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Economic Factors Affecting Home Mortgage Disclosure Act Reporting

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  • Michael LaCour-Little

    ()
    (College of Business and Economics, California State University, Fullerton, Fullerton, CA 92831)

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    Abstract

    The release of the 2004?005 Home Mortgage Disclosure Act data raised a number of questions given the increase in the number and percentage of higher-priced home mortgage loans and continued differentials across demographic groups. This paper assesses three possible explanations for the observed increase in 2005 over 2004: (1) changes in lender business practices; (2) changes in the risk profile of borrowers; and (3) changes in the yield curve environment. Results suggest that after controlling for the mix of loan types, credit risk factors, and the yield curve, there was no statistically significant increase in reportable volume for loans originated directly by lenders during 2005, though indirect, wholesale originations did significantly increase. The findings also reveal that the market price of risk increased by about 15 basis points in 2005 versus 2004, implying that mortgage costs increased for all borrowers on a risk-adjusted basis.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol29n4/06.479_510.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal journal of Real Estate Research.

    Volume (Year): 29 (2007)
    Issue (Month): 4 ()
    Pages: 479-510

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    Handle: RePEc:jre:issued:v:29:n:4:2007:p:479-510

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    1. Robert F. Phillips & Anthony M.J. Yezer, 1996. "Self-Selection and Tests for Bias and Risk in Mortgage Lending: Can You Price the Mortgage If You Don't Know the Process?," Journal of Real Estate Research, American Real Estate Society, vol. 11(1), pages 87-102.
    2. Brueckner, Jan K & Follain, James R, 1988. "The Rise and Fall of the ARM: An Econometric Analysis of Mortgage Choice," The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 93-102, February.
    3. Dhillon, Upinder S & Shilling, James D & Sirmans, C F, 1987. "Choosing between Fixed and Adjustable Rate Mortgages: A Note," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(2), pages 260-67, May.
    4. Robert B. Avery & Glenn B. Canner & Robert E. Cook, 2005. "New information reported under HMDA and its application in fair lending enforcement," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Sum, pages 344-394.
    5. Kerry D. Vandell, 1993. "Handing Over the Keys: A Perspective on Mortgage Default Research," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(3), pages 211-246.
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    Cited by:
    1. Kristin L. Perkins, 2009. "The geography of foreclosure in Contra Costa County, California," Community Development Investment Center Working Paper 2009-03, Federal Reserve Bank of San Francisco.
    2. Morris M. Kleiner & Richard M. Todd, 2007. "Mortgage Broker Regulations That Matter: Analyzing Earnings, Employment, and Outcomes for Consumers," NBER Working Papers 13684, National Bureau of Economic Research, Inc.
    3. Zsuzsa Huszár & George Lentz & Wei Yu, 2012. "Does mandatory disclosure affect subprime lending to minority neighborhoods?," Journal of Economics and Finance, Springer, vol. 36(4), pages 900-924, October.

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