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Author:Bhutta, Neil 

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 ...
Federal Reserve Bulletin , Volume 97 , Issue 6

Discussion Paper
Changing FHA Mortgage Insurance Premiums and the Effects on Lending

This note explores the effect of changes in Federal Housing Administration (FHA) mortgage insurance premiums (MIP) on mortgage borrowing activity. Reacting to changing conditions in the mortgage market as well as the state of its own balance sheet, the FHA has adjusted its pricing rules a number of times in the wake of the financial crisis.
FEDS Notes , Paper 2016-09-29-1

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 Sept

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

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

Discussion Paper
Assessing the Community Reinvestment Act's Role in the Financial Crisis

An important question arising out of the financial crisis is whether the Community Reinvestment Act (CRA) played a significant role in the subprime mortgage boom and bust by pushing banks to make loans to risky borrowers.
FEDS Notes , Paper 2015-05-26-1

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
Residential Mortgage Lending from 2004 to 2015: Evidence from the Home Mortgage Disclosure Act Data

This article provides an overview of the 2015 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 13 percent higher in 2015 than in 2014, and the number of refinance loans was 36 percent higher. The increase in lending was broad based across demographic and income categories.
Federal Reserve Bulletin , Volume 102 , Issue 6

Working Paper
The depth of negative equity and mortgage default decisions

A central question in the literature on mortgage default is at what point underwater homeowners walk away from their homes even if they can afford to pay. We study borrowers from Arizona, California, Florida, and Nevada who purchased homes in 2006 using non-prime mortgages with 100 percent financing. Almost 80 percent of these borrowers default by the end of the observation period in September 2009. After distinguishing between defaults induced by job losses and other income shocks from those induced purely by negative equity, we find that the median borrower does not strategically default ...
Finance and Economics Discussion Series , Paper 2010-35

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

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