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Industrial Structure of Affordable Mortgage Lending

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  • Frank E. Nothaft
  • Brian J. Surette

Abstract

This article examines trends in prime-market mortgage lending to low- and moderate-income families and to families living in U.S. Department of Housing and Urban Development-defined underserved areas (affordable lending). It also examines how economic conditions and several aspects of the organizational structure of the mortgage industry, such as lender size and market concentration, affect affordable lending.During the 1990s affordable lending in the prime market was increasingly done by mortgage company subsidiaries of depositories. Savings institutions and independent mortgage companies provided a declining fraction of all affordable loans. Across most institution types, we find that (1) origination volume is negatively related to affordable lending, though there are offsetting positive relationships among very large depositories; (2) affordable lending is probably procyclical; and (3) affordable lending is positively related to market concentration among certain institution types (savings institutions and both independent and depository-affiliated mortgage companies). The latter result is consistent with the conclusion that legislative efforts have been successful in increasing the amount of affordable lending.

Suggested Citation

  • Frank E. Nothaft & Brian J. Surette, 2001. "Industrial Structure of Affordable Mortgage Lending," Journal of Housing Research, Taylor & Francis Journals, vol. 12(2), pages 239-276, January.
    • Handle: RePEc:taf:rjrhxx:v:12:y:2001:i:2:p:239-276
    DOI: 10.1080/26911337.2001.12519470
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