9

B-174
Table

B-31

(continued)
1977

1978

BA10-19

73.34
(9.70)

8.30
(0.85)

BA20-29

77.19
(9.05)

3.56
(0.34)

BA30-39

58.05
(3.86)

7.66
(0.42)

BA40-49

46.59
(2.69)

1.58
(0.07)

BAGE50

66.93
(3.44)

-40.76
(-1.72)

-29.13
(-4.41)

-6.43
(-0.74)

ALT25

21.04
(2.05)

4.59
(0.34)

A25T034

3.43
(0.53)

-16.72
(-2.08)

Property location
(relative to suburbs)
San Jose
A g e of applicant
(relative to 35-44 years)

A45T054

-0.71

-9.67

(-0.10)

(-1.01)

-10.29
(-1.02)

-5.32
(-0.40)

FONLYCB

-6.11
(-0.47)

8.30
(0.50)

FONLYNCB

-10.87
(-0.97)

-13.68
(-0.95)

AGE55
Sex of applicant(s)
(relative to MFNCB)




MFCB

-6.14

8.96

(-0.86)
MONLY

(1.00)

-4.00
(-0.53)

21.76,
(2.25)

B-175
Table

B-31

(continued)
1977

1978

BLACK

49.12
(2.70)

36.73
(1.52)

SPANISH

20.75
(2.29)

17.89
(1.51)

ASIAN

14.50
(1.71)

-6.54
(-0.67)

OMIN

-36.09
(-3.40)

-1.73
(-0.11)

-156.56
(-1.22)

413.26
(2.84)

106.25
(2.61)

-54.78
(-1.04)

49.36
(0.43)

-33.06
(-0.22)

57.18
(2.11)

146.92
(4.10)

Race of a p p l i c a n t

Racial composition of the
neighborhood
FBLACK
FSPANISH
FASIAN
Constant

Sample size
R-square
F-statistic

8133
0.52
266
0.0001

P-value
Mean value of the d e p e n d e n t
variable

682

6770
0.59
294
0.0001
872

* The numbers in parentheses are t - s t a t i s t i c s .
** Due
age
and
40,




to a programming error in the 1978 e s t i m a t e s , building
is m e a s u r e d relative to new and one year old b u i l d i n g s
the other variables are B A 2 - 1 0 , B A 1 1 - 2 0 , B A 2 1 - 3 0 , BA31BA41-50 and BAGE51 for 1978.

B-176
Table B-51
A p p r a i s e d Value to Purchase Price Ratio
in the Fresno SMSA:

1977 and 1978

(ordinary least squares)*

1977

1978

0.009
(1.83)

-0.011
(-1.83)

P30-50

-0.017
(-5.51)

-0.044
(-8.16)

P50-75

-0.025
(-7.13)

-0.059
(-10.09)

P75-100

-0.032
(-7.12)

-0.081
(-12.24)

P100-125

-0.023
(-2.94)

-0.086
(-9.90)

-0.047

-0.098

(-5.51)

(-9.78)

FHI

0.004
(0.43)

0.009
(0.67)

INC1976

0.002
(1.12)

-0.002
(-1.00)

DINC7675

-0.025
(-2.04)

0.023
(1.39)

DINC7570

-0.003
(-1.17)

-0.005
(-1.49)

DHH7675

0.000
(0.24)

-0.007
(-3.11)

DHH7570

0.001
(2.12)

0.003
(5.70)

Structure type
CONDO
Purchase price
(relative to less than $30,001)

PGT125

Neighborhood




characteristics

B-177
Table B-31

(continued)
1977

1978

0.018
(2.52)

0.009
(0.87)

BA1-9

-0.013
(-5.67)

-0.033
(-9.96)

BA10-19

-0.017
(-5.79)

-0.034
(-8.41)

BA20-29

-0.019
(-5.96)

-0.036
(-7.83)

A g e of neighborhood
PRE1940
Building age
(relative to new buildings)**

BA30-39

-0.030

-0.037

(-6.86)

(-6.18)

BA40-49

-0.031
(-6.00)

-0.038
(-5.19)

BAGE50

-0.021
(-3.64)

-0.062
(-5.90)

-0.002
(-0.80)

-0.007
(-2.34)

0.002
(0.52)

0.001
(0.14)

A25T034

-0.001
(-0.22)

-0.005
(-1.34)

A45T054

-0.001
(-0.48)

-0.003
(-0.78)

AGE55

-0.003
(-0.83)

0.002
(0.33)

Property location
(relative to suburbs)
City of Fresno
A g e of the a p p l i c a n t
(relative to 35-44 years)




ALT25

B-178
Table B-31

(continued)
1977

1978

S e x of a p p l i c a n t ( s )
(relative to MFNCB)
FONLYCB

-0.004
(-0.76)

-0.007
(-1.09)

FONLYNCB

-0.016
(-3.79)

-0.001
(-0.10)

0.002
(0.66)

-0.002
( - 0 i 45)

-0.003
(-0.92)

-0.005
(-1.09)

0.004
(0.64)

0.007
(0.91)

MFCB
MONLY
R a c e of a p p l i c a n t
BLACK
SPANISH

-0.004
(-1.28)

-0.009
(-2.34)

ASIAN

-0.008
(-1.47)

-0.004
(-0.68)

OMIN

-0.003
(-0.56)

-0.003
(-0.51)

0.105
(4.61)

0.144
(6.93)

FSPANISH

-0.016
(-1.24)

-0.010
(-0.57)

FASIAN

-0.557
(-1.70)

-1.727
(-3.92)

1.050
(68.32)

1.136
(53.20)

R a c i a l c o m p o s i t i o n of t h e
neighborhood
FBLACK

Constant

S a m p l e size
R-squared




3154

0.06

2841

0.16

B-179
Table B - 3 1

(continued)
1977

1978

F-statistic

5.69

15.02

P-value

0.06

0.00

Mean value of the d e p e n d e n t
variable

1.000

1.014

* The numbers in parentheses are t - s t a t i s t i c s .
** Due
age
and
40,




to a programming error in the 1978 e s t i m a t e s , building
is measured relative to new and one year old b u i l d i n g s
the other variables are B A 2 - 1 0 , B A l l - 2 0 , B A 2 1 - 3 0 , BA31BA41-50 and BAGE51 for 1978.

B-180
T a b l e B-52
A p p r a i s e d V a l u e to Purchase Price Ratio
in the Los A n g e l e s - L o n g Beach SMSA;

1977 and 1978

(ordinary least squares)*

1977

1978

-0.001
(-1.57)

-0.003
(-3.60)

P30-50

-0.023
(-20.76)

-0.037
(-22.66)

P50-75

-0.032
(-27.32)

-0.048
(-29.12)

P75-100

-0.036
(-27.50)

-0.054
(-30.52)

P100-125

-0.039
(-25.23)

-0.057
(-29.90)

PGT125

-0.046
(-29.87)

-0.063
(-32.80)

FHI

0.014
(6.95)

(7.30)

INC1976

0.000
(0.68)

0.000
(1.33)

DINC7675

0.000
(0.04)

0.001
(0.86)

DINC7570

0.001
(3.40)

0.0005
(1.89)

(0.26)

0.000

0.0003
(2.89)

-0.000
(-0.92)

0.000
(0.37)

Structure type
CONDO
Purchase price
(relative to less than $30,001)

Neighborhood characteristics




DHH7675
DHH7570

0.016

B-181
Table

B-31

(continued)
1977

1978

0.007
(3.86)

0.007
(3.39)

BA1-9

-0.006
(-6.50)

-0.003
(-3.40)

BA10-19

-0.006
(-6.16)

-0.003
(-3.46)

BA20-29

-0.006
(-6.30)

-0.005
(-5.22)

BA30-39

-0.008
(-7.24)

-0.005
(-4.31)

BA40-49

-0.008
(-6.92)

-0.009
(-7.12)

-0.015
(-10.62)

-0.014
(-10.03)

(AR)

0.011
(1.15)

-0.014
(-1.71)

Covina-Azusa and W e s t
Covina (AR)

-0.000
(-0.08)

0.002
(0.77)

East L . A . - Boyle Heights
- Echo Park (AR)

-0.010
(-3.24)

-0.016
(-5.46)

Highland Park (AR)

-0.002
(-0.49)

-0.013
(-3.92)

Long Beach - Southwest
(AR)

-0.004
(-0.56)

-0.001
(-0.24)

Pacoima - San Fernando
(AR)

0.000
(0.03)

-0.004
(-1.78)

Pasadena - North Central
(AR)

0.002
(0.51)

0.004
(1.08)

Age of neighborhood
PRE1940
Building age
(relative to new buildings)**

BAGE50
Property location
(relative to the rest of
Los Angeles County)




Compton

B-182
T a b l e B-52

(continued)
1977

1978

-0.008
(-2.51)

-0.017
(-4.10)

-0.002
(-0.59)

-0.007
(-1.87)

0.000
(0.09)

-0.008
(-3.42)

-0.003
(-0.91)

(3.03)

Rest of the City of
Long Beach

0.003
(2.35)

0.002
(1.15)

Rest of the City of
Los Angeles

(3.48)

(2.74)

ALT 2 5

-0.001
(-0.90)

-0.002
(-1.75)

A25T034

-0.000
(-0.56)

-0.001
(-1.56)

A45T054

-0.000
(-0.33)

-0.002
(-2.06)

AGE 5 5

-0.001
(-1.60)

-0.001
(-1.03)

-0.003
(-2.28)

-0.001
(-0.81)

(-1.87)

-0.002

-0.002
(-2.05)

MFCB

0.000
(0.52)

0.000
(0.08)

MONLY

0.001
(2.06)

0.000
(0.13)

Pomona

(AR)

San Pedro (AR)
South Central L . A . (AR)
Venice - Santa M o n i c a
(AR)

0.002

0.010

0.002

Age of the applicant
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)




FONLYCB
FONLYNCB

B-183
Table

B-31

(continued)
1977

1978

0.000
(0.18)

0.000
(0.13)

SPANISH

-0.002
(-3.14)

-0.004
(-5.85)

ASIAN

-0.001
(-1.73)

-0.002
(-2.18)

OMIN

-0.001
(-1.08)

-0.001
(-0.86)

0.002
(0.82)

-0.001
(-0.48)

-0.009
(-3.64)

-0.014
(-5.46)

0.003
(0.35)

0.005
(0.58)

1.034
(514.75)

1.052
(423.63)

Race of applicants
BLACK

Racial composition of the
neighborhood
FBLACK
FSPANISH
FASIAN
Constant

Sample size

38231

34714

0.03

0.04

28.18

28.28

P-value

0.00

0.00

Mean value of the d e p e n d e n t
variable

1.004

1.005

R-squared
F-statistic

* The numbers in parentheses are t - s t a t i s t i c s . An "Aft" after
a property location indicates that the n e i g h b o r h o o d is alleged
to b e r e d l i n e d .
** Due
age
and
40,




to a programming error in the 1978 e s t i m a t e s , building
is measured relative to new and one year old buildings
the other variables are B A 2 - 1 0 , B A 1 1 - 2 0 , B A 2 1 - 3 0 , BA31BA41-50 and B A G E 5 1 for 1978.

