Performance of Residential Mortgages in Low- and Moderate-Income Neighborhoods
This paper presents the first data on performance of mortgages on residences located in low- and moderate-income neighborhoods of U.S. cities. It provides new data on delinquencies and foreclosure provided by a sample of lenders who are members of the National Association of Affordable Housing Lenders and who have lending programs established pursuant to the Community Reinvestment Act. Sample mortgages on multifamily dwellings perform comparably with national sample data, whereas sample mortgages on single-family mortgages perform much better than comparable national sample data. The findings of this paper demonstrate clearly that lending programs in low- and moderate-income neighborhoods can be viable. The findings do not, however, help to settle the issue as the racial or gender discrimination in mortgage origination. Copyright 1994 by Kluwer Academic Publishers
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