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11. Credit Scoring: Statistical Issues and Evidence from Credit-Bureau Files

Author

Avery, Robert B., Bostic, Raphael W., Calem, Paul S., and Canner, Glenn B.

Subjects
Economics -- Research, Statistical decision -- Research, Credit ratings -- Research, Credit bureaus -- Research, Consumer credit -- Research, Real property -- Research, Business, Economics, Real estate industry, Research
Abstract

Robert B. Avery [*] Raphael W. Bostic [**] Paul S. Calem [**] Glenn B. Canner [**] Although credit scoring offers benefits to lenders and borrowers, its use raises important statistical [...]

Published
2000

12. Consumer experiences with credit cards

Author

Canner, Glenn B. and Elliehausen, Gregory

Subjects
United States. Federal Reserve Board, Credit and debit card industry, Banking, finance and accounting industries, Business, Government, Credit Card Accountability, Responsibility and Disclosure Act of 2009
Abstract

By offering consumers both a means to pay for goods and services and a source of credit to finance such purchases, credit cards have become the most widely used credit [...]

Published
2013

13. Mortgage market conditions and borrower outcomes: evidence from the 2012 HMDA data and matched HMDA--credit record data

Author

Bhutta, Neil, Canner, Glenn B., Stolarsky, Shira, and Watanagase, Madura

Subjects
United States. Federal Housing Administration, United States. Federal Reserve Board, Mortgages, Mortgages, Banking, finance and accounting industries, Business, Government
Abstract

Incidence of Higher-Priced Lending by Race, Ethnicity, and Sex Overall, the reported incidence of higher-priced lending was about 50 basis points lower in 2012 than in 2011 (data for 2011 [...]

Published
2013

14. The mortgage market in 2011: highlights from the data reported under the Home Mortgage Disclosure Act

Author

Avery, Robert B., Bhutta, Neil, Brevoort, Kenneth P., Canner, Glenn B., Henning, Nicholas W., and Stolarsky, Shira E.

Subjects
United States. Federal Housing Administration -- Political activity, United States. Department of Housing and Urban Development -- Political activity, United States. Department of Veterans Affairs -- Political activity, Wells Fargo & Co. -- Political activity, Financial disclosure -- Political aspects, Mortgages -- Ethnic market -- Political aspects, Banking industry -- Ethnic market -- Political activity -- Political aspects, Mortgage insurance -- Ethnic market -- Political aspects, Financial institutions -- Political aspects, Mortgages, Banking industry, Banking, finance and accounting industries, Business, Government
Abstract

Since 1976, most mortgage lending institutions with offices in metropolitan areas have been required under the Home Mortgage Disclosure Act of 1975 (HMDA) to disclose detailed information about their home-lending [...]

Published
2012

15. The mortgage market in 2010: highlights from the data reported under the home mortgage disclosure act

Author

Avery, Robert B., Bhutta, Neil, Brevoort, Kenneth P., Canner, Glenn B., Henning, Nicholas W., and Stolarsky, Shira E.

Subjects
United States. Federal Housing Administration, United States. Rural Housing Service, United States. Department of Housing and Urban Development, Mortgage insurance, Disclosure of information, Banking, finance and accounting industries, Business, Government
Abstract

The Continuing Role of Government in the Mortgage Market The HMDA data for 2008 and 2009 showed that the share of new mortgage loans either explicitly or implicitly guaranteed by [...]

Published
2011

16. The 2009 HMDA data: the mortgage market in a time of low interest rates and economic distress

Author

Avery, Robert B., Bhutta, Neil, Brevoort, Kenneth P., and Canner, Glenn B.

Subjects
United States. Federal Housing Administration, United States. Department of Housing and Urban Development, United States. Federal Reserve Board, United States. Government National Mortgage Association, United States. Department of Veterans Affairs, Fair Isaac Corp., Financial disclosure, Financial services industry -- Ethnic market -- Prices and rates, Mortgage-backed securities -- Ethnic market -- Prices and rates, Insurance industry -- Ethnic market, Interest rates, Financial services industry, Insurance industry, Company pricing policy, Banking, finance and accounting industries, Business, Government
Abstract

Data made available annually pursuant to the Home Mortgage Disclosure Act of 1975 (HMDA) provide an opportunity to explore changes in mortgage market activity along a host of dimensions. (1) [...]

