????????????????

???????????????? ???? ??????????????? ( ?????? : subprime lending ??????????????? ? ??? B-paper , near-prime , ???? second chance lending ) ??????????? ???????? ??????????????????????????????????????????????????????? ???????? ?????????????????? (best market interest rates) ??????????????????????????????????????????????????????? (credit history)

?????????????????????????????????????????????????????????????? ????????????????????????????, ???????????????????????????????????, ?????????????????????????????????????????????????????????????????????????? ?????????????????????????????????????????????????????? ???????? A-paper (????????????????????????????????) ????????????????????????????????? ???????????????????????????????????????????????? ???????? ???????? ??????????????? , ?????????????? ??? ?????????? ????? ???????? (???????????????????? "???????") ?????????????????????????????????????????????????????? ??????????????????????????????????????

????????????????????????????????????????????????????? ????????????????????????????????????????????????????????????????????????????????????????????????????? (predatory lending) ???????? ?????????????????????????????????????????????????????????????????????????? ?????????????????????????????????????????? (default), ?????? ?????????? ??????????????? ???????????? ?????????? ?????????????????????????????????????????????????????????????????? (morgage discrimination) ???????????? ^[1] ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ^[2]

????????????????????????????????????????????????????????????????????????????????????????????????????? ?? 2550 ??????????? ??????????????????????????????????????? ??? ??????????? ??????????? ???????????????? ???????????? ????????????????????????????? "??????????????????????" (financial contagion) ????????????????????????????????????????????????????????????? ????????????????????????????????????????????? ??????????????????????????????????????????????????????????????????????????????????????????????

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↑ Study Finds Disparities in Mortgages by Race The New York Times By MANNY FERNANDEZ Published: October 15, 2007
↑ Goolsbee, Austan (2007-03-29). " 'Irresponsible' Mortgages Have Opened Doors to Many of the Excluded" . Economic Scene . The New York Times . ??????????? 2007-08-12 . Professor Rosen explains, “The main thing that innovations in the mortgage market have done over the past 30 years is to let in the excluded: the young, the discriminated against, the people without a lot of money in the bank to use for a down payment.”

[nytimes-1] Study Finds Disparities in Mortgages by Race The New York Times By MANNY FERNANDEZ Published: October 15, 2007

[a-2] Goolsbee, Austan (2007-03-29). " 'Irresponsible' Mortgages Have Opened Doors to Many of the Excluded" . Economic Scene . The New York Times . ??????????? 2007-08-12 . Professor Rosen explains, “The main thing that innovations in the mortgage market have done over the past 30 years is to let in the excluded: the young, the discriminated against, the people without a lot of money in the bank to use for a down payment.”

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