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Author:Ding, Lei 

Working Paper
Gentrification and residential mobility in Philadelphia

Gentrification has provoked considerable debate and controversy about its effects on neighborhoods and the people residing in them. This paper draws on a unique large-scale consumer credit database to examine the mobility patterns of residents in gentrifying neighborhoods in the city of Philadelphia from 2002 to 2014. We find significant heterogeneity in the effects of gentrification across neighborhoods and subpopulations. Residents in gentrifying neighborhoods have slightly higher mobility rates than those in nongentrifying neighborhoods, but they do not have a higher risk of moving to a ...
Working Papers , Paper 15-36

Working Paper
The Community Reinvestment Act (CRA) and Bank Branching Patterns

This paper examines the relationship between the Community Reinvestment Act (CRA) and bank branching patterns, measured by the risk of branch closure and the net loss of branches at the neighborhood level, in the aftermath of Great Recession. Between 2009 and 2017, there was a larger decline in the number of bank branches in lower-income neighborhoods than in more affluent ones, raising concerns about access to mainstream financial services. However, once we control for supply and demand factors that influence bank branching decisions, we find generally consistent evidence that the CRA is ...
Working Papers , Paper 19-36

Working Paper
“Don't Know What You Got Till It’s Gone” — The Effects of the Community Reinvestment Act (CRA) on Mortgage Lending in the Philadelphia Market

The Community Reinvestment Act (CRA), enacted in 1977, has served as an important tool to foster access to financial services for lower-income communities across the country. This study provides new evidence on the effectiveness of CRA on mortgage lending by focusing on a large number of neighborhoods that became eligible and ineligible for CRA credit in the Philadelphia market because of an exogenous policy shock in 2014. The CRA effects are more evident when a lower-income neighborhood loses its CRA coverage, which leads to a 10 percent or more decrease in purchase originations by ...
Working Papers , Paper 17-15

Working Paper
The impact of the home valuation code of conduct on appraisal and mortgage outcomes

Supersedes Working Paper 14-23. The accuracy of appraisals came into scrutiny during the housing crisis, and a set of policies and regulations was adopted to address the conflict-of-interest issues in the appraisal practices. In response to an investigation by the New York State Attorney General?s office, the Home Valuation Code of Conduct (HVCC) was agreed to by Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency. Using unique data sets that contain both approved and nonapproved mortgage applications, this study provides an empirical examination of the impact of the HVCC on ...
Working Papers , Paper 15-28

Working Paper
The Consequences of Gentrification: A Focus on Residents’ Financial Health in Philadelphia

There have been considerable debate and controversy about the effects of gentrification on neighborhoods and the people residing in them. This paper draws on a unique large-scale consumer credit database to examine the relationship between gentrification and the credit scores of residents in the City of Philadelphia from 2002 to 2014. We find that gentrification is positively associated with changes in residents? credit scores on average for those who stay, and this relationship is stronger for residents in neighborhoods in the more advanced stages of gentrification. Gentrification is also ...
Working Papers , Paper 16-22

Working Paper
Effects of the Community Reinvestment Act (CRA) on Small Business Lending

This study provides new evidence on the effectiveness of the Community Reinvestment Act (CRA) on small business lending by focusing on a sample of neighborhoods with changed CRA eligibility status across the country because of an exogenous policy shock in 2013. The results of difference-in-differences analysis provide consistent evidence that the CRA promotes small business lending, especially in terms of number of loan originations, in lower-income neighborhoods. The generally positive effects of the CRA are sensitive to the types of CRA treatment. Losing CRA eligibility status has a ...
Working Papers , Paper 18-27

Working Paper
BORROWER CREDIT ACCESS AND CREDIT PERFORMANCE AFTER LOAN MODIFICATIONS

While the preventive effect of loan modifications on mortgage default has been well-documented, evidence on the broad consequences of modifications has been fairly limited. Based on two unique loan-level data sets with borrower credit profiles, this study reports novel empirical evidence on how homeowners manage their credit before and after receiving modifications. The paper has several main findings. First, loan modifications improve borrowers? overall credit standing and access to credit. Modifications that provide principal reduction, rate reduction, or greater payment relief, as well as ...
Working Papers , Paper 16-26

Working Paper
The impact of the home valuation code of conduct on appraisal and mortgage outcomes

Superseded by Working Paper 15-28. During the housing crisis, it came to be recognized that inflated home mortgage appraisals were widespread during the subprime boom. The New York State Attorney General?s office investigated this issue with respect to one particular lender and Fannie Mae and Freddie Mac. The investigation resulted in an agreement between the Attorney General?s office, the government-sponsored enterprises (GSEs), and the Federal Housing Finance Agency (the GSEs? federal regulator) in 2008, in which the GSEs agreed to adopt the Home Valuation Code of Conduct (HVCC). Using ...
Working Papers , Paper 14-23

Journal Article
Federal Reserve Study Finds Evidence of Significant Impact of the Community Reinvestment Act

The Community Reinvestment Act (CRA) of 1977 incentivizes depository institutions to meet the credit needs of low- and moderate-income (LMI) people and neighborhoods. Federal regulators periodically examine CRA-regulated depository institutions? (banks, hereafter)1 performance in lending and financial services. Banks? CRA ratings are considered when regulators approve bank mergers, acquisitions, and branch openings
Cascade , Volume 2

Discussion Paper
Effects of the Community Reinvestment Act (CRA) on Small Business Lending

This study provides new evidence on the effectiveness of the Community Reinvestment Act (CRA) on small business lending by focusing on a sample of neighborhoods with changed CRA eligibility status across the country because of an exogenous policy shock in 2013. The results of difference-in-differences analysis provide consistent evidence that the CRA promotes small business lending, especially in terms of number of loan originations, in lower-income neighborhoods. The generally positive effects of the CRA are sensitive to the types of CRA treatment. Losing CRA eligibility status has a ...
Community Affairs Discussion Paper , Paper 18-1

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