Jonathan, you inspired me to do some research. I looked up the Vulgate which would be Jerome's translation to Latin in the 4-5th Century. Granted the original is Greek but I know nothing about Greek. And the Latin would be consulted at least somewhat in the work of translation.

The Latin word the English presents as effeminate is molles which is soft. So it does not mean effeminate per se there is another word for that. That could mean so many things. As in the man who refused to work because it is too difficult for him as one possibility—not pulling his weight.

The word for homosexual he translates as a male concubine. A concubine is a mistress, so it is my guess what is meant here is a man who is married but instead of a woman on the side, which in itself Paul would forbid in Christian circles, is a man.

Such a man might be foreign to European/American communities and therefore treated harshly but it is not foreign in other cultures. This may be the practice Paul is addressing. So it is not a blanket condemnation of homosexuality (which was not a term that existed until the 1880's anyway) as people say but of saying the married man should be faithful to his wife and have neither female or male on the side. That seems more in tune with Paul's theology.

More experienced Bible scholars may be clutching their pearls at this idea but this is what my few minutes of research brought forth.