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Date: November 22, 2024 Fri
Time: 12:21 pm
Time: 12:21 pm
Results for mortgage lending
1 results foundAuthor: Kubrin, Charis E. Title: The Impact of Capital on Crime: Does Access to Home Mortgage Money Reduce Crime Rates? Summary: Home mortgage loans today are more readily available in urban neighborhoods and cities are safer than has been the case in decades. Community reinvestment advocates and law enforcement authorities have long contended that access to financial services and homeownership are critical to neighborhood stability, all of which contribute to lower crime rates. But no systematic research has explored the relationship between lending and crime. This study utilizes mortgage loan, census, and Uniform Crime Report data to examine the impact of lending on crime in Seattle, Washington communities, controlling for several neighborhood characteristics. We also examine the impact of loans made by lenders covered by the Federal Community Reinvestment Act to determine whether fair lending policy has an independent effect. The findings show that increased mortgage lending is significantly associated with lower crime levels and that the relationship is even stronger for lending by CRA-covered institutions. This research advances our understanding of the linkages among financial services, neighborhood social organization, and crime. The findings suggest that community reinvestment can effectively complement human capital development as an alternative to incarceration for combating crime. We offer specific recommendations for strengthening the Community Reinvestment Act and related fair lending rules in order to stabilize the communities to which many ex-offenders return and reduce neighborhood crime. Details: Washington, DC: George Washington University, 2004?. 30p. Source: Internet Resource: Accessed October 19, 2010 at: http://realcostofprisons.org/pdfs/TTT_paper3.pdf Year: 2004 Country: United States URL: http://realcostofprisons.org/pdfs/TTT_paper3.pdf Shelf Number: 120016 Keywords: CommunitiesMortgage LendingNeighborhoods and CrimeSocial DisorganizationSocioeconomic Status |