Raphael Bostic, Ph.D., is currently serving as the Deputy Director of HUD under the Obama Administration and has recused himself from the Arenda Advisory Board until his government service is complete. Prior to accepting his position with HUD, Professor Bostic served as the Director of the Master of Real Estate Development Program at the University of Southern California. Professor Bostic has a PhD in Economics from Stanford University, with specific expertise in urban development and urban economics. Prior to joining USC’s faculty, Professor Bostic spent six years on the staff at the Federal Reserve Board of Governors. He enjoyed a successful tenure at the Fed, having quickly attained the rank of Senior Economist and received a Special Achievement Award in 2000 for his work supporting a Congressional mandate. Professor Bostic has done extensive research on consumer banking issues, with a primary focus on mortgage and small business lending, bank branching patterns, and credit scoring and automated underwriting. While at the Fed, he was responsible for studying and advising on fair lending and discrimination issues. His research on financial markets and institutions has focused on banks in community development, the role and effects of regulation in banking, housing and homeownership, urban economic growth, wage and earnings profiles, affordable housing, and policy analysis. He is currently conducting research on the ways in which the Community Reinvestment Act has influenced the behavior of lenders and credit markets.
Publications
Black, H., R. W. Bostic, B. Robinson, & R. Schweitzer, “Do CRA-related Events Affect Shareholder Wealth? The Case of Bank Mergers”; The Financial Review; Forthcoming
An, X., and R.W. Bostic, “GSE Activity, FHA Feedback, and Implications for the Efficacy of the Affordable Housing Goals”; Journal of Real Estate Finance and Economics; Forthcoming
Sloane, D.C., with R.W. Bostic and L.B. Lewis, “The Neighborhood Dynamics of Hospitals as Land Owners”; Lincoln Land Institute publication; Forthcoming
Bostic, R.W. and D. Molaison, “Hurricane Katrina: Devastation, Possibilities and Prospects”; Economic and Risk Assessment of Hurricane Katrina, USC CREATE book; Forthcoming
Bostic, R. W., with K. Engel, P. McCoy, A. Pennington-Cross and S. Wachter, “State and Local Anti-Predatory Lending Laws: The Effect of Legal Enforcement Mechanisms”;Journal of Economics and Business; Forthcoming
Bostic, R.W., with S.D. Longhofer, and C. Redfearn, “Land Leverage: Decomposing Home Price Dynamics”; Real Estate Economics, 35 (2), 183-208; 2007
An, X. with R.W. Bostic, Y. Deng and S.Gabriel, “GSE Loan Purchases, The FHA, And Housing Outcomes In Targeted, Low-Income Neighborhoods”; Brookings-Wharton Papers on Urban Affairs, Brookings Institute Press; 2007
Bostic, R.W. and A. Prohofsky, “Enterprise Zones and Individual Welfare: A Case Study of California”; Journal of Regional Science, 46 (2), 175-203; 2006
Bostic, R.W. and S.A. Gabriel, “Do the GSEs Matter to Low-Income Housing Markets? An Assessment of the Effects of GSE Loan Purchase Activity on California Housing Outcomes”; Journal of Urban Economics, 59, 458-475; 2006
Bostic, R.W. with C. Redfearn, Book Review of The Color of Credit: Mortgage Discrimination, Research Methodology and Fair Lending Enforcement by Stephen L. Ross and John Yinger; Journal of Regional Science, 44(1): 162-165; 2004
Bostic, R.W. with D. Aaronson, P. Huck, and R. Townsend, “Supplier Relationships and Small Business Use of Trade Credit”; Journal of Urban Economics, 55(1): 46-67; 2004
Redfearn, C., with R.W. Bostic, Book review of The Color of Credit: Mortgage Discrimination, Research Methodology and Fair Lending Enforcement by Stephen L. Ross and John Yinger; Journal of Regional Science, 44(1): 162-165; 2004
Bostic, R.W.with B. Robinson, “Community Banking and Mortgage Credit Availability: The Impact of CRA Agreements”; Journal of Banking and Finance, 28 pp. 3069-3095; 2004
Bostic, R.W., with P. S. Calem and S. M. Wachter, “Hitting the Wall: Credit as an Impediment to Homeownership”; Building Assets, Building Credit: Creating Wealth in Low-Income Communities, N. Retsinas and E. Belsky (Eds.); 2004
Bostic, R.W. with I. Barakova, P. Calem, and S. Wachter, “Does Credit Quality Matter for Homeownership?”; Journal of Housing Economics, 12(4): 318-336; 2003
Bostic, R.W., “A Test of Cultural Affinity in Home Mortgage Lending”; Journal of Financial Services Research, 23(2): 89-112; 2003
Bostic, Raphael with B. Robinson, “Do CRA Agreements Increase Lending?”; Real Estate Economics, 31(1): 23-51; 2003
Bostic, R.W. with P.S. Calem, “Privacy Restrictions and the Use of Data at Credit Repositories”; Margaret J. Miller, (Ed.), Credit Reporting Systems and the International Economy. Boston: MIT Press; 2003
Bostic, R.W. with R. Martin, “Black Homeowners as Gentrifying Force? Neighborhood Dynamics in the Context of Minority Homeownership”; Urban Studies, 40(12); 2003
Bostic, R.W., “Equal Access to Credit”; Mike Staten, (Ed.), 25 Years of Credit Research. Washington, DC: Georgetown University Press; 2002
Funded Projects
- A Proposal to Study the Impact of Community Development Financial Institutions
Principal Investigator: Raphael Bostic
Sponsor: MacArthur Foundation
Amount Awarded: $350,000.00
Link to USC: http://www.usc.edu/schools/sppd/faculty/detail.php?id=3