Search Results
Conference Paper
Measuring the CRA subsidy in mortgage markets
Journal Article
Survey of consumer finances, 1983: a second report
Journal Article
New information on lending to small businesses and small farms: the 1996 CRA data
As a consequence of recent revisions to the regulations that implement the Community Reinvestment Act (CRA), new information is now publicly available on the geographic distribution of small loans to businesses and farms and on community development lending. Because small businesses and small farms are more likely than larger ones to borrow small amounts, the CRA data on small loans are likely to provide a reasonable measure of the extension of credit to such businesses. Thus, the CRA data provide new opportunities to gauge the flow of credit to communities with differing economic and ...
Journal Article
Community banks and rural development: research relating to proposals to revise the regulations that implement the Community Reinvestment Act
Since 1977, the Community Reinvestment Act (CRA) has required that federally insured banking institutions be evaluated on their records of helping to meet the credit needs of their local communities. In 1995, the agencies responsible for bank supervision substantially revised the regulations that implement the CRA. The revisions were intended to emphasize performance rather than process, to reduce unnecessary regulatory burden, and to increase consistency in CRA evaluations. Since 1995, "large" institutions, generally those with assets of $250 million or more, have been evaluated under a ...
Journal Article
The 2009 HMDA data: the mortgage market in a time of low interest rates and economic distress
The data that mortgage lending institutions reported for 2009 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 2009 HMDA data. In particular, it documents the wave of refinancing but discusses factors that may have muted such opportunities, explores patterns of lending across groups and areas with high rates of foreclosure, highlights the federal government’s greatly expanded role in the mortgage market, and examines how the interest rate ...
Journal Article
Basic banking
Journal Article
Distribution of Credit Risk Among Providers of Mortgages to Lower-Income and Minority Homebuyers
Which institutions bear the credit risk for mortgage lending to lower-income and minority borrowers and in lower-income and predominantly minority neighborhoods? In seeking to answer those questions, the authors went beyond looking at mortgage credit risk in terms of numbers or amounts of loans and developed measures based on factors that affect the riskiness of loans, including loan-to-value ratios and associated default and loss severity rates. In 1995, a nonprofit government mortgage insurer, the Federal Housing Administration, was the major bearer of credit risk for mortgage lending to ...
Working Paper
Credit where none is due? Authorized user account status and \"piggybacking credit\"
An "authorized user" is a person who is permitted by a revolving account holder to use an account without being legally liable for any charges incurred. The Federal Reserve's Regulation B, which implements the 1974 Equal Credit Opportunity Act, requires that information on spousal authorized user accounts be reported to the credit bureaus and considered when lenders evaluate credit history. Since creditors generally furnish to the credit bureaus information on all authorized user accounts, without indicating which are spouses and which are not, credit scoring modelers cannot distinguish ...
Journal Article
The mortgage market in 2010: highlights from the data reported under the Home Mortgage Disclosure Act
This article presents a number of key findings from a review of the data that mortgage lending institutions reported for 2010 under the Home Mortgage Disclosure Act (HMDA). The article documents home-purchase lending activity reflected in the HMDA data and discusses how the ending of the government's first-time homebuyer tax credit program during the year may have affected such lending. It also documents refinance lending activity and explores factors that may have muted such lending during 2010. In addition, the article closely examines patterns of lending across different racial or ethnic ...