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Mortgaged Metropolis: Evolving Urban Geographies of Residential Lending1

The role of housing finance in neighborhood change has long been a fixture of urban geography. In the last decade, however, residential mortgage lending has been transformed by economic growth and an expanded secondary market, regulatory intervention designed to eliminate discrimination and expand access to homeownership, and aggressive industry efforts to capture "underserved markets." In this paper I use Atlanta, Georgia, as a case study to assess changes in the spatial allocation of mortgage capital, the persistence of racial disparities in loan rejection, and the systematic disinvestment from urban neighborhoods that cannot be justified on the basis of demand-side factors. Analysis of conventional home-purchase loans by depositories reveals only slight change in the geography of capital investment between the 1980s and 1990s. Logistic regression models of loan rejection in the expansion of the 1990s confirm a stark institutional segmentation of the mortgage market, durable racial disparities, and marked disinvestment effects that constrain the geography of residential choice by reinforcing deeply entrenched processes of uneven urban development.