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Author:Bhutta, Neil 

Journal Article
The 2013 Home Mortgage Disclosure Act Data

This article provides an overview of the 2013 data reported under the Home Mortgage Disclosure Act of 1975 (HMDA) and documents mortgage market activity over time as well as lending patterns across different demographic groups and lender types. In addition, we use a unique data set composed of HMDA records matched to borrowers' credit records to reexamine the factors that might help explain the large differences in the incidence of higher-priced lending across borrowers of different races and ethnicities during the housing boom.
Federal Reserve Bulletin , Volume 100 , Issue 6

Journal Article
The mortgage market in 2011: 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 2011 under the Home Mortgage Disclosure Act (HMDA). The article documents home-lending activity reflected in the HMDA data and places the 2011 activity in historical context. It also examines changes in mortgage market concentration in recent years and in the credit scores of recent homebuyers. In addition, the article reviews patterns of lending across different racial or ethnic and income groups and across areas that differ in terms of housing market distress. Finally, it ...
Federal Reserve Bulletin , Issue Dec

Working Paper
The ins and outs of mortgage debt during the housing boom and bust

From 1999 to 2013, U.S. mortgage debt doubled and then contracted sharply. Our understanding of the factors driving this volatility in the stock of debt is hampered by a lack of data on mortgage flows. Using comprehensive, individual-level panel data on consumer liabilities, I estimate detailed mortgage inflows and outflows. During the boom, inflows from real estate investors tripled, far outpacing growth from other segments such as first-time homebuyers. During the bust, although defaults and deleveraging are popular explanations for the debt decline, a collapse in inflows has been the major ...
Finance and Economics Discussion Series , Paper 2014-91

Discussion Paper
Credit Availability and the Decline in Mortgage Lending to Minorities after the Housing Boom

This note sheds light on the factors contributing to the disproportionate decline in lending to minorities since 2006.
FEDS Notes , Paper 2016-09-29-2

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

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 ...
Federal Reserve Bulletin , Volume 96 , Issue Apr , Pages A169-211

Journal Article
The 2014 Home Mortgage Disclosure Act Data

This article provides an overview of the 2014 data reported under the Home Mortgage Disclosure Act of 1975 and analyzes mortgage market activity over time as well as lending patterns across different demographic groups and lender types. The number of home-purchase originations was about 4 percent higher in 2014 than in 2013, while the number of refinance loans was 55 percent lower. We document an increasing share of mortgage loans originated by independent, nondepository mortgage companies. In addition, we analyze the possible effects of recent changes to rules regulating the mortgage market.
Federal Reserve Bulletin , Volume 101 , Issue 4

Journal Article
The Mortgage Market in 2011: 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 2011 under the Home Mortgage Disclosure Act (HMDA). The article documents home-lending activity reflected in the HMDA data and places the 2011 activity in historical context. It also examines changes in mortgage market concentration in recent years and in the credit scores of recent homebuyers. In addition, the article reviews patterns of lending across different racial or ethnic and income groups and across areas that differ in terms of housing market distress. Finally, it ...
Federal Reserve Bulletin , Volume 98 , Issue December

Working Paper
Mortgage debt and household deleveraging: accounting for the decline in mortgage debt using consumer credit record data

One of the major reasons hypothesized for the tepid economic recovery thus far is the ongoing "deleveraging" process. From 2009:Q3 to 2011:Q3, aggregate household debt declined by about $1.5 trillion in real terms, with mortgage debt falling by about $1 trillion. Other than defaults, the factors driving the decline in aggregate debt are not precisely understood, in large part because the necessary data are not widely available. This paper draws on panel data consisting of individual credit records to better understand why mortgage debt has declined. I decompose changes in aggregate ...
Finance and Economics Discussion Series , Paper 2012-14

Discussion Paper
The Decline in Lending to Lower-Income Borrowers by the Biggest Banks

Data collected under the Home Mortgage Disclosure Act (HMDA) reveal that the largest banks have significantly reduced their share of mortgage lending to low- and moderate-income (LMI) households in recent years.
FEDS Notes , Paper 2017-09-28-1

Working Paper
The Effect of Interest Rates on Home Buying : Evidence from a Discontinuity in Mortgage Insurance Premiums

We study the effect of interest rates on the housing market by taking advantage of a sudden and unexpected price change in a large government mortgage program. The Federal Housing Administration (FHA) insures most mortgages to lower-downpayment, lower credit score borrowers, including a majority of first-time homebuyers. The FHA charges borrowers an annual mortgage insurance premium (MIP), and in January, 2015 the FHA abruptly reduced the MIP, and thus FHA borrowers? effective interest rate, by 50 basis points. Using a regression discontinuity design, we find that the MIP reduction increased ...
Finance and Economics Discussion Series , Paper 2017-086

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