Published
2010

17. The 2008 HMDA data: the mortgage market during a turbulent year

Author

Avery, Robert B., Bhutta, Avery, Brevoort, Kenneth P., Canner, Glenn B., Gibbs, Christa N., Cooper, Cheryl R., and Coyer, Christine

Subjects
United States. Federal Reserve Board, Financial disclosure, Mortgage insurance -- Ethnic market -- Prices and rates, Company pricing policy, Banking, finance and accounting industries, Business, Government
Abstract

The Home Mortgage Disclosure Act of 1975 (HMDA) requires most mortgage lending institutions with offices in metropolitan areas to publicly disclose information about their home-lending activity. The information includes the [...]

Published
2010

18. The 2008 HMDA data: the mortgage market during a turbulent year

Author

Avery, Robert B., Bhutta, Neil, Brevoort, Kenneth P., Canner, Glenn B., Gibbs, Christa N., Cooper, Cheryl R., and Coyer, Christine

Subjects
United States. Federal Reserve Board, Financial disclosure, Mortgage insurance -- Ethnic market -- Prices and rates, Insurance industry -- Ethnic market, Banking, finance and accounting industries, Business, Government, Insurance industry, Company pricing policy, Ethnic market, Prices and rates
Abstract

[Note: This article is forthcoming in the Federal Reserve Bulletin.] The Home Mortgage Disclosure Act of 1975 (HMDA) requires most mortgage lending institutions with offices in metropolitan areas to publicly [...]

Published
2009

19. The 2007 HMDA data

Author

Avery, Robert B., Brevoort, Kenneth P., Canner, Glenn B., Cooper, Cheryl R., Gibbs, Christa N., Tsang, Rebecca, and Wallace, Sean

Subjects
Mortgage banks -- Laws, regulations and rules, Mortgages -- Laws, regulations and rules, Mortgage insurance -- Laws, regulations and rules, Home Mortgage Disclosure Act of 1975, Banking, finance and accounting industries, Business, Government, Government regulation, Mortgages, Laws, regulations and rules
Abstract

The Home Mortgage Disclosure Act of 1975 (HMDA) requires most mortgage lending institutions with offices in metropolitan areas to publicly disclose information about their home-lending activity. The information includes characteristics [...]

Published
2008

20. The 2006 HMDA data

Author

Avery, Robert B., Brevoort, Kenneth P., Canner, Glenn B., Tsang, Rebecca, and Wallace, Sean M.

Subjects
United States. Federal Reserve Board -- Laws, regulations and rules, Financial disclosure -- Laws, regulations and rules, Mortgages -- Laws, regulations and rules, Mortgage insurance -- Laws, regulations and rules, Banking, finance and accounting industries, Business, Government, Government regulation, Mortgages, Laws, regulations and rules
Abstract

Since 1975, the Home Mortgage Disclosure Act (HMDA) has required public disclosures from most mortgage lending institutions with offices in metropolitan areas. The release of the information, which includes the [...]

Published
2007

21. Higher-priced home lending and the 2005 HMDA data: (Table 8 revised September 18, 2006)

Author

Avery, Robert B., Brevoort, Kenneth P., Canner, Glenn B., Coslett, Caitlin G., and Wallace, Sean M.

Subjects
United States. Federal Reserve Board -- Laws, regulations and rules, Financial disclosure -- Laws, regulations and rules, Mortgage insurance -- Prices and rates -- Laws, regulations and rules, Banking, finance and accounting industries, Business, Government, Government regulation, Company pricing policy, Prices and rates, Laws, regulations and rules
Abstract

Since 1975, the Home Mortgage Disclosure Act (HMDA) has required most mortgage lending institutions with offices in metropolitan areas to disclose to the public information about the geographic location and [...]

