Community Reinvestment and Credit Risk: Evidence from an Affordable-Home-Loan Program
AbstractThis study examines the performance of home purchase loans originated by a major depository institution in Philadelphia under a flexible lending program between 1988 and 1994. We examine long-term delinquency in relation to neighborhood housing market conditions, borrower credit-history scores and other factors. We find that likelihood of delinquency declines with increasing neighborhood housing market activity. Also, likelihood of delinquency is greater for borrowers with low credit-history scores and those with high ratios of housing expense to income, and when the property is unusually expensive for the neighborhood where it is located. Copyright American Real Estate and Urban Economics Association.
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Bibliographic InfoArticle provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.
Volume (Year): 27 (1999)
Issue (Month): 1 ()
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Other versions of this item:
- Paul S. Calem & Susan Wachter, 1998. "Community Reinvestment and Credit Risk: Evidence from an Affordable Home Loan Program," Zell/Lurie Center Working Papers 306, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
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- Neil Bhutta, 2008. "Giving credit where credit is due? the Community Reinvestment Act and mortgage lending in lower-income neighborhoods," Finance and Economics Discussion Series 2008-61, Board of Governors of the Federal Reserve System (U.S.).
- Arindam Bandyopadhyay & Asish Saha, 2011. "Distinctive demand and risk characteristics of residential housing loan market in India," Journal of Economic Studies, Emerald Group Publishing, vol. 38(6), pages 703-724, November.
- repec:fip:fedhpr:y:2005:i:apr:x:5 is not listed on IDEAS
- Bandyopadhyay, Arindam & Saha, Asish, 2009. "Factors Driving Demand and Default Risk in Residential Housing Loans: Indian Evidence," MPRA Paper 14352, University Library of Munich, Germany.
- Danis, Michelle A. & Pennington-Cross, Anthony, 2008.
"The delinquency of subprime mortgages,"
Journal of Economics and Business,
Elsevier, vol. 60(1-2), pages 67-90.
- Michelle A. Danis & Anthony Pennington-Cross, 2005. "A dynamic look at subprime loan performance," Working Papers 2005-029, Federal Reserve Bank of St. Louis.
- Harrison, David M., 2001. "The Importance of Lender Heterogeneity in Mortgage Lending," Journal of Urban Economics, Elsevier, vol. 49(2), pages 285-309, March.
- Bandyopadhyay, Arindam & Kuvalekar, S V & Basu, Sanjay & Baid, Shilpa & Saha, Asish, 2008. "A Study of Residential Housing Demand in India," MPRA Paper 9339, University Library of Munich, Germany.
- repec:fip:fedhpr:y:2001:i:apr:p:103-120 is not listed on IDEAS
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