Community Development Working Papers
Working papers provide in-depth analysis of emerging community development issues from practitioners and scholars.
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Homeownership at High Cost: Foreclosure Risk and High Cost Loans in California
Laura Lanzerotti, Federal Reserve Bank of San Francisco
The relatively low rate of mortgage default and foreclosure in California in recent years obscures the fact that many Californians have high-cost home loans that they cannot afford. High cost loans are particularly common in low-income and minority communities, suggesting that those who can least afford it are paying the most for credit.