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Table of Contents

History of HMDA

Identifying Lending Disparities with HMDA Data

Using HMDA Data on this Site

HMDA Use in Housing Research

The Home Mortgage Disclosure Act (HMDA) requires most mortgage lenders located in metropolitan areas to collect and publicly disclose information about housing-related loans and applications for such loans (FFIEC; for this and other references, see HMDA Use in Housing Research, below). In most instances, lenders are required to report data about:

History of HMDA

Congress enacted HMDA in 1975 to provide the public with information to judge whether lenders are serving the housing needs of their communities, identify possible discriminatory lending patterns, and provide private investors and public agencies with information to guide investments in housing (Federal Reserve Board, 2006; FFIEC).

Initially, HMDA required reporting of the geographic location of originated and purchased home loans. In 1989, Congress expanded HMDA data to include information about denied home loan applications, and the race, sex, and income of the applicant or borrower. In 2002, price data for some loans was included, as well.

In May 2002, revisions to HMDA reporting included requiring information regarding rate-spread loans, ethnicity and race, home improvement loans and refinancings, and manufactured homes (Caputo, 2005). Lenders must report whether a loan is covered by the Home Ownership and Equity Protection Act (HOEPA). The revisions also require lenders to report the lien status of applications and originated loans (FFIEC). Finally, lenders are required to report denials of requests for preapproval and to report, as a separate category of originations, approvals of "requests for preapprovals" that result in originations (Caputo, 2005).

For 2007, 8,610 institutions reported under HMDA nationwide: 3,910 commercial banks, 929 savings institutions, 2,019 credit unions, and 1,752 mortgage companies (Avery, Brevoort & Canner, 2008).

Government agencies use HMDA data to assist in evaluating lender compliance with anti-discrimination laws and other consumer protection laws. Federal anti-discrimination laws such as the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) prohibit discrimination in home mortgage lending on several bases such as race, national origin, sex, and age (Federal Reserve Board, 2006). Government agencies also use HMDA data to identify institutions, loan products, or geographic markets that show disparities in loan applications or originations by race, ethnicity, or other characteristics that may warrant further investigation (Federal Reserve Board, 2006).

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Identifying Lending Disparities with HMDA Data

Once the Federal Reserve Board releases HMDA data for a particular year, FDIC examiners, economists, fair lending specialists, and policy analysts work together to identify and review institutions that exhibit a greater risk of fair lending violations. Violations can include indicators such as a disparity between the average annual percentage rate for protected classes (minorities and women) and nonprotected classes and a high incidence of higher-priced mortgages for protected classes (FDIC).

Data collected under HMDA continue to reveal that certain minorities are more likely to receive high-cost mortgages than other racial or ethnic groups. A 2006 Federal Reserve study relying on HMDA data from 2005 found that 55 percent of African-Americans and 46 percent of Hispanics, compared to only 17 percent of non-Hispanic whites, received "higher-priced" conventional home purchase loans (FDIC). The study indicated that borrower-related factors such as income, loan amount, and gender accounted for only one-fifth of this disparity. The troubling trends continue, as the Federal Reserve's analysis of 2006 HMDA data again found that African-American and Hispanic borrowers were more likely than non-Hispanic white borrowers to obtain higher-priced loans (FDIC).

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Using HMDA Data on this Site

The Florida Housing Data Clearinghouse provides HMDA data for Florida cities and counties through the Home Mortgage Lending data tool. The tool aggregates the data at the Census place level; that is, the tool is used to find out about lending activity in a geographic area rather than for a particular lender. Currently, all results tables contain 2007 HMDA data; some also include 2005-2006 data.

Query tool

To use the Home Mortgage Lending data tool data tool, click through three pages:

  1. Geography page. Choose one or more Census places or counties. Note that choosing a county will return all of the Census places in that county. You will need to download the results tables into Excel to produce county totals.
  2. Indicators page: Choose one or more indicators to be displayed in tables for the selected geographic areas.
  3. Results page: Displays tables with the counts of loans or loan applications specified on the indicators page. The results tables can be downloaded into Excel.