B-184
T a b l e B-46
A p p r a i s e d V a l u e to Purchase Price Ratio
in the San Francisco-Oakland SMSA:

1977 and 1978

(ordinary least squares)*

1977

1978

-0.004
(-4.67)

-0.005
(-4.85)

P30-50

-0.013
(-7.51)

-0.024
(-10.09)

P50-75

-0.022
(-12.62)

-0.038
(-15.63)

P75-100

-0.028
(-15.31)

-0.046
(-18.51)

P100-125

-0.035
(-17.34)

-0.051
(-19.91)

PGT125

-0.043
(-20.77)

-0.060
(-22.65)

FHI

0.012
(4.90)

0.017
(6.24)

INC1976

0.001
(4.15)

0.000
(0.79)

DINC7675

-0.001
(-0.48)

0.003
(1.63)

DINC7570

0.000
(1.38)

-0.000
(-0.21)

DHH7675

0.002
(5.72)

-0.000
(-0.06)

DHH7570

-0.0001
(-1.72)

0.000
(0.66)

Structure type
CONDO
Purchase price
(relative to less than $30,001)

Neighborhood characteristics




B-185
Table B - 3 1 (continued)
1977

1978

0.007
(3.77)

0.002
(1.06)

BA1-9

-0.008
(-8.77)

-0.006
(-6.30)

BA10-19

-0.008
(-8.44)

-0.005
(-5.28)

BA20-29

-0.010
(-9.94)

-0.009
(-8.32)

BA30-39

-0.011
(-8.79)

-0.008
(-6.05)

BA40-49

-0.010
(-7.72)

-0.011
(-7.52)

BAGE50

-0.012
(-9.16)

-0.009
(-6.45)

Alameda City

-0.009
(-3.74)

-0.004
(-1.33)

Berkeley

-0.006
(-3.01)

-0.002
(-1.03)

Central Oakland (AR)

-0.011
(-4.95)

-0.012
(-5.44)

E a s t Oakland

-0.006
(-4.50)

-0.006
(-4.33)

W e s t Oakland

-0.005
(-1.18)

-0.015
(-3.31)

Rest of Alameda County

-0.006
(-5.95)

-0.003
(-3.18)

A g e of neighborhood
PRE1940
Building age
(relative to new buildings)**

Property location




(relative to San M a t e o County)
Alameda County

B-186
Table B-53

(continued)
1977

1978

Contra Costa County

-0.002
(-2.24)

-0.005
(-5.84)

Marin County

-0.001
(-1.21)

-0.003
(-3.05)

0.001
(0.90)

0.003
(2.17)

ALT 2 5

0.001
(1.29)

-0.002(-1.90)

A25T034

0.000
(0.51)

-Q.001
(-2.03)

A45T054

-0.003
(-3.84)

-0.002
(-2.05)

AGE 5 5

-0.002
(-2.07)

-0.002
(-1.92)

FONLYCB

-0.003
(-2.47)

-0.004
(-3.02)

FONLYNCB

-0.003
(-3.02)

-0.002
(-1.88)

MFCB

-0.001
(-1.31)

0.001
(1.38)

MONLY

-0.000
(-0.23)

0.001
(1.05)

BLACK

0.000
(0.18)

-0.002
(-1.28)

SPANISH

0.002
(1.79)

-0.002
(-2.16)

-0.000
(-0.33)

-0.002
(-2.50)

San Francisco
A g e of the a p p l i c a n t
(relative to 35-44 years)

Sex of applicant(s)
(relative to MFNCB)

Race of applicant




ASIAN

B-187
Table B - 3 1 (continued)
1977
OMIN

1978

-0.000
(-0.19)

0.001
(0.43)

0.001
(0.31)

-0.005
(-1.86)

-0.005
(-1.24)

-0.011
(-2.37)

0.029
(3.27)

0.018
(1.99)

1.013
(320.78)

1.043
(280.25)

Racial composition of the
neighborhood
FBLACK
FSPANISH
FASIAN
Constant

Sample size

24606

21566

0.04

0.04

25.64

22.69

P-value

0.00

0.00

Mean value of the d e p e n d e n t
variable

1.000

1.001

R-squared
F-statistic

* The numbers in parentheses are t - s t a t i s t i c s . An "AR" after
a property location indicates the neighborhood is alleged
to be r e d l i n e d .
** Due
age
and
40,




to a programming error in the 1978 e s t i m a t e s , building
is measured relative to new and one year old buildings
the other variables are B A 2 - 1 0 , B A 1 1 - 2 0 , B A 2 1 - 3 0 , BA31BA41-50 and B A G E 5 1 .

B-188
Table B - 4 6
A p p r a i s e d V a l u e to P u r c h a s e P r i c e
in t h e San J o s e S M S A ;

Ratio

1977 a n d 1978

(ordinary l e a s t s q u a r e s ) *

1977

1978

-0.001
(-0.53)

-0.008
(-5.16)

P30-50

-0.016
(-3.09)

-0.199
(-17.76)

P50-75

-0.031
(-6.11)

-0.217
(-19.55)

P75-100

-0.037
(-7.15)

-0.220
(-19.82)

P100-125

-0.045
(-8.20)

-0.227
(-20.31)

PGT125

-0.055
(-9.83)

-0.235
(-20.97)

0.011
(2.58)

0.013
(3.44)

-0.001
(-2.88)

-0.001
(-2.26)

DINC7675

0.010
(3.33)

0.003
(1.26)

DINC7570

-0.001
(-0.94)

-0.000
(-0.06)

DHH7675

0.002
(2.43)

-0.001
(-1.83)

DHH7570

-0.000
(-1.27)

-0.000
(-0.11)

FVACANTSJ

-0.011
(-0.58)

0.015
(0.97)

Structure

type

CONDO
Purchase price
(relative to l e s s t h a n

Neighborhood




$30,001)

characteristics

FHISJ
INC1976

B-189
Table

B-31

(continued)
1977

1978

0.013
(2.33)

0.001
(0.12)

BA1-9

-0.025
(-18.44)

-0.006
(-4.74)

BA10-19

-0.023
(-14.55)

-0.007
(-5.08)

BA20-29

-0.023
(-12.69)

-0.010
(-6.21)

BA30-39

-0.025
(-8.14)

-0.015
(-5.89)

BA40-49

-0.029
(-8.02)

-0.019
(-5.84)

BAGE50

-0.040
(-10.08)

-0.017
(-5.00)

0.002
(1.74)

0.001
(1.01)

ALT25

-0.003
(-1.53)

0.003
(1.53)

A25T034

-0.002
(-1.70)

0.001
(0.97)

A45T054

-0.002
(-1.25)

0.001
(0.92)

AGE55

-0.005
(r-2.29)

-0.001
(-0.52)

Age of neighborhood
PRE1940
Building age
(relative to new buildings)**

Property location
(relative to suburbs)
City of San Jose
Age of the applicant
(relative to 35-44 years)




B-190
Table

B-31

(continued)
1977

1978

FONLYCB

-0.001
(-0.52)

0.005
(2.02)

FONLYNCB

-0.006
(-2.61)

-0.005
(-2.18)

MFCB

0.001
(0.49)

0.001
(0.96)

MONLY

0.000
(0.19)

0.001
(0.98)

BLACK

-0.003
(-0.82)

-0.004
(-1.30)

SPANISH

-0.002
(-1.15)

-0.000
(-0.23)

ASIAN

-0.001
(-0.78)

0.001
(0.79)

OMIN

0.000
(0.12)

0.003
(1.38)

-0.008

(-0.29)

-0.005
(-0.23)

FSPANISH

-0.031
(-3.61)

-0.022
(-2.86)

FASIAN

-0.033
(-1.40)

-0.023
(-1.07)

Constant

1.065
(141.61)

1.236
(100.94)

Sample size

9804

7677

Sex of applicant(s)
(relative to MFNCB)

Race of applicant

Racial composition of the
neighborhood
FBLACK

R-squared




0.07

0.08

B-191
Table

B-31

(continued)
1977

1978

21.
.27

.43
19,

P-value

0..00

.00
0.

Mean value of the d e p e n d e n t
variable

1.,004

1.
.003

F-statistic

* The numbers in parentheses are t - s t a t i s t i c s .
** Due
age
and
40,




to a programming error in the 1978 e s t i m a t e s , b u i l d i n g
is m e a s u r e d relative to new and one year old b u i l d i n g s
the other v a r i a b l e s are B A 2 - 1 0 , B A 1 1 - 2 0 , B A 2 1 - 3 0 , BA31BA41-50 and B A G E 5 1 for 1 9 7 8 .




