The 2008 HMDA data: the mortgage market during a turbulent year

RePEc Short ID: pbr315
ORCID iD: 0000-0002-4001-8358

Avery, Robert B.; Bhutta, Neil; Brevoort, Kenneth P.; Canner, Glenn B.; Gibbs, Christa N.

doi:10.17016/bulletin.2010.96-4

Journal Article

The 2008 HMDA data: the mortgage market during a turbulent year

Abstract: The data that mortgage lending institutions reported for 2008 under the Home Mortgage Disclosure Act of 1975 (HMDA) reflect the ongoing difficulties in the housing and mortgage markets. This article presents a number of key findings from a review of the 2008 HMDA data. In particular, it documents a reduction in lending activity that was experienced by all groups of borrowers, highlights the Federal Housing Administration's greatly expanded role in the mortgage market, and examines how atypical changes in the interest rate environment affected the incidence of reported higher-priced lending in 2008 relative to earlier years.

Keywords: Mortgages; Home Mortgage Disclosure Act;

JEL Classification: G21; G28; R31;

https://doi.org/10.17016/bulletin.2010.96-4