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Mortgage Market Conditions and Borrower Outcomes: Evidence from the 2012 HMDA Data and Matched HMDA–Credit Record Data

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Abstract

This article describes mortgage lending activity in 2012 based on newly available data reported under the Home Mortgage Disclosure Act of 1975 (HMDA). It also examines a new data set composed of HMDA records matched to borrowers? credit records. The matched data help document differences in the financial circumstances (credit scores and debt-to-income ratios) and subsequent loan performance of borrowers grouped by their race or ethnicity and income. The data also provide insight both into the potential for differential effects of the new qualified mortgage rules on access to credit across groups and into the role of the Community Reinvestment Act in the financial crisis.

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  • Neil Bhutta & Glenn B. Canner, 2013. "Mortgage Market Conditions and Borrower Outcomes: Evidence from the 2012 HMDA Data and Matched HMDA–Credit Record Data," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 99(4), November.
    • Handle: RePEc:fip:fedgrb:y:2013:i:sept
    DOI: 10.17016/bulletin.2013.99-4
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    File URL: https://www.federalreserve.gov/pubs/bulletin/2013/articles/hmda/default.htm
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    Cited by:

    1. Gerardi, Kristopher & Willen, Paul S. & Zhang, David Hao, 2023. "Mortgage prepayment, race, and monetary policy," Journal of Financial Economics, Elsevier, vol. 147(3), pages 498-524.
    2. Courchane, Marsha & Darolia, Rajeev & Gailey, Adam, 2015. "Borrowers from a different shore: Asian outcomes in the U.S. mortgage market," Journal of Housing Economics, Elsevier, vol. 28(C), pages 76-90.
    3. Wix, Carlo & Schüwer, Ulrich, 2016. "Monetary Policy and Bank Lending: A Natural Experiment from the US Mortgage Market," VfS Annual Conference 2016 (Augsburg): Demographic Change 145943, Verein für Socialpolitik / German Economic Association.
    4. You Suk Kim & Steven M. Laufer & Karen Pence & Richard Stanton & Nancy Wallace, 2018. "Liquidity Crises in the Mortgage Market," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 49(1 (Spring), pages 347-428.
    5. Patrick Bayer & Fernando Ferreira & Stephen L. Ross, 2014. "Race, Ethnicity and High-Cost Mortgage Lending," NBER Working Papers 20762, National Bureau of Economic Research, Inc.
    6. Karen Pence, 2022. "Liquidity in the mortgage market: How does the COVID‐19 crisis compare with the global financial crisis?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(6), pages 1405-1424, November.
    7. Li, Phillip & Mayock, Tom, 2019. "Mortgage characteristics and the racial incidence of default," Journal of Housing Economics, Elsevier, vol. 46(C).

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