Appendix C
M o d e l E s t i m a t e s for N e w York

C-2

List of Tables
Table




Description
Decision Models

C-l

Commercial banks in the AlbanyS c h e n e c t a d y - T r o y , Rochester
and Syracuse SMSAs

C-2

Commercial banks in the Buffalo
SMSA

C-3

Commercial banks in the New York
and N a s s a u - S u f f o l k SMSAs

C-4

Mutual savings banks in the New
York and N a s s a u - S u f f o l k SMSAs

C-5

Mutual savings banks in the New
York and Nassau-Suffolk SMSAs
(large sample)

C-6

Savings and loan associations in
the New York and N a s s a u - S u f f o l k
SMSAs

C-7

Savings and loan associations in
the Rochester SMSA
Modified Loan A m o u n t

C-8

Downward m o d i f i c a t i o n s in loan
amount in New York State:
1977-1978

C-9

Downward modifications in loan
amount at m u t u a l savings banks
in the New York and NassauSuffolk SMSAs:
1976-77

Table C-l
M u l t i n o m i a l Logit Estimation of Actions by
Commercial Banks on Applications

for

Conventional Mortgage Loans on Owner-Occupied
1-4 Family Houses in A l b a n y - S c h e n e c t a d y - T r o v ,
Rochester and Svracuse SMSAss

19 77-1978*

Denial

Modification

Withdrawal

INC10-15

-1.89
(-4.84)

-1.21
(-2.17)

-0.97
(-2.51)

INC15-25

-2.86
(-8.00)

-1.47
(-2.60)

-2.03
(-6.70)

INCGT25

-3.36
(-8.66)

-1.17
(-2.02)

-1.72
(-6.06)

GNW

0.01
(0.03)

-0.21
(-0.63)

-0.20
(-0.49)

VGNW

-0.58
(-2.98)

0.18
(0.66)

-0.01
(-0.02)

OCC3-5

-0.21
(-0.87)

0.68
(2.86)

0 . 28
(0.93)

0CCGT5

-0.15
(-0.92)

0.45
(2.93)

0.02
(0.11)

RLGT2*INC

-1.52
(-2.36)

-0.13
(-0.22)

- 0 . 87
(-1.12)

4.26
(6.81)

6.69
(8.79)

-0.19
(-0.43)

.62
-3,
(-6.
.44)

-0.
.25
(-0.
.37)

0. .39
(0.
.52)

DINC

0 . .07
(2.
.28)

-0.
.00
(-0.
.08)

-0.
,01
(-0.
,36)

DP OP

0.
.14
(3.
,20)

-0.
.02
(-0.
.94)

0 . ,01
(0.
,33)

FORRATE

0.00
(0.04)

-0.06
(-3.19)

0.00
(0.03)

Financial characteristics

RLTOAV
Neighborhood




characteristics

FHI

C-4 3
Table C-10 (continued)

Denial

Modification

Withdrawal

0.01

0.01

0.01

(0.79)

(0.57)

(0.64)

0.84
(2.29)

-0.07
(-0.17)

1.72
(3.48)

Neighborhoods alleged
to b e redlined (AR)

-0.67
(-0.83)

-7.84
(-2.12)

-0.43
(-0.37)

Rest of the City of
Albany

-0.14
(-0.21)

0.31
(0.50)

-7.56
(-1.67)

Rest of the City of
Schenectady

0.19
(0.32)

0.52
(0.97)

-7.92
(-1.89)

Rest of the City of
Troy

-8.28
(-2.02)

-7.56
(-1.87)

-7.97
(-1.76)

0.24
(0.58)

0.41
(1.11)

0.16
(0.31)

-0.08
(-0.17)

-0.30
(-0.81)

-6.90
(-1.38)

0.55
(0.74)

0.77
(1.07)

-6.78
(-1.37)

Saratoga and Montgomery
Counties

-2.07
(-4.76)

0.28
(0.83)

0.80
(1.76)

Rest of the City of
Rochester

-0.47
(-0.73)

-7.85
(-1.99)

-8.21
(-2.11)

L i v i n g s t o n , Orleans and
Wayne Counties

-0.93
(-1.94)

0.35
(0.85)

-7.49
(-1.68)

Rest of the City of
Syracuse

-0.82
(-1.71)

0.32
(0.85)

0.37
(0.75)

0.52
(2.03)

0.18
(0.74)

1.13
(3.46)

DELRATE

Age of neighborhood
PRE1940
Property location
(relative to suburban
Monroe County)




Albany Countv suburbs
Schenectadv County
suburbs"
Rensselaer County
suburbs

Onondaga County suburbs
and Oswego County

C-5 3
Table C-10 (continued)
Denial

Modification

Withdrawal

ALT 2 5

-0.77
(-2.04)

-1.00
(-2.60)

0.35
(0.80)

A25T034

-1.08
(-4.20)

-0.55
(-2.77)

0.32
(1.35)

A45T054

-0.18
(-0.63)

-0.25
(-0.96)

-0.05
(-0.15)

AGE 5 5

-0.56
(-1.31)

0.32
(0.78)

0.02
(0.03)

MFCBW

0.23
(0.65)

-0.46
(-1.81)

-0.36
(-0.88)

MFCBNW

0.48
(1.17)

-0.65
(-1.98)

-0.17
(-0.35)

MFNCBW

0.49
(1.48)

-0.81
(-2.90)

0.34
(1.04)

MONLY

0.34
(0.77)

-0.51
(-1.56)

-1.03
(-2.39)

.42
0.
.64)
(0.

-1,
.61
.34)
(-2.

-8.
.52
(-2.
.13)

.31
-0.
(-0.
.51)

-0.
.01
(-0.
,02)

-0.
,12
(-0.
,16)

0.
.42
,89)
(0.

-0.
,58
.21)
(-1.

0.
,39
(0.
,70)

Age of the a p p l i c a n t
(relative to 35-44 years)

Sex of the applicant(s)
(relative to m a l e - f e m a l e
couples w i t h a nonw o r k i n g w o m a n w h o is
past the childbearing
age of 34)

M a r i t a l status of applicant(s)
(relative to a m a r r i e d
male-female couple or
married male only
application)




UNSFCB
UNSFNCB
UNSMF

C-6 3
Table C-10 (continued)
Denial

Modification

Withdrawal

UNSMONLY

0 . 48
(1. 11)

0.25
(0.67)

0 . 89
(2. 12)

MARFONLY

- 0 . 05
( - 0 .05)

-8.62
(-2.90)

- 7 . 42
( - 1 .81)

BLACK

- 0 . 18
( - 0 .21)

0.42
(0.48)

- 7 . 90
( - 2 .43)

H I S P A N I C and
OTHERMIN

- 1 . 05
( - 1 .92)

0.26
(0.52)

- 0 . 53
( - 0 .77)

- 1 . 70
( - 0 .55)

-6.14
(-1.40)

3. 79
(1. 28)

- 2 . 68
( - 1 9 .77)

-6.32
(-5.95)

- 2 . 98
( - 2 .86)

Race of the applicant(s)

Racial composition of
neighborhood
FBLACK
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

2586
376.62
129
0.000
11.08

* The numbers in parentheses are t - s t a t i s t i c s .




Table C-2
M u l t i n o m i a l Logit Estimation of Actions by
C o m m e r c i a l Banks on Applications

for

C o n v e n t i o n a l Mortgage Loans on Owner-Occupied
1-4 Family Houses in the B u f f a l o SMSA;

1977-1978*

Denial

Modification

Withdrawal-

INC10-15

.39
-0,
.96)
(-0.

7,
.13
.21)
(1.

.67
1,
.98)
(1,

INC15-25

-1,
.03
(-2,
.80)

.03
7,
.20)
(1.

1,
.65
(2.
.13)

INCGT25

.92
-1,
(-4.
.27)

7.
.02
.20)
(1.

0.
.90
.15)
(1.

GNW

.17
0.
(0.
.55)

6.
.13
,38)
(1.

0.
,03
(0.
,07)

VGNW

0.
.05
(0.
.24)

.99
6.
,58)
(1.

-0.
.37
,19)
(-1.

OCC3-5

0.
,01
(0.
,04)

,71
-0.
,47)
(-1.

0.
,00
(0.
,01)

0CCGT5

,10
-0.
(-0.
,69)

- 0 ..15
(-0.
,46)

0.,57
,28)
(2.

RLGT2*INC

,02
-0.
(-0.
,04)

0.,29
(0.
,32)

,27
1.
(2.
,32)

1. 93
(3. 26)

5. 22
(4.
,01)

0.,60
(2. 04)

0.
.52
.02)
(1.

0.
.56
(0,
.41)

-3.
.26
(-3.
.55)

DINC

-0.
.10
(-3.
.19)

-0,
.07
(-0,
.97)

0.
.09
,88)
(1.

DP OP

-0.
,01
(-0.
,35)

0.
.01
(0.
.14)

0.
,02
(0.
,63)

0.
.33
,99)
(1.

0.
,54
(2.
.34)

-18.
,60
,66)
(-1.

