Table 2.

Estimated Cost of Cumulative Disadvantage in Baltimore

		Cost of Cumulative Disadvantage: Excess Amounts Paid
	N	As % of Monthly Payment	Annual Excess Amount Paid	Excess over Observed Life of Loan	Excess over Projected 30 Year Term
Black Borrowers (vs. White Borrowers)
All Black Borrowers	1,259	5.3%	$497	$1,739	$14,904
Borrower Income over $50,000	696	6.0%	$634	$2,220	$19,026
Private Label Securitization Loans	877	11.1%	$1,067	$3,733	$32,000
All Borrowers in Black Tracts (vs. All Borrowers in White Tracts)
All Borrowers in Black Tracts	1,288	2.9%	$255	$894	$7,664
Borrower Income over $50,000	742	3.7%	$359	$1,256	$10,768
Private Label Securitization Loans	847	7.5%	$660	$2,308	$19,786
Black Borrowers in Black Tracts (vs. White Borrowers in White Tracts)
Black Borrowers in Black Tracts	946	6.4%	$532	$1,861	$15,948
Borrower Income over $50,000	494	7.2%	$651	$2,277	$19,516
Private Label Securitization Loans	655	11.3%	$954	$3,339	$28,616
Black Borrowers in White Tracts (vs. White Borrowers in White Tracts)
Black Borrowers in White Tracts	242	4.8%	$647	$2,265	$19,415
Borrower Income over $50,000	159	4.8%	$762	$2,667	$22,864
Private Label Securitization Loans	167	9.7%	$1,405	$4,916	$42,138
White Borrowers in Black Tracts (vs. White Borrowers in White Tracts)
White Borrowers in 50%-100% Black Tracts	271	1.8%	$187	$654	$5,609
Borrower Income over $50,000	205	2.3%	$269	$941	$8,068
Private Label Securitization Loans	137	6.4%	$679	$2,377	$20,376

Note: Excess amount paid equals average adjusted predictive margins for monthly payment estimated as an outcome in Appendix Table 1 subtracted from the actual observed mean payment for the sub-sample in each row . Average observed life of loan is 42 months for loans that never entered foreclosure, 29 months for loans in foreclosure, and 28 months for loans that ended in foreclosure and home reposession