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

摘要: This article describes mortgage lending activity in 2012 based on newly available data reported under the Home Mortgage Disclosure Act (HMDA). In addition, we present results of a first look at new set composed HMDA records matched to borrowers' credit records. Using data, compare borrowers’ characteristics loan origination, and subsequent payment performance, by various attributes such as income, minority status, type lender. Also, because record are longitudinal follow individuals rather than just their mortgages, able study long-term outcomes borrowers beyond performance mortgage, whether scores recover after delinquency different pace for demographic groups. We focus loans made 2006, which reflect height housing boom, 2010, subdued market conditions post crisis. Key findings include: (1) substantive differences across racial ethnic groups exist even controlling score, house price appreciation, higher-priced status; (2) score recovery delinquency, average, is similar takes over four years; (3) originated 2006 that Community Reinvestment (CRA) had lower rate all loans, inconsistent with view CRA was principal driver