Financial

characteristics

RLTOAV
Neighborhood




characteristics

FHI

FORRATE

C-8 3
Table C-10 (continued)
Denial

Modification

Withdrawal

0.12
(2.36)

-0.11
(-0.94)

0.12
(1.34)

0.44
(1.36)

1.96
(2.55)

0.10
(0.23)

Black R o c k , Central
C i t v f FillmoreL e r o y , and
Industrial (AR)

-0.89
(-0.95)

-13.15
(-2.57)

-19.00
(-2.82)

Broadway, Shiller,
and University

-0.17
(-0.29)

0.02
(0.03)

-0.41
(-0.52)

E a s t Elmwood and
South Buffalo

-0.38
(-0.53)

-1.87
(-1.52)

-13.68
(-2.80)

North B u f f a l o

-0.31
(-0.53)

-1.06
(-1.03)

-12.84
(-2.79)

W e s t Elmwood (AR)

-0.06
(-0.08)

-14.91
(-2.59)

-14.21
(-2.71)

0.69
(0.88)

1.55
(1.15)

-13.67
(-2.69)

-0.48
(-1.00)

1.28
(1.84)

-2.21
(-2.12)

0.27
(0.99)

1.23
(2.95)

-0.97
(-2.67)

ALT25

-0.45
(-1.13)

1.21
(1.94)

0.82
(1.56)

A25T034

-0.41
(-2.31)

-0.45
(-1.22)

0.60
(2.35)

DELRATR
Age of neighborhood
PRE1940
Property location
(relative to Erie
County suburbs)
City of 9 u f f a l o

W e s t Side (AR)
City of Niagara Falls
Niagara County outside
the city of
Niagara Falls
Age of the applicant
(relative to 35-44 years)




C-9
Table C-2

(continued)
Denial

Modification

Withdrawal

A45T054

-0.53
(-1.74)

-0.25
(-0.51)

0.61
(1.73)

AGE55

-0.69
(-1.78)

-13.78
(-2.91)

0.56
(1.15)

MFCBW

0.40
(0.82)

-1.13
(-2.06)

-0.53
(-1.73)

MFCBNW

0.81
(1.52)

-0.14
(-0.20)

-0.61
(-1.33)

MFNCBW

0.87
(1.83)

-1.13
(-2.16)

0.18
(0.55)

MONLY

1.28
(2.70)

1.08
(2.07)

0.38
(1.14)

UNSFCB

-0.78
(-0.85)

-16.33
(-2.73)

-14.2Q
(-2.81)

UNSFNCB

0.50
(0.75)

-0.39
(-0.41)

-0.52
(-0.68)

UNSMF

-0.20
(-0.31)

0.08
(0.08)

-0.48
(-0.60)

UNSMONLY

-0.75
(-2.05)

-2.43
(-3.67)

-0.40
(-0.86)

MARFONLY

2.37
(2.37)

-14.73
(-2.52)

1.34
(0.99)

0.65
(0.91)

1.13
(0.97)

0.03
(0.03)

Sex of the applicant(s)
(relative to malefemale couples w i t h
a non-working w o m a n
w h o is p a s t the childbearing age of 34)

M a r i t a l status of applicant(s)
(relative to a married
m a l e - f e m a l e couple or
married male only
application)

Race of the applicant(s)




BLACK

C-10 3
Table C-10 (continued)
Denial
OTHERMIN

Modification

Withdrawal

-0.40
(-0.52)

1.55
(1.72)

0.88
(0.94)

-1.36
(-0.88)

-0.81
(-0.27)

2.60
(1.28)

-3.03
(-4.31)

-21.48
(-2.01)

-4.90
(-4.04)

Racial composition of
neighborhood
FBLACK
Constant

Sample size
Likelihood r a t i o s t a t i s t i c
Degrees of freedom
Probability
Corresponding standard
n o r m a l deviate

1434
217.23
117
0.000
5.58

* The numbers in parentheses are t - s t a t i s t i c s . An "AR" after a
property location indicates that the area has b e e n alleged to
be r e d l i n e d .




C-ll
Table C-3
M u l t i n o m i a l L o g i t E s t i m a t i o n of A c t i o n s b y
C o m m e r c i a l B a n k s on A p p l i c a t i o n s
C o n v e n t i o n a l M o r t g a g e L o a n s on

Owner-Occupied

1 - 4 F a m i l y H o u s e s in t h e N e w Y o r k
Nassau-Suffolk SMSAs:

for
and

1977-1978*

Denial

Modification

INC15-25

.57
-0.
(-4,
.44)

-0,
.26
.07)
(-1,

-0, 38
.
.07)
(-2,

INCGT25

-0,
.93
(-8.
.58)

-0,
.54
(-2,
.23)

- 0 ,.43
(-2.
.46)

Financial

Withdrawal

characteristics

GNW

0.
.03
(0.
.13)

0.
.53
.
(1. 70)

- 0 ..14
(-0.
.60)

VGNW

0.
.10
,51)
(1.

0.
,66
(2.
.56)

- 0 ..10
.03)
(-1.

OCC3-5

- 0 .,32
(-2.
,35)

- 0 .,01
(-0.
,07)

- 0 ..18
,
( - 1 . 31)

0CCGT5

- 0 .,50
,42)
(-5.

- 0 .,08
,82)
(-0.

- 0 .,22
(-2.
,61)

,60
0.
(1. 75)

- 0 .,46
,
( - 1 . 28)

0 . 70
(1. 75)

2.,15
(10. 95)

6 . 88
(18. 62)

1 . 08
(9. 90)

- 0 . 58
(-2.53)

0 . 30
(1.25)

0.22
(1.52)

DINC

0.00
(0.02)

-0.01
(-0.50)

-0.02
(-2 .11)

DPOP

0.02
(1.58)

0.02
(1.18)

-0.00
(-0.14)

FORRATE

-0.02
(-1.20)

-0.01
(-0.62)

-0.02
(-1.38)

DELRATE

-0.01
(-0.50)

0.01
(1.51)

-0.00
(-0.21)

RLGT2*INC
RLTOAV
Neighborhood characteristics




FHI

C-12 3
Table C-10 (continued)
Denial

Modification

Withdrawal

0.01
(0.06)

0.50
(3.54)

-0.15
(-0.90)

Central Brooklyn ( AR)

1.12
(2.20)

-0.53
(-0.96)

1.19
(2.06)

Park Slope

0.66
(1.07)

0.12
(0.23)

1.85
(4.31)

South Bronx (AR)

0.38
(0.69)

0.11
(0.23)

-0.29
(-0.49)

Other allegedly redlined areas (East
Flatbush, Crown
Heights, and
Southeast Queens)
(AR)

0.90
(1.55)

0.12
(0.22)

0.6 8
(0.99)

Northeast Kings

1. 35
(2.24)

1. 44
(2.52)

0. 63
(0.85)

South Kings

0.63
(2.64)

0.41
(1.91)

-0.25
(-0.93)

North Bronx

0.06
(0.17)

-0.18
(-0.52)

-0.05
(-0.13)

Rest of Queens

0.50
(2.66)

-0.39
(-2.14)

0.39
(1.94)

New York
(Manhattan)

0.41
(1.84)

-0.06
(-0.25)

0.85
(4.04)

-0.53
(-1.44)

0.19
(0.58)

-0.18
(-0.47)

0.05
(0.33)

0.00
(0.02)

0.10
(0.58)

Westchester

-0.05
(-0.39)

-0.13
(-1.01)

0.36
(3.08)

Nassau

-0.05
(-0.45)

-0.05
(-0.46)

0.20
(1.74)

Age of neighborhood
PRE1940
Property location
( relative to Suffolk
County)




(AR)

Richmond (Staten
Island)
Rockland.

C-13
Table C-3

(continued)
Denial

Modification

Withdrawal

(0.24)

0.06

-0.13
(-0.58)

-0.36
(-1.34)

-0.08
(-0.79)

-0.11
(-1.52)

0.04
(0.49)

(0.46)

0.24
(2.15)

(-1.86)

0.09
(0.45)

(1.08)

-0.29
(-1.41)

Age of the a p p l i c a n t
( relative to 35-44 years)
ALT 2 5
A25T034
A45T054
AGE 5 5

0. 06

0.18

-0.25

Sex of the applicant(s)
(relative to malefemale couples w i t h a
non-working woman who
is past the childb e a r i n g age of 34)
MFCBW

-0.19
( -1.60)

-0.12
(-0.60)

-0.31
(-2.59)

MFC3NW

-0.14
(-0.89)

-0.01
(-0.04)

-0.19
(-1.04)

MFNCBW

0.04
(0.32)

-0.03
(-0.19)

(-1.18)

MONLY

0.13

-0.15

-0.10

(1.06)

(-0.52)

-0.23
(-1.75)

(0.25)

0.10

-0.13
(-0.34)

0.09
(0.23)

-0.02
(-0.05)

-0.05
(-0.15)

-0.09
(-0.29)

0.46
(1.91)

-0.48
(-2.24)

-0.65
(-2.51)

M a r i t a l status of
applicant(s)
(relative to a
married male-female
couple or m a r r i e d
male only application)




UNSFCB
UNSFNCB
UNSMF

C-14 3
Table

C-10

(continued)
Denial

Modification

Withdrawal

UNSMONLY

0.28
(2.12)

0.26
(1.78)

0.24
(1.43)

MARFONLY

-0.71
(-1.37)

0.43
(0.92)

-0.61
(-1.13)

BLACK

0.20
(0.77)

-0.23
(-0.99)

0.44
(1.69)

HISPANIC

0.07
(0.25)

-0.32
(-1.33)

0.34
(1.18)

OTHERMIN

0.36
(1.64)

0.22
(1.12)

-0.10
(-0.41)

0.84
(1.72)

0.52
(1.14)

0.81
(1.59)

-2.32
(-14.21)

-6.99
(-13.27)

-2.07
(-10.61)

Race of the applicant(s)

Racial composition of
neighborhood
FBLACK
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate
*

4919
566.88
132
0.000
17.45

The numbers in parentheses are t - s t a t i s t i c s . A n "AR" after a
property location indicates that the area is alleged to be
redlined.




