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

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Abstract

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 2008 relative to earlier years.

Suggested Citation

  • Robert B. Avery & Neil Bhutta & Kenneth P. Brevoort & Glenn B. Canner & Christa N. Gibbs, 2010. "The 2008 HMDA data: the mortgage market during a turbulent year," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 96(Apr), pages 169-211, April.
    • Handle: RePEc:fip:fedgrb:y:2010:i:apr:p:a169-211:n:v.96
    DOI: 10.17016/bulletin.2010.96-4
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2010/pdf/hmda08final.pdf
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    Cited by:

    1. Carlos Garriga & Aaron Hedlund, 2020. "Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession," American Economic Review, American Economic Association, vol. 110(6), pages 1603-1634, June.
    2. Steve Sharpe & Shane Sherlund, 2016. "Crowding Out Effects of Refinancing on New Purchase Mortgages," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 48(2), pages 209-239, March.
    3. Neil Bhutta & Daniel R. Ringo, 2017. "The Effect of Interest Rates on Home Buying : Evidence from a Discontinuity in Mortgage Insurance Premiums," Finance and Economics Discussion Series 2017-086, Board of Governors of the Federal Reserve System (U.S.).
    4. Gary A. Dymski & Jesus Hernandez & Lisa Mohanty, 2011. "Race, Power, and the Subprime/Foreclosure Crisis: A Mesoanalysis," Economics Working Paper Archive wp_669, Levy Economics Institute.
    5. Gary Dymski & Jesus Hernandez & Lisa Mohanty, 2013. "Race, Gender, Power, and the US Subprime Mortgage and Foreclosure Crisis: A Meso Analysis," Feminist Economics, Taylor & Francis Journals, vol. 19(3), pages 124-151, July.
    6. Courchane, Marsha J. & Darolia, Rajeev & Zorn, Peter M., 2014. "The downs and ups of FHA lending: The government mortgage roller coaster ride," Journal of Housing Economics, Elsevier, vol. 24(C), pages 39-56.
    7. Nguyen, Linh H. & Wilson, John O.S. & Le, Tuan Q. & Luu, Hiep N. & Nguyen, Tram-Anh & Vo, Vinh X., 2022. "Deposit insurance and credit union lending," Journal of Financial Stability, Elsevier, vol. 60(C).

    More about this item

    Keywords

    Mortgages; Home Mortgage Disclosure Act;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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