Data Fields

Data Field Definition
Property Type 'Single Family (1-4 unit)' refers to a 1-4 unit dwelling; 'Manufactured Housing' refers to housing units largely assembled in factories and then transported to sites of use; 'Multifamily' refers to dwellings with more than 4 units. Individual condominium or cooperative units are considered to be Single Family.
Home Purchase Count of loans secured by and made for the purpose of purchasing a dwelling.
Home Improvement Count of loans that are (a) any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating, remodeling, or improving a dwelling or the real property on which the dwelling is located, and (b) any non-dwelling-secured loan (i) that is to be used, at least in part, for one or more of those purposes and (ii) that is classified as a home improvement loan by the institution.
Refinance Count of dwelling-secured loans that replace and satisfy another dwelling-secured loan to the same borrower.
Owner Occupied Count of loan applications indicating that the loan relates to the borrower's principal residence.
Non-Owner Occupied Count of loan applications indicating that the loan relates to a dwelling other than the borrower's principal residence; sometimes referred to as "investor" loans.
Applicant Race Values may be 'American Indian/Alaska Native,' 'Asian,' 'Black/African-American,' 'White,' 'Native Hawaiian/Other Pacific Islander,' and 'Not Available.' In HMDA, up to two applicants can report up to 5 race categories each; however, in this table, we present only the first race category reported by the first applicant.
Loan Originated Count of loan applications with lender reporting 'Loan originated' as action taken
Application Denied Count of loan applications with lender reporting 'Application denied by financial institution' as action taken
Other (in Loan Approval/Denial tables) Count of loan applications with lender reporting one of the following as action taken: 'Application approved but not accepted,'' 'Application withdrawn by applicant,' or 'File closed for incompleteness.' Does not include loans purchased by a financial institution or preapproval requests.
Denial Reasons Count of loan applications with status 'Application Denied' by the reason for the denial reported by the lender. Values include 'Debt-to-Income Ratio,' 'Employment History,' 'Credit history,' 'Collateral,' 'Insufficient Cash (downpayment, closing costs),' 'Credit Application Incomplete,' 'Mortgage Insurance Denied,' 'Unverifiable Information,' and 'Unavailable.'
Loan Amount Values represent amount of loans in dollars
High-Cost Count of loans for which lenders must report the spread between the annual percentage rate (APR) on the loan and the rate on Treasury securities of comparable maturity. For first-lean loans, the threshold for reporting is 3 percentage points above the Treasury security; for second-lien loans, the threshold is 5 percentage points above the Treasury security. The High Cost category is intended to flag loans that are likely to be subprime.
Non-High-Cost or Unknown Count of loans for which lenders are not required to report the interest rate spread (see High-Cost, above).

Data Tables

Table Data Fields Comments
Loans Originated
Loans by Property Type and Purpose, 2007 Place, County, Property Type, Home Purchase, Home Improvement, Refinance Loans originated only
Home Purchase Loans by Owner Occupancy and Property Type, 2007 Place, County, Property Type, Owner-Occupied, Non-Owner Occupied Home purchase only, loans originated only
Home Purchase Loans by Property Type, 2005-2007 Place, County, Property Type, Year Home purchase only, loans originated only
Loan Applications    
Home Purchase Loans Approval/Denial by Race, 2007 Place, County, Applicant Race, Loan Originated, Application Denied, Other Home purchase only
Home Purchase Loan Application Denial Reasons, 2007 Place, County, Denial Reason Applications resulting in denials only
Amounts of Loans Originated
Loans Amounts by Property Type and Purpose, 2007 Place, County, Property Type, Home Purchase, Home Improvement, Refinance, Loan Amount (Less than $50,000, $50,000 to $74,999, $75,000 to $99,000, $100,000 to $124,999, $125,000 to $149,000, $150,000 to $174,999, $175,000 to $199,999, $200,000 to $249,999, $250,000 to $299,999, $300,000 to $399,999, $400,000 to $499,999, $500,000 to $599,999, $600,000 to $699,999, $700,000 to $799,999, $800,000 to $899,999, $900,000 to $999,999, $1,000,000 to $4,999,999, $5,000,000 or More) Loans originated only
High-Cost Loans Originated
High-Cost Loans by Property Type and Purpose, 2007 Place, County, Property Type, Home Purchase, Home Improvement, Refinance, High-Cost, Non-High-Cost or Unknown Loans originated only
High-Cost, Owner-Occupied Home Purchase Loans by Amount, 2007 Place, County, Loan Amount (see above), High-Cost, Non-High Cost or Unknown Owner-occupied home purchase loans originated only
High-Cost, Owner-Occupied Home Purchase Loans by Race Place, County, Race, High-Cost, Non-High Cost or Unknown Owner-occupied home purchase loans originated only
High-Cost, Owner-Occupied Home Purchase Loans by Hispanic/Latino Ethnicity, 2007 Place, County, Ethnicity High-Cost, Non-High Cost or Unknown Owner-occupied home purchase loans originated only
High-Cost, Owner-Occupied Home Purchase Loans, 2005-2007 Place, County, High-Cost, Non-High Cost or Unknown, Year Owner-occupied home purchase loans originated only