C-15
Table C-4
M u l t i n o m i a l L o g i t E s t i m a t i o n of A c t i o n s by
M u t u a l Savings Banks on A p p l i c a t i o n s for
C o n v e n t i o n a l M o r t g a g e Loans on Owner-Occupied
1-4 Family H o u s e s in the N e w YorkN a s s a u - S u f f o l k SMSAs:
1976-1977*

Denial

Modification

Withdrawal

INC15-25

-0.26
(-1.98)

-0.09
(-0.47)

0.01
(0.05)

INCGT25

-0.80
(-6.59)

-0.28
(-1.46)

-0.02
(-0.18)

SATNW

-0.39
(-1.02)

-0.92
(-1.84)

-0.48
(-0.96)

GNW

-0.48
(-1.44)

-0.24
(-0.52)

-0.84
(-1.90)

VGNW

-0.88
(-2.88)

-0.25
(-0.56)

-0.96
(-2.53)

OCC3-5

-0.02
(-0.16)

0.18
(1.35)

0.12
(0.65)

OCCGT5

-0.34
(-3.58)

0.10
(1.01)

-0.27
(-2.47)

0.52
(1.76)

0.22
(0.71)

-0.68
(-1.48)

4.97
(19.09)

6.39
(20.71)

0.45
(3.03)

FHI

-0.70
(-1.53)

0.59
(2.35)

0.78
(3.35)

DINC

-0.03
(-1.87)

0.01
(0.73)

-0.03
(-2.36)

DPOP

0.03
(1.49)

-0.01
(-0.66)

-0.08
(-3.11)

F i n a n c i a l characteristics




RLGT2*INC
RLTOAV
rhood characteristics

C-16 3
Table C-10 (continued)
Denial

Modification

Withdrawal

FORRATE

-0.00
(-0.01)

0.01
(1.19)

0.00
(0.24)

DELRATE

-0.01
(-1.24)

-0.00,
(-0.18)

0.01
(0.70)

0.26
(1.30)

1.53
(8.52)

0.25
(1.60)

-0.12
(-0.19)

-0.32
(-0.57)

1.30
(2.30)

0.15
(0.27)

-0.85
(-1.36)

0.25
(0.30)

Central Brooklyn
and F o r t Greene
(AR)

-0.47
(-0.92)

0.52
(1.30)

1.11
(2.33)

Crown Heights and
E a s t Flatbush
(AR)

-0.34
(-0.52)

0.52
(1.07)

-0.47
(-0.55)

N o r t h e a s t Kings

-0.19
(-0.37)

0.97
(2.42)

1.26
(2.50)

Park Slope

-0.72
(-1.34)

0.45
(1.10)

0.70
(1.23)

0.17
(0.63)

0.26
(1.11)

0.08
(0.24)

0.21
(1.00)

-0.11
(-0.62)

-0.09
(-0.44)

-0.82
(-1.61)

0.41
(0.96)

0.68
(1.32)

A g e of neighborhood
PRE1940
Property location
(relative to Suffolk
County)




Bronx County
North
South

(AR)

Kings County

(AR)

South Kings
Nassau
New York

(Manhattan)

C-17 3
Table C-10 (continued)
Denial

Modification

Withdrawal

S o u t h e a s t Queens

0.76
(0.95)

0.52
(0.66)

-7.26
(-5.25)

Rest of Queens

0.28
(1.19)

-0.05
(-0.23)

-0.17
(-0.61)

Richmond

-0.70
(-3.82)

-0.62
(-3.96)

-1.66
(-6.30)

Rockland

-1.29
(-2.82)

-0.68
(-2.50)

-0.08
(-0.21)

Westchester

-0.64
(-3.08)

-1.10
(-7.28)

-0.09
(-0.50)

ALT25

-0.44
(-1.64)

0.12
(0.50)

-0.07
(-0.20)

A25T034

-0.34
(-3.42)

-0.11
(-1.17)

-0.21
(-1.38)

A45T054

-0.34
(-2.20)

-0.30
(-2.25)

-0.31
(-1.55)

AGE55

-0.30
(-1.39)

0.11
(0.61)

-0.26
(-0.95)

MFCBW

-0.05
(-0.24)

-0.72
(-4.24)

-0.07
(-0.46)

MFCBNW

-0.09
(-0.37)

-0.30
(-1.53)

0.34
(1.49)

MFNCBW

0.17
(0.92)

-0.22
(-1.45)

-0.33
(-1.87)

MONLY

1.01
(4.89)

-0.18
(-0.97)

-0.35
(-1.71)

Queens County

Age of the applicant
(relative to 35-44 years)

S e x of the applicant(s)
(relative to malefemale couples with
a non-working w o m a n
w h o is past the childbearing age of 34)




C-18 3
Table C-10 (continued)
Denial

Modification

Withdrawal

UNSFCB

0.29
(0.63)

-0.39
(-1.00)

-0. 60
(-1.05)

UNSFNCB

0.37
(1.06)

-0.23
(-0.78)

-0.19
(-0.45)

UNSMF

0.24
(0.78)

-0.06
(-0.24)

-0.78
(-1.92)

UNSMONLY

-0.28
-1.35)

0.02
(0.09)

0.14
(0.48)

1.24
(2.15)

0.28

1.06

(0.54)

(1.72)

(2.70)

0.47
(2.43)

-0.11
(-0.35)

HISPANIC

0.75
(2.78)

0.17
(0.69)

0.14
(0.36)

OTHERMIN

0.32
(1.16)

0.09
(0.36)

-0.34
(-0.91)

-0.22
-0.48)

(-1.60)

0.87
(1.48)

-4.06
-9.44)

-6.58
(-10.00)

-1.92
(-6.99)

Marital status of applicant(s)
(relative to a married
male-female couple or
married male only
application)

MARFONLY
Race of the applicant(s)
BLACK

0.60

Racial composition of
neighborhood
FBLACK
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

-0.64

4131
791.02
138

0.0
23.19

* The numbers in parentheses are t-statistics. An "AR" after a
property location indicates the neighborhood is alleged to be
redlined.



C-19
Table C-10
M u l t i n o m i a l L o g i t Estimation of A c t i o n s by
M u t u a l Savings Banks on A p p l i c a t i o n s for
C o n v e n t i o n a l M o r t g a g e Loans on Owner-Occupied
1-4 Family H o u s e s in the New Y o r k and
N a s s a u - S u f f o l k SMSAs:

1976-1977*

(Large Sample)

Denial

Modification
Accepted
Rejected

Withdrawal

Financial c h a r a c t e r i s t i c s
INC15-25

-0.77
(-16.74)

0.24
(3.72)

-0.72
(-18.02)

-0.02
(-0.37)

INCGT25

-1.21
(-27.99)

0.10
(1.77)

-0.62
(-22.20)

-0.04
(-0.67)

BADNW

-0.68
(-1.95)

-1.37
(-2.71)

-1.57
(-5.43)

-0.72
(-1.45)

SATNW

-0.70
(-5.56)

-2.64
(-14.25)

-2.00
(-18.23)

-0.11
(-0.64)

GNW

-0.81
(-9.27)

-1.98
(-15.45)

-1.88
(-23.90)

-0.18
(-1.45)

-1.03
(-29.07)

-2.00
(-36.66)

-1.89
(-47.51)

-0.12
(-2.78)

OCC3-5

-0.14
(-2.24)

-0.05
(-0.55)

0.02
(0.34)

-0.15
(-1.63)

0CCGT5

-0.13
(-3.85)

-0.09
(-1.81)

0.09
(3.06)

-0.29
(-5.96)

0.49
(2.79)

0.98
(3.72)

-0.06
(-0.42)

-0.04
(-0.15)

4.04
(52.70)

6.12
(53.59)

6.64
(59.45)

0.41
(7.53)

-0.56
(-7.84)

0.49
(4.97)

-0.16
(-2.42)

0.52
(5.43)

VGNW

RLGT2*INC
RLTOAV
Neighborhood
characteristics




FHI

C-20 3
Table C-10 (continued)

Denial

Modification
Rejected
Accepted

Withdrawal

DINC

-0.02
(-4.58)

-0.02
(-3.62)

-0.01
(-1.43)

-0.02
(-3.77)

DPOP

-0.06
(-7.70)

-0.05
(-4.56)

-0.04
(-7.23)

-0.07
(-6.56)

FORRATE

0.00
(0.63)

0.01
(1.14)

-0.01
(-1.56)

-0.01
(-1.20)

DELRATE

-0.02
(-3.91)

-0.02
(-2.51)

-0.01
(-1.75)

0.01
(0.85)

0.10
(1.56)

0.21
(2.65)

0.53
(9.16)

0.31
(3.87)

-0.01
(-0.02)

0.85
(1.97)

0.56
(2.22)

0.69
(1.63)

0.13
(0.32)

0.63
(1.04)

-0.27
(-0.78)

0.83
(1.47)

-0.01
(-0.03)

0.98
(2.90)

0.30
(0.83)

1.37
(2.84)

Crown Heights
(AR)

0.38
(0.70)

1.39
(2.28)

0.63
(1.42)

0.38
(0.49)

East Flatbush
(AR)

0.13
(0.41)

1.67
(4.99)

1.19
(4.35)

-0.58
(-1.13)

Fort Greene (AR)

2.02
(3.78)

2.82
(4.98)

2.24
(4.39)

1.49
(1.95)

N o r t h e a s t Kings

0.69
(3.09)

1.48
(5.08)

0.98
(5.27)

0.61
(1.87)

Park Slope (AR)

0.01
(0.02)

2.13
(7.65)

0.93
(3.74)

Age of neighborhood
PRE1940
Property location
(relative to Suffolk
County)




Bronx County
North
South (AR)
Kings County
Central
Brooklyn (AR)

0.67
(1.86)

C-21 3
Table C-10 (continued)

Denial

Modification
Rejected
Accepted

Withdrawal

0.
.11
.04)
(1.

.69
0.
.75)
(4.

.27
0,
(2.
.90)

.10
0.
.69)
(0,

.16
-0.
(-2.41)

0.
.01
.06)
(0.

-0.
.01
.09)
(-0.

.37
-0.
,04)
(-4.

0.
.50
.50)
(1.

.53
0.
.11)
(1.

.68
0,
(2.
.46)

,03
1.
,47)
(3.

(AR)

0.
.75
.96)
(1.

.57
0.
.00)
(1.