Published
2006

22. New information reported under HMDA and its application in fair lending enforcement

Author

Avery, Robert B., Canner, Glenn B., Cook, Robert E., Mok, Shannon C., Coslett, Caitlin G., Dykes, Patricia J., and Freeland, Sylvia A.

Subjects
United States. Department of Housing and Urban Development -- Management, United States. Federal Reserve Board -- Management, Bank holding companies, Mortgage banks, Mortgages, Disclosure of information, Credit unions, Banking, finance and accounting industries, Business, Government, Mortgages, Company business management, Management
Abstract

Most lending institutions with offices in metropolitan statistical areas are required by the Home Mortgage Disclosure Act of 1975 (HMDA) to disclose information to the public about applications for home [...]

Published
2005

23. Community banks and rural development: research relating to proposals to revise the regulations that implement the Community Reinvestment Act

Author

Avery, Robert B., Canner, Glenn B., Mok, Shannon C., Sokolov, Dan S., and Tenkean, Onka L.

Subjects
Rural development -- Finance -- Laws, regulations and rules, Banking law -- Interpretation and construction -- Laws, regulations and rules, Community banks -- Laws, regulations and rules, Community Reinvestment Act of 1977, Banking, finance and accounting industries, Business, Government, Government regulation, Company financing, Finance, Interpretation and construction, Laws, regulations and rules
Abstract

Since 1977, the Community Reinvestment Act (CRA) has required that federally insured banking institutions--commercial banks and savings associations--be evaluated on their records of helping to meet the credit needs of [...]

Published
2005

24. An overview of consumer data and credit reporting

Author

Avery, Robert B., Calem, Paul S., and Canner, Glenn B.

Subjects
United States. Federal Reserve Board -- Reports -- Analysis, Consumer credit -- Reports -- Analysis, Banking, finance and accounting industries, Business, Government, Analysis, Reports
Abstract

For some time, the Board of Governors of the Federal Reserve System has sought to obtain more detailed and timely information on the debt status, loan payment behavior, and overall [...]

Published
2003

25. Recent developments in home equity lending

Author

Canner, Glenn B., Durkin, Thomas A., and Luckett, Charles A.

Subjects
Mortgage banks -- Research, Home equity loans -- Research, Mortgages -- Research, Banking, finance and accounting industries, Business, Government, Mortgages, Research
Abstract

Glenn B. Canner, Thomas A. Durkin, and Charles A. Luckett, of the Board's Division of Research and Statistics, prepared this article. The equity that has accumulated in homes is one [...]

Published
1998

26. New information on lending to small businesses and small firms: the 1996 CRA data

Author

Bostic, Raphael W. and Canner, Glenn B.

Subjects
Corporations -- Finance, Commercial loans -- Analysis, Community Reinvestment Act of 1977, Banking, finance and accounting industries, Business, Government, Analysis
Abstract

Raphael W. Bostic and Glenn B. Canner, of the Board's Division of Research and Statistics, prepared this article. Sheryl L. Hudson and John E. Matson provided research assistance. The Community [...]

Published
1998

27. Changes in the distribution of banking offices

Author

Avery, Robert B., Bostic, Raphael W., Calem, Paul S., and Canner, Glenn B.

Subjects
Charters, Branch banks -- Management, Commercial banks, Banking, finance and accounting industries, Business, Government, Company business management, Management
Abstract

Over the past twenty years, major structural changes, including rapid consolidation among institutions, have altered the shape of the banking industry. Structural change has been driven by advances in technology, [...]

Published
1997

28. Distribution of credit risk among providers of mortgages to lower-income and minority homebuyers

Author

Canner, Glenn B., Passmore, Wayne, and Surette, Brian J.

Subjects
United States. Federal Housing Administration -- Statistics, Mortgages -- Statistics, Homeowners -- Demographic aspects -- Statistics, Banking, finance and accounting industries, Business, Government, Mortgages, Statistics, Demographic aspects
Abstract

The financial institutions that bear the credit risk in mortgage lending are critical because without such participants, mortgages cannot be made. Once an institution agrees to assume the risk that [...]