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HMDA Use in Housing Research

The following are examples of research papers from around the country that use HMDA data to examine subjects such as fair lending and discrimination, subprime lending, and mortgage foreclosure. For access to complete HMDA datasets with all data elements listed below, see online HMDA data access at http://www.ffiec.gov/hmda/hmdaproducts.htm.

REFERENCE TOPIC HMDA DATA ELEMENTS USED
Apgar, W.C. & Calder, A. (2005). The Dual Mortgage Market: The Persistence of Discrimination in Mortgage Lending. A summary of the available evidence suggests that although legitimate risk factors play a significant role in the allocation of mortgage credit, borrower race and neighborhood racial composition still appear to be significantly linked to access to prime loans. Borrower race, income, loans by census tract, lenders per census tract, homeownership rates, subprime lenders
Apgar, W., Bendimerad, A. & Essene, R.S. (2007). (2007).Mortgage Market Channels and Fair Lending: An Analysis of HMDA Data. Using 2004 HMDA data, the paper seeks to better understand the rapid growth of subprime lending, the organization of U.S. capital markets, and the many distinct mortgage channels that link mortgage investors with mortgage borrowers. First-lien mortgages, loan purpose, loan type, type of lending organization
Avery, R.B. & Canner, G.B. (2005). New Information Reported under HMDA and Its Application in Fair Lending Enforcement. Federal Reserve Bulletin, 344-394. Examines patterns across groups of lenders, loan products, and various groupings of applicants, borrowers, and neighborhoods. Lien status, manufactured home status, loan pricing, race and ethnicity, sex, pre-approvals, denial rates, variation across states
Avery, R.B., Brevoort, K.P. & Canner, G.B. (2006). Higher-Priced Home Lending and the 2005 HMDA Data. Federal Reserve Bulletin, A123-A166. The analysis presented here uses adjusted sets of the 2004 and 2005 HMDA data in an attempt to distinguish the loans that exceeded the pricing thresholds solely because of a changed interest rate situation from other higher-priced loans. Loan pricing and variation, loan type, lender type and specialization, owner-occupancy status, piggyback lending, manufactured homes, secondary market activity, pre-approved loans
Avery, R.B., Brevoort, K.P. & Canner, G.B. (2007). Opportunities and Issues in Using HMDA Data. Journal of Real Estate Research, 29(4), 351-379. Discusses a number of issues and potential problems that characterize HMDA. The article also includes an illustrative example of how the data that is reported in HMDA can be used to gain a better understanding of trends and practices in the home mortgage market. Repoting requirements, type of lender, geography, race and ethnicity, income
Avery, R.B., Brevoort, K.P. & Canner, G.B. (2008). The 2007 HMDA Data. Focuses on turmoil in the residential mortgage market, particularly the higher-priced segment of the market, and the importance of the loan-pricing information included in the HMDA data. Property type, loan purpose, loan type, lien and owner-occupancy status, the number of total and pre-approval applications, application denials, originated loans, loans with prices above the reporting thresholds established by Regulation C, the mean and median APR spreads for loans priced above the reporting thresholds specified in Regulation C
Bellamy, P. (nd). The Expanding Role of Subprime Lending in Ohio's Burgeoning Foreclosure Problem: A Three County Study of a Statewide Problem. The Ohio Community Reinvesment Project. Data on home foreclosure filings was gathered from common pleas court records in Lorain, Montgomery and Summit counties. The research effort was designed to learn more about home foreclosures (as distinct from other types of foreclosure cases) and the trends in the three counties over time. Subprime market share, subprime origination and foreclosure share
Bond, C. & Williams, R. (2007). Residential Segregation and the Transformation of Home Mortgage Lending. Social Forces, 86(2), 671-698. Shows that the 1990s saw sudden and dramatic increases in lending to low income and minority groups. The authors argue that government deregulation, industry restructuring and government-insured loans all fueled this growth by increasing the sources of loans to minorities. The authors further argue that this increased lending had small but perceptible effects on residential segregation. Race and ethnicity, loan type, type of lender, growth of lending to blacks compared with growth of lending to whites