.70
0,
(2.
.16)

.71
0.
.28)
(1.

R e s t of Queens

-0.
.00
.01)
(-0.

,29
0.
(2.
.12)

0.
.25
(2.
,89)

,16
-0.
.19)
(-1.

Richmond

.74
-0.
(-7.
.65)

.17
-1.
.47)
(-8.

.12
-0.
.51)
(-1.

,52
-1.
,19)
(-11.

Rockland

.31
0.
(2.
.56)

-1.
.00
(-4.
,28)

.16
-0.
.17)
(-1.

0.
,17
,74)
(0.

.95
-0.
.28)
(-13.

,22
-1.
(-12.
.94)

-0.
,85
(-14.
.15)

.05
-0.
.57)
(-0.

ALT 2 5

.55
-0.
(-4.
.39)

-0.
.80
.39)
(-4,

.44
-0.
.21)
(-4,

-0.
.39
(-2.
.21)

A25T034

.33
-0.
.74)
(-7.

.33
-0.
.33)
(-5.

-0,
.37
.22)
(-10,

-0,
.05
.78)
(-0.

A45T054

.04
0.
.63)
(0,

.27
-0,
.66)
(-2.

0.
.02
(0.
.43)

0,
.00
.03)
(0.

.16
-0,
.55)
(-1,

-0.
.23
.59)
(-1.

-0,
.05
.65)
(-0,

-0.
.00
(-0.
.00)

BLACK

.55
0.
.97)
(4.

.24
0.
.40)
(1.

0,
.16
.62)
(1.

0.
,30
.74)
(1.

HISPANIC

.51
0,
.38)
(3,

0.
.43
.96)
(1.

-0.
.06
(-0,
.47)

0.
,13
.58)
(0.

South Kings
Nassau
New York
(Manhattan)
Queens County
Southeast

Westchester
A g e of the applicant
(relative to 35-^4
years)




AGE 5 5
the applicant(s)

C-22 3
Table C-10 (continued)

Denial
OTHERMIN

Modification
Rejected
Accepted

Withdrawal

0.53
(4.76)

0.23
(1.24)

0.05
(0.51)

0.14
(0.80)

0.08
(0.35)

-0.34
(-1.00)

-0.03
(-0.16)

0.07
(0.21)

-2.52
(-88.77)

-5.47
(-97.19)

-4.02
(-92.96)

-2.87
(-74.80)

Racial composition of
neighborhood
FBLACK
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal d e v i a t e

18696
3175.18
160
0.0
61.83

* The numbers in parentheses are t - s t a t i s t i c s . An "AR" after a
property location indicates the neighborhood is alleged to be
redlined.




C-23
Table C-10
Multinomial Logit Estimation of Actions by
Savings and Loan Associations on Applications
for Conventional Mortgage Loans on
Owner-Occupied 1-4 Family Houses in
New York and Nassau-Suffolk SMSAS:

1977-1978*

Denial

Modification

Withdrawal

.12
-0,
.60)
(-0,

0,
.86
.72)
(2,

0,
.58
.40)
(1,

0,
.80
(2, 4f>)
.

0,
.46
.08)
(1.

Financial characteristics
INC15-25
INCGT25

.13
0,
.63)
(0,

GNW

.41
-0.
.91)
(-0.

.08
0.
.28)
(0.

0,
.64
.37)
(1.

VGNW

.72
-0.
(-2.
.26)

.05
-0.
.34)
(-0.

0,
.16
(0.
,61)

OCC3-5

0.
.05
(0.
.20)

-0.
,03
(-0.
.13)

0.
.21
(0.
.61)

0CCGT5

-0.
.18
.31)
(-1.

-0.
,11
,72)
(-0.

-0.
.37
,44)
(-1.

RLGT2*INC

,24
1.
(2.
,39)

,75
0.
,89)
(1.

0.
,74
,05)
(1.

RLTOAV

1.
,44
(5. 92)

10.
.11
,21)
(15.

1.
,75
(3. 63)

FHI

1.26
(2.40)

0.64
(0.98)

-3.95
(-4.86)

DINC

-0.04
(-1.18)

-0.14
(-3.39)

0.12
(2.32)

DPOP

0.05
(1.55)

0.05
(2.41)

-0.01
(-0.28)

FORRATE

-0.10
(-3.53)

-0.00
(-0.15)

-0.04
(-1.08)

DELRATE

-0.05
(-2.34)

0.02
(1.67)

-0.00
(-0.01)

Neighborhood




characteristics

C-24 3
Table C-10 (continued)
Denial

Modification

Withdrawal

1.10
(2.91)

0.59
(1.98)

-0.82
(-1.98)

Neighborhoods alleged
to b e redlined
(Central B r o o k l y n ,
Park S l o p e , E a s t
F l a t b u s h , Crown
Heights, Southeast
Queens and South
Bronx) (AR)

-0.96
(-1.36)

0.97
(1.58)

1.92
(1.77)

N o r t h e a s t Kings

-0.39
(-0.42)

1.00
(1.27)

2.09
(1.48)

South Kings

-2.48
(-3.15)

1.12
(2.17)

1.23
(1.39)

North Bronx

-0.59
(-0.73)

1.24
(1.85)

-10.36
(-9.57)

Rest of Queens

-1.75
(-4.56)

1.11
(2.25)

0.04
(0.04)

-10.39
(-12.10)

1.57
(2.74)

0.85
(0.80)

Age of neighborhood
PRE1940
Property location
(relative to Suffolk
County)

Richmond
Rockland

0.11
(0.39)

1.67
(3.87)

2.35
(3.06)

Westchester

0.54
(1.66)

0.72
(1.40)

2.56
(3.15)

-1.55
(-3.22)

1.59
(3.25)

1.39
(1.69)

-0.02
(-0.04)

-0.41
(-1.23)

-0.62
(-1.03)

Nassau
Age of the a p p l i c a n t
(relative to 35-44 years)




ALT 2 5

C-25 3
Table C-10 (continued)
Denial

Modification

Withdrawal

A25T034

-0.50
(-2.02)

-0.63
(-4.11)

0.12
(0.52)

A45T054

0.52
(1.76)

-0.45
(-2.21)

0.36
(1.02)

-0.00
(-0.01)

-0.25
(-0.97)

0.06
(0.13)

MFCBW

-0.21
(-0.97)

1.34
(4.00)

-0.92
(-2.65)

MFCBNW

-0.24
(-0.65)

1.69
(4.38)

-0.78
(-1.67)

MFNCBW

-0.63
(-2.38)

1.27
(3.78)

-0.56
(-1.64)

AGE55
Sex of the applicant(s)
(relative to malefemale c o u p l e s w i t h
a non-working w o m a n
w h o is p a s t the childb e a r i n g age of 34)

MONLY

0.06

1.62

(0.20)

(4.45)

-1.04
(-2.19)

UNSFCB

-1.25
(-1.46)

0.90
(1.40)

-0.48
(-0.46)

UNSFNCB

-0.90
(-1.40)

1.64
(3.14)

-0.69
(-0.89)

UNSMF

-0.01
(-0.01)

0.39
(1.01)

0.82
(1.31)

UNSMONLY

0.12
(0.27)

-0.58
(-1.85)

0.42
(0.66)

MARFONLY

0.38
(0.50)

-10.40
(-12.03)

-10.57
(-7.83)

M a r i t a l status of
applicant(s)
(relative to a m a r r i e d
m a l e - f e m a l e couple or
married male only
application)




C-26 3
Table C-10 (continued)
Denial

Modification

Withdrawal

BLACK

1.27
(3.32)

0.55
(2.00)

1.14
(2.35)

HISPANIC

0.63
(1.19)

0.84
(2.69)

0.83
(1.49)

OTHERMIN

-0.29
(-0.57)

0.27
(0.87)

-10.76
(-13.01)

0.90
(1.21)

-0.37
(-0.67)

-4.07
(-2.77)

-3.56
(-13.21)

-12.72
(-12.24)

-5.27
(-3.39)

Race of the applicant(s)

Racial composition of
neighborhood
FBLACK
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
n o r m a l deviate

2170
485.80
120
0.000
15.71

* The numbers in parentheses are t - s t a t i s t i c s . An "AR" after a
property location indicates that the area is alleged to be
r e d l i n e d . There are no observations on M a n h a t t a n properties
in this s a m p l e .




C-27
Table C-7
Multinomial Logit Estimation of Actions by
Savings and Loan Associations on Applications for
Conventional Mortgage Loans on Owner-Occupied
1-4 Family Houses in the Rochester SMSA:

1977-1978*

Denial

Modification

Withdrawal

INC10-15

-0.50
(-1.52)

-1.00
(-1.55)

1.02
(0.33)

INC15-25

-0.66
(-2.81)

-1.73
(-2.68)

1.90
(0.63)

INCGT25

-1.16
(-4.43)

-1.51
(-2.21)

2.30
(0.76)

SATNW

-0.74
(-1.18)

-0.04
(-0.05)

-13.02
(-8.30)

GNW

-1.01
(-2.05)

0.26
(0.41)

-1.66
(-1.77)

VGNW

-1.45
(-3.35)

0.55
(1.00)

-2.27
(-2.79)

OCC3-5

-0.00
(-0.01)

-0.06
(-0.22)

1.10
(1.63)

OCCGT5

-0.30
(-1.56)

0.38
(1.93)

0.79
(1.52)

RLGT2*INC

1.26
(2.18)

-0.28
(-0.30)

-9.18
(-4.64)

RLTOAV

2.91
(6.94)

9.54
(9.66)

5.32
(3.92)

0.44
(0.67)

0*92
(1.00)

-0.85
(-0.53)

DINC

-0.01
(-0.36)

0.15
(3.24)

0.16
(2.40)

DPOP

-0.00
(-0.00)

-0.17
(-3.04)

0.05
(0.66)