Published
1996

29. Credit risk, credit scoring, and the performance of home mortgages

Author

Avery, Robert B., Bostic, Raphael W., Calem, Paul S., and Canner, Glenn B.

Subjects
Mortgage banks -- Standards, Mortgages -- Standards, Credit management -- Methods, Risk management -- Methods -- Standards, Banking, finance and accounting industries, Business, Government, Mortgages, Risk management, Standards, Methods
Abstract

Institutions involved in lending, including mortgage lending, carefully assess credit risk, which is the possibility that borrowers will fail to pay their loan obligations as scheduled. The judgments of these [...]

Published
1996

30. Credit risk and the provision of mortgages to lower-income and minority homebuyers

Author

Canner, Glenn B. and Passmore, Wayne

Subjects
Mortgages -- Analysis, Consumer credit -- Analysis, Banking, finance and accounting industries, Business, Government, Mortgages, Analysis
Abstract

Glenn B. Canner and Wayne Passmore, of the Board's Division of Research and Statistics, wrote this article. Mark A. Peirce, of the Division of Research and Statistics, and Gary G. [...]

Published
1995

31. Household sector borrowing and the burden of debt

Author

Canner, Glenn B., Kennickell, Arthur B., and Luckett, Charles A.

Subjects
Cost and standard of living -- Statistics -- Economic aspects, Economic indicators -- Statistics, Households -- Economic aspects -- Statistics, United States economic conditions -- Economic aspects -- Statistics, Banking, finance and accounting industries, Business, Government, Statistics, Economic aspects
Abstract

The household sector incurred substantial amounts of home mortgage and consumer installment debt during the economic expansion of 1983--89. Household debts grew considerably faster than income, and aggregate debt outstanding [...]

Published
1995

32. Home purchase lending in low-income neighborhoods and to low-income borrowers

Author

Canner, Glenn B. and Passmore, Wayne

Subjects
Banking law -- Research -- Statistics, Mortgages -- Statistics, Mortgage discrimination -- Research -- Statistics, Banking industry -- Statistics, Loans -- Research -- Statistics, Home Mortgage Disclosure Act of 1975, Community Reinvestment Act of 1977, Banking, finance and accounting industries, Business, Government, Mortgages, Banking industry, Statistics, Research
Abstract

The long-standing debate about whether enough housing credit is being provided in lower-income areas has received renewed attention in recent discussions about how to implement the Community Reinvestment Act. In [...]

Published
1995

33. Private mortgage insurance

Author

Canner, Glenn B. and Passmore, Wayne

Subjects
Mortgage insurance -- Analysis, Banking, finance and accounting industries, Business, Government, Analysis
Abstract

Before extending a mortgage, lenders typically require borrowers to make a sizable down payment to reduce both the risk of default on the loan and the amount they stand to [...]

Published
1994

34. Home equity lending: evidence from recent surveys

Author

Canner, Glenn B., Luckett, Charles A., and Durkin, Thomas A.

Subjects
Home equity loans -- Statistics, Mortgages -- Statistics, Banking, finance and accounting industries, Business, Government, Mortgages, Statistics
Abstract

Accumulated equity in homes is one of the largest components of the wealth of U.S. households. Home equity differs from many other assets in that it cannot be readily used [...]

Published
1994

35. Residential lending to low-income and minority families: evidence from the 1992 HMDA data

Author

Canner, Glenn B., Passmore, Wayne, and Smith, Dolores S.

Subjects
Mortgage banks -- Statistics, Banking law -- Statistics, Mortgage discrimination -- Statistics, Loans -- Statistics, Home Mortgage Disclosure Act of 1975, Banking, finance and accounting industries, Business, Government, Statistics
Abstract

Since 1976, the Home Mortgage Disclosure Act (HMDA) has required most depository institutions with offices in metropolitan areas to provide data on the geographic location of the home purchase and [...]

