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The 2009 HMDA data: the mortgage market in a time of low interest rates and economic distress

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Abstract

The data that mortgage lending institutions reported for 2009 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 2009 HMDA data. In particular, it documents the wave of refinancing but discusses factors that may have muted such opportunities, explores patterns of lending across groups and areas with high rates of foreclosure, highlights the federal government’s greatly expanded role in the mortgage market, and examines how the interest rate environment and changes to the rules that govern the designation of loans as higher priced under HMDA affected the incidence of reported higher-priced lending in 2009 relative to earlier years.

Suggested Citation

  • Robert B. Avery & Neil Bhutta & Kenneth P. Brevoort & Glenn B. Canner, 2010. "The 2009 HMDA data: the mortgage market in a time of low interest rates and economic distress," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 96(December), pages 39-77, December.
    • Handle: RePEc:fip:fedgrb:y:2010:i:december:p:a39-77:n:v.96
    DOI: 10.17016/bulletin.2010.96-12
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2010/pdf/2009_HMDA_final.pdf
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    Cited by:

    1. Wheeler, Christopher H. & Olson, Luke M., 2015. "Racial differences in mortgage denials over the housing cycle: Evidence from U.S. metropolitan areas," Journal of Housing Economics, Elsevier, vol. 30(C), pages 33-49.
    2. Anundsen, André Kallåk & Heebøll, Christian, 2016. "Supply restrictions, subprime lending and regional US house prices," Journal of Housing Economics, Elsevier, vol. 31(C), pages 54-72.
    3. 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.
    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. 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. Anundsen, André Kallåk & Heebøll, Christian, 2013. "Supply Restrictions, Subprime Lending and Regional US Housing Prices," Memorandum 04/2013, Oslo University, Department of Economics.

    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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