Financial characteristics




rhood characteristics
FHI

C-28
Table C-7

(continued)
Denial

Modification

Withdrawal

FORRATE

0.16
(0.61)

-0.53
(-1.61)

-0.05
(-0.04)

DELRATE

0.06
(2.06)

0.06
(2.16)

-0.21
(-1.95)

0.63
(1.33)

0.25
(0.47)

0.22
(0.22)

-16.70
(-8.04)

-12.85
(-6.41)

-6.69
(-1.94)

ZIP Code Area
14621 and the
16th Ward (AR)

1.33
(1.89)

-9.36
(-7.08)

-7.76
(-3.54)

Edgartown/Brown
Square/Cornhill/
Park/Oxford/
South Wedge/
Swillberg

0.76
(0.91)

2.04
(1.99)

-8.32
(-3.56)

Rest of the
Primary Target
Area

0.01
(0.01)

1.11
(1.09)

-8.76
(-3.72)

Ward 19

-1.20
(-1.35)

0.68
(0.88)

-6.49
(-3.09)

Rest of the City
of Rochester

-0.28
(-0.68)

0.47
(0.96)

1.11
(1.12)

Livingston, Orleans
and Wayne Counties

0.26
(1.00)

2.11
(6.33)

1.59
(2.28)

0.09
(0.32)

0.67
(1.48)

-11.48
(-9.56)

Age of neighborhood
PRE1940
Property location
(relative to suburban
Monroe County)
City of Rochester
Dutchtown

(AR)

Age of the applicant
(relative to 35-44 years)




ALT 2 5

C-29
Table C-7

(continued)
Denial

Modification

Withdrawal

A25T034

0.11
(0.69)

0.97
(2.89)

-0.87
(-1.83)

A45T054

0.59
(1.68)

1.58
(3.20)

(0.28)

0.23
(0.53)

1.95
(3.32)

0.94
(1.04)

MFCBW

0,
.07
(0.
.29)

-0,
.26
(-0,
.81)

.45
-0,
(-0.
.76)

MFCBNW

0,
.00
(0.
.00)

0.
.37
.86)
(0.

.34
-0.
.42)
(-0.

MFNCBW

-0.
.09
(-0.
,27)

-1.
.16
,42)
(-2.

-1.
,29
.73)
(-1.

0.
.76
(2.
,29)

0.
,37
,94)
(0.

0.
,63
,92)
(0.

UNSFCB

-0.91
(-1.37)

-0.45
(-0.60)

0.77
(0.56)

UNSFNCB

-0.64
(-1.17)

-0.37
(-0.56)

-0.09
(-0.07)

1.37
(3.62)

0.15
(0.30)

-10.92
(-7.95)

UNSMONLY

-0.09
(-0.24)

-0.15
(-0.35)

-0.78
(-1.00)

MARFONLY

-12.43
(-9.24)

0.15
(0.16)

-12.99
(-6.17)

AGE 5 5

0.21

Sex of the applicant(s)
(relative to m a l e female couples w i t h
a non-working w o m a n
w h o is p a s t the childbearing age of 34)

MONLY
M a r i t a l status of
applicant(s)
(relative to a m a r r i e d
m a l e - f e m a l e couple or
m a r r i e d male only
application)




UNSMF

C-30 3
Table C-10 (continued)
Denial

Modification

Withdrawal

1.20
(1.86)

0.41
(0.52)

2.92
(3.82)

HISPANIC

-0.01
(-0.01)

-12.98
(-7.92)

-10.51
(-4.08)

OTHERMIN

-0.26
(-0.26)

0.26
(0.26)

1.79
(1.73)

3.26
(1.12)

3. 87
(1.22)

-41.71
(-2.34)

-3.54
(-5.23)

-12.04
(-6.13)

-8.86
(-4.27)

Race of the applicant(s)
BLACK

Racial composition of
neighborhood
FBLACK
Constant

Sample size
Likelihood ratio statistic
Degrees of freedom
Probability
Corresponding standard
normal deviate

1304
290.04
120
0.000
8.63

* The numbers in parentheses are t-statistics. An "AR" after a
property location indicates that the area is alleged to be
redlined.




C-31
Table C-10
Downward Loan M o d i f i c a t i o n s on A p p l i c a t i o n s for
C o n v e n t i o n a l M o r t g a g e Loans on
O w n e r - O c c u p i e d 1-4 Family H o u s e s ; 1977-1978
(Ordinary L e a s t Squares Estimation)*

N e w York--NassauSuffolk (NYNS)
Commercial
Banks

Rochester
(ROCH)

Savings
and Loans

Savings
and Loans

Upstate
(ASTRS)
Commercial
Banks

Financial c h a r a c t e r i s t i c s
INC15-25

-929
(-0.60)

-1472
(-1.06)

-186
(-0.31)

-633
(-0.39)

INCGT25

-3789
(-2.42)

-1010
(-0.67)

-71
(-0.08)

820
(0.46)

GNW

-1447
(-0.70)

-654
(0.50)

VGNW

-431
(-0.23)

-357
(-0.31)

-268
(-0.51)

1158
(1.04)

OCC3-5

-13
(-0.02)

-693
(-0.78)

335
(0.41)

-29
(-0.02)

0CCGT5

114
(.168)

-66
(-0.08)

324
(0.45)

-2041
(-1.62)

REQLOAN

161
(16.19)

82
(2.98)

87
(2.78)

129
(4.81)

RLGT2*INC

-4422
(-2.04)

-1107
(-0.93)

500
(0.30)

-395
(-0.16)

RLTOAV

-9462
(-3.57)

4563
(1.74)

7434
(2.60)

13870
(3.41)

FHI

286
(0.15)

-2131
(-0.81)

661
(0.20)

-33
(-0.01)

DINC

252
(2.99)

-88
(-0.45)

-154
(-0.84)

-36
(-0.14)

DPOP

136
(1.40)

-9
(-0.13)

-2
(0.01)

163
(0.911)

——

—

—

—

Neighborhood c h a r a c t e r i s t i c s




C-32 3
Table C-10 (continued)
NYNS
Commercial
Banks
FORRATE

-40
(-0.36)

NYNS
Savings
and Loans
73
(1.33)

ROCH
Savings
and Loans

ASTRS
Commercial
Banks

105
(0.15)

143
(0.50)

(-0.49)

DELRATE

(-0.23)

44
(0.54)

-125
(-0.70)

971
(0.786)

-1269
(-0.90)

-2538
(-1.24)

-746
(-0.33)

-26

16

A g e of neighborhood
PRE1940
Property location
(relative to Suffolk
County)




Neighborhoods
alleged to
be redlined

2602
(1.49)

N o r t h e a s t Kings

-1912
(-0.73)

South Kings

-986
(-0.81)

North Bronx

-1282

(0.63)

Rest of Queens

-475
(-0.35)

New York
(Manhattan)

2393
(1.61)

Richmond

-2613
(1.57)

Rockland

-2559
(2.84)

Westchester

-1372
(-1.53)

Nassau

-1072
(-1.26)

C-33 3
Table C-10 (continued)
NYNS
Commercial
Banks

NYNS
Savings
and Loans

ROCH
Savings
and Loans

ASTRS
Comiviercial
Banks

(relative to N a s s a u
and Suffolk Counties)
-1038
(-1.04)

New York City
Rockland

215
(0.24)

Westchester

-410
(0.32)

(relative to suburban
Monroe County)
ROCH

631
(0.59)

OUTSUB

590
(0.70)

A g e of applicant
(relative to 35-44 years)
ALT 2 5

780
(0.59)

532
(0.50)

46
(0.05)
-2545
(-2.06)

A25T034

1048
(1.62)

14 (0.02)

-1011
(-1.44)

A45T054

3095
(4.11)

1898
(2.04)

403
(0.40)

AGE 5 5
Sex of applicant(s)
relative to




FONLYCB

FONLYNCB

T

-2891
289
(-1.94)
L. 9

4364
(4.11)

3257
(2.89)

-1928
(-1.54)

1

MFNCBNW

MFNCBNW

MFNCB

MFNCBNW

2088
(1.04)

-2574
(-2.20)

274
(0.14)
3333
(1.95)

T

4,

I

~
251
(0.10)

C-34 3
Table C-10 (continued)
NYNS
Commercial
Banks

NYNS
Savings
and Loans

ROCH
Savings
and Loans

ASTRS
Commercial
Banks

MFCBW

799
(0 .67)

884
(0 .56)

-1947
( - 2 .12)

-2068
(-1.07)

MFCBNW

(1822)
(1 .38)

1031
(0 .62)

-2525
(2. 38)

-2471
(-1.17)

MFNCBW

(1151)
(1 .06)

1408
(0 .90)

733
(0 .62)

1689
(1 .01)

MONLY

—

-3148
(-1.826)

-2436
( - 2 .40)

-2903
(-1.39)

t
597
(0.91)

1907
(1.21)

M a r i t a l status of applicant(s)
(relative to a married
male-female c o u p l e ,
married m a l e o n l y , or
married female only
application)
SEP

-54
(-0.03)

t

-553
(-0.64)
UNMAR

165
(0.21)

Race of a p p l i c a n t
BLACK

685
(0.44)

776
(0.77)

HISPANIC

-479
(-0.33)

-890
(-1.16)

OTHERMIN

-1078
(-1.04)

-27
(-0.03)

3379
(1.15)
2691
(0.78)

4

t

t

I

-1046
(-1.07)

-1123
(-0.68)

2488
(1.08)

12991
(1.62)

-26251
(-0.88)

-1029
(-0.30)

-2484
(-0.60)

-7311
(-1.49)

i

I

Racial composition of
neighborhood
FBLACK
Constant




C-35 3
Table C-10 (continued)
NYNS
Commercial
Banks
Sample size
R

NYNS
Savings
and Loans

ROCH
Savings
and Loans

ASTRS
Commercial
Banks

616

179

75

90

.43

.30

.64

.59

2

* The number in parentheses are t - s t a t i s t i c s .
** Upstate refers to the A l b a n y - S c h e n e c t a d y - T r o y , Rochester and Syracuse
metropolitan a r e a s .