Published
1994

36. Expanded HMDA data on residential lending: one year later

Author

Canner, Glenn B.

Subjects
Mortgage discrimination -- Analysis -- Social aspects, Mortgages -- Social aspects -- Analysis, Home Mortgage Disclosure Act of 1975, Banking, finance and accounting industries, Business, Government, Mortgages, Social aspects, Analysis
Abstract

Questions about the access of minorities and lower-income households to home mortgage loans continued to draw considerable attention in the past year. Indeed, the release of new data in October [...]

Published
1992

37. Developments in the pricing of credit card services

Author

Canner, Glenn B., Luckett, Charles A., Cook, Wayne C., and Peirce, Mark A.

Subjects
Credit and debit card industry -- Prices and rates, Credit cards -- Prices and rates, Banking, finance and accounting industries, Business, Government, Company pricing policy, Prices and rates
Abstract

This article was prepared by Glenn B. Canner and Charles A. Luckett of the Board's Division of Research and Statistics. Wayne C. Cook and Mark A. Peirce provided research assistance. [...]

Published
1992

38. Home Mortgage Disclosure Act: expanded data on residential lending

Author

Canner, Glenn B. and Smith, Dolores S.

Subjects
Mortgage banks -- Statistics, Disclosure of information (Banking law) -- Laws, regulations and rules -- Statistics, Mortgages -- Statistics, Home Mortgage Disclosure Act of 1975, Banking, finance and accounting industries, Business, Government, Government regulation, Mortgages, Statistics, Laws, regulations and rules
Abstract

Since 1976, most banks and other depository institutions that have offices in metropolitan areas have been required, under the Home Mortgage Disclosure Act (HMDA), to disclose to the public information [...]

Published
1991

39. Payment of household debts

Author

Canner, Glenn B., Luckett, Charles A., Cook, Wayne C., and Middleton, Nellie D.

Subjects
Debt -- Analysis, Households -- Finance -- Analysis, Home economics -- Accounting and auditing -- Analysis, Banking, finance and accounting industries, Business, Government, Company financing, Finance, Accounting and auditing, Analysis
Abstract

The indebtedness of U.S. households grew substantially in the decade that ended last year. The sum of home mortgages and consumer debt outstanding rose from $1.3 trillion at the end [...]

Published
1991

40. Mortgage refinancing

Author

Canner, Glenn B., Luckett, Charles A., and Durkin, Thomas A.

Subjects
Reverse annuity mortgages -- Analysis, Dwellings -- Finance -- Analysis, Housing -- Finance -- Analysis, Mortgages -- Refinancing, Home equity conversion -- Analysis, Banking, finance and accounting industries, Business, Government, Company financing, Finance, Analysis
Abstract

Mortgage Refinancing This article was prepared by Glenn B. Canner and Charles A. Luckett of the Board's Division of Research and Statistics, and Thomas A. Durkin of the Office of [...]

Published
1990

41. Credit Where None Is Due? Authorized User Account Status and "Piggybacking Credit".

Author

Avery, Robert B., Brevoort, Kenneth P., and Canner, Glenn B.

Subjects
DEBTOR & creditor, CREDIT ratings, BANKING policy, BANKING regulatory agencies, CREDIT risk, ROLL-over credits, ECONOMICS
Abstract

An "authorized user" is a person who is permitted by a revolving account holder to use an account without being legally liable for any charges incurred. The Federal Reserve's Regulation B, which implements the 1974 Equal Credit Opportunity Act, requires that information on spousal authorized user accounts be reported to the credit bureaus and considered when lenders evaluate credit history. Since creditors generally furnish to the credit bureaus information on all authorized user accounts, without indicating which are spouses and which are not, credit scoring modelers cannot distinguish spousal from non-spousal authorized user accounts. This effectively requires that all authorized user accounts receive similar treatment. Consequently, becoming an authorized user on an old account with a good payment history, may improve an individual's credit score, potentially increasing access to credit or reducing borrowing costs. As a result, the practice of "piggybacking credit" has developed. In a piggybacking arrangement, an individual pays a fee to be added as an authorized user on an account to "rent" the account's credit history. This paper provides the first comprehensive look at authorized user accounts in individual credit records and how their importance differs across demographic groups. Our analysis suggests that piggybacking credit can materially improve credit scores, particularly for individuals with thin or short credit histories. We also evaluate the effect that eliminating authorized user accounts from credit scoring models would have on individual credit scores. Our results suggest that removing this information has relatively little effect on credit scores, but may reduce model predictiveness. [ABSTRACT FROM AUTHOR]

