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Tight credit conditions continue to constrain the housing recovery

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Abstract

The expansion of Federal Housing Administration lending has let households with imperfect credit or the inability to make a large down payment maintain access to mortgage borrowing. Rather than excluding such households, lenders have been applying strict underwriting conditions on all borrowers. Clarifying what constitutes approved lending may help relax credit conditions with minimal increase in risk.

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  • Jordan Rappaport & Paul S. Willen, 2014. "Tight credit conditions continue to constrain the housing recovery," Current Policy Perspectives 141, Federal Reserve Bank of Boston.
    • Handle: RePEc:fip:fedbcq:2014_001
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    Cited by:

    1. Carlos Garriga & Aaron Hedlund, 2020. "Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession," American Economic Review, American Economic Association, vol. 110(6), pages 1603-1634, June.

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    JEL classification:

    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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