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CRA and fair lending regulations: resulting trends in mortgage lending

  • Douglas D. Evanoff
  • Lewis M. Segal

This article provides background on the evolution of Community Reinvestment Act (CRA) and fair lending regulations, summarizes the relevant economic literature, and evaluates the effectiveness of the regulations by analyzing recent trends in mortgage lending activity. Are the trends in line with the intent of the regulations? Can the trends by attributed to the regulations?

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File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/1996/epnd96b.pdf
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Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (1996)
Issue (Month): Nov ()
Pages: 19-46

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Handle: RePEc:fip:fedhep:y:1996:i:nov:p:19-46:n:v.20no.6
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  1. Peter M. Hutchinson & James R. Ostas & J. David Reed, 1977. "A Survey and Comparison of Redlining Influences In Urban Mortgage Lending Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 5(4), pages 463-472.
  2. Kwast, Myron L. & Black, Harold, 1983. "An analysis of the behavior of mature black-owned commercial banks," Journal of Economics and Business, Elsevier, vol. 35(1), pages 41-54.
  3. Paul W. Bauer & Brian A. Cromwell, 1994. "A Monte Carlo examination of bias tests in mortgage lending," Economic Review, Federal Reserve Bank of Cleveland, issue Q III, pages 27-40.
  4. James A. Berkovec & Glenn B. Canner & Stuart A. Gabriel & Timothy H. Hannan, 1995. "Mortgage discrimination and FHA loan performance," Proceedings 456, Federal Reserve Bank of Chicago.
  5. William C. Hunter & Mary Beth Walker, 1995. "The cultural affinity hypothesis and mortgage lending decisions," Working Paper Series, Issues in Financial Regulation 95-8, Federal Reserve Bank of Chicago.
  6. Yezer, Anthony M J & Phillips, Robert F & Trost, Robert P, 1994. "Bias in Estimates of Discrimination and Default in Mortgage Lending: The Effects of Simultaneity and Self-Selection," The Journal of Real Estate Finance and Economics, Springer, vol. 9(3), pages 197-215, November.
  7. Douglas D. Evanoff & Lewis M. Segal, 1996. "Strategic responses to bank regulation: evidence from HMDA data," Working Paper Series, Issues in Financial Regulation WP-96-7, Federal Reserve Bank of Chicago.
  8. Brimmer, Andrew F, 1971. "The Black Banks: An Assessment of Performance and Prospects," Journal of Finance, American Finance Association, vol. 26(2), pages 379-405, May.
  9. Becker, Gary S., 1971. "The Economics of Discrimination," University of Chicago Press Economics Books, University of Chicago Press, edition 2, number 9780226041162.
  10. Alicia H. Munnell, 1992. "Mortgage lending in Boston: interpreting HMDA data," Working Papers 92-7, Federal Reserve Bank of Boston.
  11. HAROLD Black & M. Collins & Ken Cyree, 1997. "Do Black-Owned Banks Discriminate against Black Borrowers?," Journal of Financial Services Research, Springer, vol. 11(1), pages 189-204, February.
  12. Bates, Timothy M & Bradford, William D, 1980. " An Analysis of the Portfolio Behavior of Black-Owned Commercial Banks," Journal of Finance, American Finance Association, vol. 35(3), pages 753-68, June.
  13. Eric Rosenblatt, 1997. "A Reconsideration Of Discrimination In Mortgage Underwriting With Data From A National Mortgage Bank," Journal of Financial Services Research, Springer, vol. 11(1), pages 109-131, February.
  14. Griffith L. Garwood & Dolores S. Smith, 1993. "The Community Reinvestment Act: evolution and current issues," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Apr, pages 251-267.
  15. Michael H. Schill & Susan M. Wachter, . "A Tale of Two Cities: Racial and Ethnic Geographic Disparities in Home Mortgage Lending in Boston and Philadelphia," Rodney L. White Center for Financial Research Working Papers 16-93, Wharton School Rodney L. White Center for Financial Research.
  16. Lynn Elaine Browne & Geoffrey M.B. Tootell, 1995. "Mortgage lending in Boston: a response to the critics," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 53-78.
  17. Black, Harold & Schweitzer, Robert L & Mandell, Lewis, 1978. "Discrimination in Mortgage Lending," American Economic Review, American Economic Association, vol. 68(2), pages 186-91, May.
  18. Dahl, Drew, 1996. "Ownership changes and lending at minority banks: A note," Journal of Banking & Finance, Elsevier, vol. 20(7), pages 1289-1301, August.
  19. Robert Avery & Patricia Beeson & Paul Calem, 1997. "Using HMDA Data as a Regulatory Screen for Fair Lending Compliance," Journal of Financial Services Research, Springer, vol. 11(1), pages 9-42, February.
  20. Hunter, William C & Walker, Mary Beth, 1996. "The Cultural Affinity Hypothesis and Mortgage Lending Decisions," The Journal of Real Estate Finance and Economics, Springer, vol. 13(1), pages 57-70, July.
  21. Glenn B. Canner, 1982. "Redlining : research and federal legislative response," Staff Studies 121, Board of Governors of the Federal Reserve System (U.S.).
  22. Lawrence J. White, 1993. "The Community Reinvestment Act: Good Intentions Headed in the Wrong Direction," Working Papers 93-01, New York University, Leonard N. Stern School of Business, Department of Economics.
  23. Glenn B. Canner & Wayne Passmore, 1994. "Residential lending to low-income and minority families: evidence from the 1992 HMDA data," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Feb, pages 79-108.
  24. Katharine L. Bradbury & Karl E. Case & Constance R. Dunham, 1989. "Geographic patterns of mortgage lending in Boston, 1982-1987," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-30.
  25. Roger S. Ahlbrandt, 1977. "Exploratory Research on the Redlining Phenomenon," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 5(4), pages 473-481.
  26. Charles W. Calomiris & Charles M. Kahn & Stanley D. Longhofer, 1994. "Housing-finance intervention and private incentives: helping minorities and the poor," Proceedings, Federal Reserve Bank of Cleveland, pages 634-678.
  27. Christopher P. Beshouri & Dennis C. Glennon, 1996. "CRA as "market development" or "tax": an analysis of lending decisions and economic development," Proceedings 523, Federal Reserve Bank of Chicago.
  28. Benjamin C. Esty, 1995. "South Shore Bank: is it the model of success for community development banks?," Proceedings 455, Federal Reserve Bank of Chicago.
  29. Robert T. Clair, 1988. "The performance of black-owned banks in their primary market areas," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Nov, pages 11-20.
  30. Jeffrey M. Lacker, 1995. "Neighborhoods and banking," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 13-38.
  31. Geoffrey M.B. Tootell, 1993. "Defaults, denials, and discrimination in mortgage lending," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 45-51.
  32. Holmes, Andrew & Horvitz, Paul, 1994. " Mortgage Redlining: Race, Risk, and Demand," Journal of Finance, American Finance Association, vol. 49(1), pages 81-99, March.
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