Published
2010
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42. MortgageMarket Conditions and Borrower Outcomes: Evidence from the 2012 HMDA Data andMatched HMDA-Credit Record Data.

Author

Bhutta, Neil and Canner, Glenn B.

Subjects
*MORTGAGE loans, *MORTGAGE refinancing, *MORTGAGE banks, *MORTGAGE loan servicing, *FINANCIAL disclosure laws, *HOUSING market
Abstract

The article presents an overview of the mortgage lending industry in the U.S. as of November 2013. It highlights the 2012 Home Mortgage Disclosure Act of 1975 (HMDA) data, which provides information on home loans applications from 7,400 lenders nationwide. Furthermore, it presents several tables and graphs on the outcomes and conditions of the mortgage market from 2000-2012 including one on borrowers' census tract, and another on delinquency rates on refinance loans in 2006.

Published
2013
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43. The 2009 HMDA Data: TheMortgage Market in a Time of Low Interest Rates and Economic Distress.

Author

Avery, Robert B., Bhutta, Neil, Brevoort, Kenneth P., and Canner, Glenn B.

Subjects
TRUCKING, FOOD industry mergers, CHIEF executive officers, INDUSTRIAL equipment, INDUSTRIAL productivity, PROCESS safety management
Abstract

Data made available annually pursuant to the Home Mortgage Disclosure Act of 1975 (HMDA) provide an opportunity to explore changes in mortgage market activity along a host of dimensions.1 HMDA requiresmost mortgage lending institutions with offices in metropolitan areas to publicly disclose information about their home-lending activity each year. The data include the disposition of each application for mortgage credit; the type, purpose, lien status, and characteristics of the home mortgages.

Published
2010

44. Assessing the Necessity and Efficiency of the Community Reinvestment Act.

Author

Avery, Robert B., Bostic, Raphael W., and Canner, Glenn B.

Subjects
LOAN laws, DELEGATED legislation, FINANCIAL aid, CREDIT, LOANS, PUBLIC institutions
Abstract

A number of researchers have recently questioned whether the Community Reinvestment Act (CRA) is still needed. In addition, economic analysis has explored the efficiency of many regulations, but not the CRA. This article seeks to address both issues to shed light on the necessity and efficiency of the CRA. On the basis of data from a survey on the performance and profitability of CRA-related lending activities, we reach three main conclusions. First, consistent with the view that the CRA is needed, we find evidence that the majority of surveyed institutions engaged in some lending activities that they would not otherwise have done in the absence of the law. Second, in terms of efficiency, the results are mixed: The vast majority of institutions increased credit flows profitably, but a significant minority incurred costs, albeit small ones. Third, quantitative evidence suggests that marginal CRA-related lending tended to be small. [ABSTRACT FROM AUTHOR]

Published
2005
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45. Credit Report Accuracy and Access to Credit.

Author

Avery, Robert B., Calem, Paul S., Canner, Glenn B., and Mok, Shannon C.

Subjects
CREDIT bureaus, CONSUMER credit, FINANCIAL services industry, PERSONAL information management
Abstract

Reports on the role of information that credit-reporting agencies maintain on consumers' credit-related experiences in credit markets in the U.S. Effects of data limitations on consumers' access to credit; Concern among financial analysts about the accuracy, completeness, timeliness and consistency of consumer credit records; Elements of credit models used to generate credit history scores.

