Promises & Pitfalls:
As Consumer Finance Options Multiply, Who Is Being Served and at What Cost?

A Federal Reserve System Community Affairs Research Conference
Washington, D.C.
April 7-8, 2005

This Web site contains the papers from a conference organized by the Community Affairs Officers of the Federal Reserve System. Papers included in the Web site are to be considered working papers. They are reproduced here to make them available to scholars and practitioners with a serious interest in the topics presented. Many of the papers are in preliminary form and will be submitted for publication elsewhere. The works here should be cited as working papers and considered preliminary drafts of any subsequent publication. Although all papers have been screened for relevance to the subject matter of the conference, they have not been subjected to a rigorous refereeing process nor edited for form or content by the Federal Reserve.

Session 1
Session 2
Session 3
Session 4

Session One: Alternative Financial Services

Moderator
George McCarthy, Ford Foundation

Industry Structure Perpetuates Dual Market (PDF,231KB)
William Apgar and Gary Fauth, Joint Center for Housing Studies, Harvard University
Allegra Calder, Washington Mutual
Presentation (PDF,23KB)

Payday Lending: Do the Costs Justify the Price? (PDF,289KB)
Mark Flannery, University of Florida
Katherine Samolyk, Federal Deposit Insurance Corp.

Discussant
Sheila Bair, University of Massachusetts
Presentation (PDF,22KB)

Moderator
Raphael Bostic, University of Southern California

The Pricing of Subprime Mortgages by Mortgage Brokers and Lenders (PDF,223KB)
Amany El Anshasy and Yoshiaki Shimazaki, George Washington University
Gregory Elliehausen, Georgetown University

Subprime Lending: Neighborhood Patterns Over Time (PDF,74KB) Tables (PDF,839KB)
Jonathan Hershaff, Board of Governors of the Federal Reserve System
Karl Russo and Susan M. Wachter, University of Pennsylvania
Presentation (PDF,295KB)

The Impact of Single Family Mortgage Foreclosures on Neighborhood Crime (PDF,228KB)
Dan Immergluck, Grand Valley State University
Geoff Smith, Woodstock Institute

Discussants
J. Michael Collins, PolicyLab Consulting Group Remarks (PDF,40KB)
Patricia McCoy, University of Connecticut Remarks (PDF,113KB)