C-36
Table C-9
Downward Loan Modifications in Loan A m o u n t on
A p p l i c a t i o n s for Conventional M o r t g a g e Loans on
O w n e r - O c c u p i e d 1-4 Family Houses by M u t u a l Savings Banks
in the New York and Nassau-Suffolk S M S A s :

Financial characteristics
INC15-25
INCGT25

-827
(-0.79)
-1174

(-1.01)
GNW

1992
(1.62)

VGNW

1926
(1.73)

OCC3-5

449
(0.55)

0CCGT5

390
(0.53)

REQLOAN

114
(6.79)

RLGT2*INC

1839
(1.55)

RLTOAV

6568
(2.90)

Neighborhood characteristics




FHI

235
(0.11)

DINC

-45
(-0.50)

DPOP

-98
(-1.04)

FORRATE

96
(3.98)

DELRATE

-47
(-1.37)

1976-77*

C-37 3
Table C-10 (continued)

Age of neighborhood
645
(0.62)

PRE1940
Pro perty location
(relative to Suffolk County)
A l l e g e d redlined areas
N o r t h e a s t Kings

-224
(-0.22)
304
(0.22)

South Kings

-420
(-0.26)

Nassau

-183
(-0.196)

New York

(Manhattan)

288
(0.18)

Rest of Queens

-1069
(-1.06)

Richmond

-1524
(-1.60)

Rockland

-650
(-0.44)

Westchester

-2611
(-2.68)

Age of a p p l i c a n t
(relative to 35-44 years)




ALT 2 5

-240
(-0.20)

A25T034

-908
(-1.33)

A45T054

742
(1.10)

AGE 5 5

967
(1.12)

C-38 3
Table C-10 (continued)

Sex of applicant(s)
(relative to a MFNCBNW)
FONLYCB

233
(0.15)

FONLYNCB

-853
(-0.61)

MFCBW

-1135
(-1.15)

MFCBNW

-225
(-0.20)

MFNCBW

-860
(-0.97)

MONLY

-548
(-0.56)

Marital status of applicant(s)
(relative to a m a r r i e d malefemale c o u p l e , m a r r i e d male
o n l y , or married female only
application)
SEP
UNMAR

2296
(1.69)
-391
(-0.54)

Race of a p p l i c a n t
BLACK

-1222

(-1.71)
HISPANIC

-1116

(-1.16)
OTHERMIN

761
(0.73)

Racial composition of
neighborhood




FBLACK

801
(0.40)

C-39 3
Table C-10 (continued)

Constant

-5280
(-2.22)

Sample size

386

R-squared

.33

F-statistic

4.24

P-value

0.0001

Mean value of the dependent
variable

$4557

* The numbers in parentheses are t-statistics.




C-40
Table C-10
Multinomial Logit Estimation of Actions by
Mutual Savings Banks on Applications

for

Conventional Mortgage Loans
on Owner-Occupied 1-4 Family Houses
Bronx, Kings, and Queens Counties:

Denial
Financial

in

1976-1977*

Modification

Withdrawal

characteristics

INC15-25

-0.44
(-4.98)

0.01
(0.10)

-0.15
(-1.35)

INCGT25

-0.69
(-6.99)

-0.05
(-0.39)

0.04
(0.37)

SATNW

-1.93
(-7.27)

-1.92
(-8.17)

-0.90
(-2.64)

GNW

-1.90
(-8.56)

-1.67
(-8.21)

-1.16
(-4.44)

-2.09
(-13.78)

-1.70
(-10.93)

-0.82
(-8.81)

OCC3-5

-0.30
(-2.55)

0.07
(0.74)

-0.51
(-2.95)

OCCGT5

-0.51
(-7.54)

0.06
(0.97)

-0.42
(-4.36)

0.90
(3.50)

0.94
(4.45)

-1.46
(-3.26)

3.62
(18.60)

7.25
(22.69)

0.85
(7.41)

-2.61
(-10.79)

-1.96
(-7.59)

-1.58
(-5.69)

DINC

-0.02
(-1.41)

-0.09
(-6.77)

-0.08
(-4.95)

DPOP

0.06
(1.91)

0.07
(2.82)

-0.01
(-0.22)

VGNW

RLGT2*INC
RLTOAV
Neighborhood




FHI

characteristics




Table C-10

(continued)

Denial

Modification

Withdrawal

FORRATE

0.
.00
(0,
.76)

.00
0,
(0.
.25)

-0,
.01
.05)
(-1,

DELRATE

- 0 ,.02
(-3,
.17)

.00
0,
.62)
(0.

0,
.01
.30)
(1.

HCV1472

.22
1,
.44)
(8.

.22
0,
(4.
.79)

0,
.54
(4.
.51)

BHCV14

0.
.01
.21)
(0.

.07
0.
.76)
(1.

-0.
.21
.46)
(-2,

WHCV14

0,
.10
.79)
(1.

0,.16
.73)
(3.

- 0 ..18
(-2.
.16)

HCVG472

.12
0,
.18)
(5.

0,.15
.05)
(8.

.11
0.
(3.
.39)

BHCVG4

-0.
.31
.38)
(-5.

- 0 ..70
.21)
(-11.

- 0 ,,20
,42)
(-2.

WHCVG4

- 0 ..97
.40)
(-11.

- 0 .,47
(-7.
,50)

- 0 .,23
(-2.
,79)

-0.
.11
,92)
(-1.

0.
.09
(2.
.00)

- 0 .,34
(-3.
.91)

3. 00
,
,13)
(0.

38..10
(2.
.13)

- 2 5 5 .,69
(-6.
.47)

- 0 ,.13
.22)
(-2.

,08
0.
.89)
(1.

- 0 .,33.
(-3.
,83)

0. 43
,
.28)
(0.

3.
.81
(0.
,33)

4.
,66
(0.
,20)

- 0 ..12
(-2.
,09)

,07
0.
,74)
(1.

- 0 .,34
,95)
(-3.

,02
4.
(0.
.10)

,60
3.
(0. 11)

3 0 1 .,59
(3.
,97)

TAXG472

- 0 .,11
,88)
(-1.

0.,08
(1. 79)

- 0 .,40
(-4.
,55)

DTAXG4

- 3 ., 37
.52)
(-0.

7.,52
,55)
(1.

- 7 0 .,36
(-5.
.43)

FIRE70

- 0 ..10
.68)
(-1.

0 .,08
(1. 91)

- 0 .,33
( - 3 .87)

VAC1469
DVAC14
VACG469
DVACG4
TAX1472
DTAX14

Table C-10

(continued)

Denial

Modification

Withdrawal

DFIRE

1.02
(0.06)

144.11
(8.64)

127.39
(4.21)

PCWEL70

0.005
(1.79)

-0.02
(-7.69)

0.00
(0.43)

DWEL

0.003
(1.88)

0.001
(1.06)

0.002
(1.46)

0.78
(5.49)

0.66
(5.03)

0.28
(2.11)

North

0.05
(0.20)

0.36
(1.84)

0.40
(1.08)

South (AR)

0.18
(0.50)

-0.35
(-1.28)

0.51
(1.18)

-0.17
(-0;45)

0.35
(1.25)

0.54
(1.19)

0.16

0.40
(1.14)

0.05
(0.08)

Age of neighborhood
PRE1940
Property location
(relative to the rest
of Queens County)




Bronx County

Kings County
Central Brooklyn
(AR)
Crown Heights (AR)

(0.35)

East Flatbush (AR)

(0.91)

0.73
(3.17)

-1.10
(-2.36)

Fort Greene (AR)

1.94
(3.62)

1.83
(4.27)

1.48
(1.87)

Northeast Kings

0.44
(2.27)

0.61
(4.03)

(0.05)

Park Slope (AR)

-0.38
(-1.41)

0.76
(3.98)

0.59
(1.82)

0.08

0.13
(1.60)

-0.18
(-1.41)

0.28

South Kings

(0.83)

0.02

C-9 3
Table C-10

(continued)

Denial

Modification

Withdrawal

0.85
(2.54)

0.33
(1.29)

(1.60)

ALT25

-0.24
(-0.97)

-0.14
(-0.73)

-0.12
(-0.32)

A25T034

-0.31
(-3.91)

-0.23
(-3.78)

-0.00
(-0.04)

A45T054

0.03
(0.30)

-0.04
(-0.50)

-0.20
(-1.15)

-0.03

(-0.18)

-0.08
(-0.58)

(0.30)

BLACK

0.71
(4.69)

0.70
(5.92)

0.69
(3.06)

HISPANIC

0.94
(4.90)

0.46
(3.02)

0.08
(0.26)

OTHERMIN

0.65
(3.53)

0.36
(2.65)

0.13
(0.49)

FBLACK

0.08
(0.29)

1.13
(4.95)

-0.75
(-1.86)

DPNW

0.003
(1.04)

0.014
(5.69)

-0.006
(-1.45)

-1.63
(-16.97)

-4.44
(-14.17)

-3.10
(-38.57)

Queens County
S o u t h e a s t Queens
(AR)

0.80

A g e of the a p p l i c a n t
(relative to 35-44 years)

AGE 5 5

0.08

Race of the applicant(s)

Racial c o m p o s i t i o n of the
neighborhood

Constant

Sample size

4129

Likelihood r a t i o statistic
Degrees of freedom
Probability
C o r r e s p o n d i n g standard normal d e v i a t e

1109.14
156
0.0
29.46

* The numbers in p a r e n t h e s e s are t - s t a t i s t i c s . An "AR" after a property location indicates the neighborhood is alleged to b e r e d l i n e d .
• U . S . GOVERNMENT PRINTING O F F I C E : 1980 0-624-910/1819





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102