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Race BrokersHousing Markets and Segregation in 21st Century Urban America$
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Elizabeth Korver-Glenn

Print publication date: 2021

Print ISBN-13: 9780190063863

Published to Oxford Scholarship Online: April 2021

DOI: 10.1093/oso/9780190063863.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 03 December 2021

Lending Capital

Lending Capital

Chapter:
(p.91) 4 Lending Capital
Source:
Race Brokers
Author(s):

Elizabeth Korver-Glenn

Publisher:
Oxford University Press
DOI:10.1093/oso/9780190063863.003.0005

This chapter describes how White mortgage bankers relied on segregated interindustry networking with real estate agents to shore up their lending portfolios. In doing so, they helped sustain racially segregated buyer–agent–banker networks and loan opportunities. The chapter also demonstrates how White real estate agents undertook such networking and, in some cases, used the racist market rubric to interpret mortgage bankers of color, whom they excluded from their professional circles. In addition, the chapter describes how mortgage bankers depended on the routine of racialized discretion when they interpreted mortgage borrower and property risk. They gave White borrowers and homes in White neighborhoods the benefit of the doubt, assuming they were the least risky and most valuable. By contrast, they cast shadows of doubt on borrowers of color and homes in neighborhoods of color, interpreting these individuals and areas through the racist market rubric. Racialized discretion has consequences for whether and under what conditions mortgage loans are approved.

Keywords:   mortgage bankers, mortgage loan inequality, interindustry networking, racialized discretion, borrower risk, property risk, White neighborhoods, neighborhoods of color

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