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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 [...]

The article offers information related to credit card market in the U.S. as of December 2013. Among the issues that were discussed include the consumers' behavior and experiences with their credit cards, and the implementation of consumer protection regulation Credit Card Accountability Responsibility and Disclosure Act of 2009 or Credit Card Act. Information on the February 2012 survey by the Thomson Reuters/University of Michigan Surveys of Consumers are also provided.

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.

The article discusses the condition of the mortgage market in the U.S. in 2010 based on data under the Home Mortgage Disclosure Act of 1975 (HMDA). It highlights the findings of the reviewed data including the reduction of refinance loans, the importance of price house declines, and home-purchase lending. Several charts are also presented including the number of home lenders, home loan activity, and volume of refinance originations.

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.

The article reports on higher-priced home lending and updates on the Home Mortgage Disclosure Act (HDMA) in the U.S. in 2005. It has been noted that the HDMA data for the year focused on loan pricing and on the substantial increase in the reported incidence of higher-priced lending. The requirements needed by the Federal Reserve Board's Regulation C for lenders on their home-purchase and home-improvement loans as well as on the refinancing of these loans are also discussed.

Discusses the new information requirements under Home Mortgage Disclosure Act and its application in fair lending enforcement in the U.S. Expansion of coverage to more nondepository lenders; Revision of the definition of application to include certain requests for pre-approvals; Compulsory collection of lien status, property code and loan pricing; Incorporation of changes to the rules on collecting and reporting information on race and ethnicity.

Highlights the results of a research relating to the proposals to revise the regulations that implement the Community Reinvestment Act (CRA) in the United States. Need for federally insured banking institutions to be evaluated on their records of helping to meet the credit needs of their local communities, including low- and moderate-income neighborhoods; Brief description of the CRA; Large- and small-institution evaluation; Agencies' proposals to amend the CRA regulations. INSETS: The Large-Institution Evaluation;The Small-Institution Evaluation.

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]

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.

Presents an overview of consumer data and credit reporting in the U.S. Description of compilation and reporting practices of credit reporting companies; Information collected in credit reports; Major components of consumer credit report data.

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.

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.

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.

Presents information on home equity lending in the United States. Background information on home equity lending; Holdings of home equity loans; Sources of home equity loans; Users and uses of home equity credit. INSET: Consumer knowledge and satisfaction regarding home equity credit.

Presents an initial assessment data of the Community Reinvestment Act (CRA) of 1997 on the originations and purchases of small business and small farm loans in United States for the year 1996. Purpose of the data; Evolution of CRA regulations; Challenges and limitations of the data; Overview of the 1996 CRA data; Comprehenbsiveness of the CRA data. INSETS: The three CRA performance...;Data quality;CRA disclosures.

Focuses on the importance of financial institutions who bear credit risk in mortgage lending. Information on other participants in the loan lending process; Difficulty in assessing the performance of mortgage market participants; Indepth look at the person responsible for the credit risk associated with mortgage lending. INSETS: Matching HMDA and PMI records.;Multiple applications..

Discusses the total volume of household borrowing in the United States and consumer installment debt during 1983-1989. Proportional increase between household debts and income; Financial strength of the household sector; Appraisal of size and growth of household indebtedness; Findings of the Survey of Consumer Finances.

Reviews the economic arguments underlying the debate about whether enough housing credit is being provided in lower income areas. History of the Community Reinvestment Act; Use of the 1993 data supplied under the Home Mortgage Disclosure Act (HMDA); Home purchase lending in lower-income and other neighborhoods; Highlights of the 1993 HMDA data. INSET: Twelve CRA performance factors..

Discusses the evolution of the private mortgage insurance (PMI) industry and the disposition of applications submitted to private mortgage insurers in the United States. History of the industry; Conduct of the business; Sources of insurance; Review of 1993 PMI activity; Affordable housing initiatives. INSETS: Data disclosed by the private mortgage insurance industry.;Claims under private mortgage insurance.;Multiple applications..

Discusses the practice of consumers of borrowing against their home equity and describes the institutions that make the loans. Influence on growth of outstanding home equity debt; Variation of practice by region; Dependence of refinancing on low mortgage interest rates.

Analyzes housing loan applications by income, race, ethnicity of applicant and location of the property. Lending in different types of neighborhoods; Role of mortgage originators; Employment of Home Mortgage Disclosure Act (HMDA) data in monitoring compliance. INSETS: Public access to HMDA data.;How HMDA data as collected and distributed.;Educational material on fair lending..

Describes some of the responses within the public and private sectors to the Home Mortgage Disclosure Act (HMDA) data released a year and disucusses the role that entities in the secondary mortgage market play in the home-lending processs and steps such institutions have taken to promote afforable housing. Summary of results; Evaluation of the data; Recent activities involving the secondary mortgage market.

Reports on the developments in the pricing of credit card services. Historical development of the market; Developments in the 1980s; Functions of credit cards; Costs of credit card operations; Credit card profitability.

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]