Search Results
Journal Article
The 2007 HMDA data
Working Paper
Does credit scoring produce a disparate impact?
The widespread use of credit scoring in the underwriting and pricing of mortgage and consumer credit has raised concerns that the use of these scores may unfairly disadvantage minority populations. A specific concern has been that the independent variables that comprise these models may have a disparate impact on these demographic groups. By "disparate impact" we mean that a variable's predictive power might arise not from its ability to predict future performance within any demographic group, but rather from acting as a surrogate for group membership. Using a unique source of data that ...
Journal Article
Consumer experiences with credit insurance: some new evidence
Journal Article
CRA special lending programs
The Community Reinvestment Act (CRA) of 1977 encourages federally insured banking institutions to help meet the credit needs of their communities, including those of lower-income areas, in a manner consistent with their safe and sound operation. In responding to the CRA, many banking institutions have sought to expand lending to lower-income populations through special lending programs that seek out and assist such borrowers in a variety of ways. These programs, many of which include third parties such as government agencies and nonprofit groups, are often an important element of an ...
Journal Article
Recent developments in home equity lending
The equity that has accumulated in homes is one of the largest components of U.S. household wealth. In recent years, many homeowners have borrowed large amounts against that equity, frequently to finance new consumption expenditures or pay down outstanding consumer debt. In view of the growing importance of home equity credit in household finances, the Federal Reserve has for a number of years participated in nationwide surveys of the use of home equity loans. This article presents findings from a 1997 survey and from other sources of information on home equity lending.
Conference Paper
Mortgage discrimination and FHA loan performance
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 ...