Published
2004
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46. CRA Special Lending Programs.

Author

Avery, Robert B., Bostic, Raphael W., and Canner, Glenn B.

Subjects
GOVERNMENT lending, COMMUNITY development laws, FINANCIAL institutions
Abstract

Focuses on the special leading programs of the Community Reinvestment Act (CRA) in the United States. Implications of the CRA programs for banking institutions; Impact of the CRA on low-income populations; Characteristics of the special lending programs; Profitability of the programs in comparison with the overall mortgage lending.

Published
2000
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47. THE EFFECTS OF RECENT MORTGAGE REFINANCING.

Author

Brady, Peter J., Canner, Glenn B., Maki, Dean M., and Stawarz, Marcin

Subjects
*MORTGAGE refinancing, *HOUSING finance, *HOMEOWNERS
Abstract

Presents estimates of changes in monthly payments resulting from refinancings, the amount of funds homeowners raised in the process and how homeowners used the funds in the United States. Estimates of the aggregate effects of refinancing on the U.S. economy; Factors to be considered in the decision to refinance.

Published
2000
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48. Trends in Home Purchase Lending: Consolidation and the Community Reinvestment Act.

Author

Avery, Robert B., Bostic, Raphael W., Calem, Paul S., Canner, Glenn B., Bryant, Kelly A., and Matson, John E.

Subjects
MERGERS & acquisitions, HOUSE buying, MORTGAGE loans, BANK mergers
Abstract

Explores the relationship between consolidation and lending to purchase homes. Trends in banking consolidation; Consolidation and market-level changes in mortgage lending; Consolidation and mortgage lending at the banking organization level.

Published
1999
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49. Market segmentation and lender specialization in the primary and secondary mortgage markets.

Author

Canner, Glenn B. and Gabriel, Stuart A.

Abstract

This paper provides a comprehensive evaluation of market segmentation and lender/purchaser specialization in the primary and secondary mortgage markets. It describes and assesses the 1990 Home Mortgage Disclosure Act (HMDA) data, which for the first time provide detailed information on the borrower and neighborhood racial and income characteristics of mortgage loan originations and securitizations in the primary and secondary mortgage markets. Evidence presented in the paper indicates that home purchase loan origination rates for black applicants—and, to a lesser degree, Hispanic applicants—appear to be significantly lower than those of other racial or ethnic groups. Similarly, the HMDA data reveal that home purchase mortgage origination rates in predominantly minority census tracts are significantly lower than those in predominantly white neighborhoods. The HMDA data also indicate a striking reliance of black borrowers on government‐backed forms of mortgage credit. The paper further reveals that secondary market loan purchase distributions arrayed by borrower and neighborhood characteristics generally reflect those of home mortgage originations. The borrower and locational characteristics of home purchase loans acquired by the Government National Mortgage Association (GNMA) directly reflect that agency's legislated specialization in government‐backed loans, whereas the characteristics of loans acquired by Fannie Mae and Freddie Mac for the most part derive from the borrower and geographic composition of conventional home purchase loan originations. Findings of analyses of HMDA data raise concern regarding the access of minority and low‐income households and neighborhoods to mortgage finance. Those results also raise some question as to whether the federally chartered agencies in the secondary market are adequately promoting the availability of mortgage credit to low‐ and moderate‐income and minority households. [ABSTRACT FROM PUBLISHER]

Published
1992
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50. The Role of Specialized Lenders in Extending Mortgages to Lower-Income and Minority Homebuyers

Author

Canner, Glenn B. and Passmore, Wayne

Subjects
Mortgages -- Management, Financial services industry -- Management, Financial institutions, House buying -- Finance, Banking, finance and accounting industries, Business, Government, Mortgages, Company business management, Company financing, Financial services industry, Management, Finance
Abstract

Glenn B. Canner and Wayne Passmore, of the Board's Division of Research and Statistics, and Elizabeth Laderman, of the Federal Reserve Bank of San Francisco, prepared this article. Sylvia A. [...]

Published
1999

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