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Author:Avery, Robert B. 

Working Paper
Loan commitments and bank risk exposure

Finance and Economics Discussion Series , Paper 36

Journal Article
Survey of consumer finances, 1983: a second report

Federal Reserve Bulletin , Issue Dec

Working Paper
Loan commitments and bank risk exposure

Loan commitments increase a bank's risk by obligating it to issue future loans under terms that it might otherwise refuse. However, moral hazard and adverse selection problems potentially may result in these contracts being rationed or sorted. Depending on the relative risks of the borrowers who do and do not receive commitments, commitment loans could be safer or riskier on average than other loans. the empirical results indicate that commitment loans tend to have slightly better than average performance, suggesting that commitments generate little risk or that this risk is offset by the ...
Working Papers (Old Series) , Paper 9015

Working Paper
Underserved mortgage markets: evidence from HMDA data

A baseline evaluation of the variation in mortgage credit flows across different types of neighborhoods using HMDA data collected in 1990 and 1991.
Working Papers (Old Series) , Paper 9421

Discussion Paper
Measuring wealth with survey data: an evaluation of the 1983 Survey of Consumer Finances

Research Papers in Banking and Financial Economics , Paper 99

Journal Article
Money and interest rates under a reserves operating target

This study examines the short-run dynamic relationships between nonborrowed reserves, the federal funds rate, and transaction accounts using daily data from 1979 through 1982. Separate models are estimated for each day of the week, and simulation experiments are performed. The results suggest that the funds rate responded quite rapidly to a change in nonborrowed reserves, but that the short-run nonborrowed reserves multiplier for transaction accounts was only about 18 percent of its theoretical maximum. In addition, the Federal Reserve appeared to accommodate about 65 percent of a permanent ...
Economic Review , Volume 29 , Issue Q II , Pages 24-34

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 ...
Federal Reserve Bulletin , Volume 91 , Issue Spr

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 ...
Federal Reserve Bulletin , Volume 96 , Issue December , Pages A39-77

Conference Paper
An analysis of risk-based deposit insurance for commercial banks

Proceedings , Paper 69

Journal Article
Home mortgage lending by the numbers

A look at some of the issues associated with reports that minority applicants for home mortgage loans are far more likely than whites to be denied credit. The authors raise the concern that simple comparisons of denial rates are not sufficient for grasping the complexities surrounding community-oriented lending.
Economic Commentary , Issue Feb


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