Bunce, H.L., Gruenstein, D., Herbert, C.E. & Scheessele, R.M. (2002). Subprime Foreclosures: The Smoking Gun of Predatory Lending? This article summarizes and synthesizes the findings from studies in Chicago, Atlanta, Boston, and Baltimore regarding trends in foreclosures of loans made by subprime lenders. Each of the studies has found that foreclosures by subprime lenders grew rapidly during the 1990s and now exceed the subprime lenders' share of originations. In addition, the studies indicate that foreclosures of subprime loans occur much more quickly than foreclosures on prime loans and that they are concentrated in low-income and African-American neighborhoods. Subprime lending, high denial rates, high shares of originations in refinance loans, concentration of lending in predominantly African-American neighborhoods
California Reinvestment Coalition, Community Reinvestment Association of North Carolina, Empire Justice Center, Massachusetts Affordable Housing Alliance, Neighborhood Economic Development Advocacy Project, Woodstock Institute. (2007). Paying More for the American Dream: A Multi-State Analysis of Higher Cost Home Purchase Lending. An analysis of 2005 federal mortgage lending data shows that African American and Latino borrowers remain much more likely to pay more for their home purchase loans than white borrowers. This report examines the cost of borrowing in six metropolitan areas in the United States. Borrower type, lender type, ethnicity, higher-cost lending, type of loan, neighborhood composition
California Reinvestment Coalition, Community Reinvestment Association of North Carolina, Empire Justice Center, Massachusetts Affordable Housing Alliance, Neighborhood Economic Development Advocacy Project, Ohio Fair Lending Coalition, Woodstock Institute. (2008). Paying More for the American Dream: The Subprime Shakeout and Its Impact on Lower-Income and Minority Communities. An analysis of 2005 federal mortgage lending data shows that African American and Latino borrowers remain much more likely to pay more for their home purchase loans than white borrowers. This report examines the cost of borrowing in six metropolitan areas in the United States. These areas include large urban areas - New York City, Los Angeles, Chicago, and Boston, - as well as the smaller urban areas of Charlotte, NC and Rochester, NY. This study confirms that large disparities remain in the pricing of home purchase loans. Identity of lending institution, government-backed or conventional loans, owner-occupancy, site-built or a manufactured home, property location, race and ethnicity of the borrower, loan purpose, lien status, pricing information for loans with APR above threshold levels, loan type, neighborhood composition
Center for Statistical Research. (2003). Subprime Lending in Arizona: An Empirical Analysis. Examines the subprime mortgage market in Arizona to see the economic effect of subprime mortgage lending, who uses subprime mortgage lending, their incomes, assets and backgrounds, and what they pay for it. Population racial and ethnic composition, mortgage lending
Center for Statistical Research. (2004). The Impact on Massachusetts Subprime Borrowers and the Massachusetts Economy of Proposed Subprime Lending "Reforms": What Effects Will "Reform" Have? Provides information on the size of the Massachusetts subprime lending market as well as some indication of its contribution to the state economy. This study also evaluates the impact of regulation on subprime mortgage availability. Prime and subprime loans, compares HMDA dataset to American Financial Services Association data
Center for Statistical Research. (2005). Subprime Lending in Los Angeles and California: An Empirical Analysis. Examines the mortgage market in Los Angeles to see the economic effect of subprime mortgage lending, who uses subprime mortgage lending, their incomes, assets and backgrounds, and what they pay for it. Subprime lending
CVOEO Fair Housing Project. (2009). Subprime Lending in Vermont. An analysis of Home Mortgage Disclosure Act (HMDA) data for the years 2006 and 2007 show that in 2006, 19% of all home purchase loans in Vermont were sub-prime while 28% of all refinance loans were sub-prime. In 2007, 11% of all home purchase loans were sub-prime while 17% of refinances were sub-prime. Both types of loans show a significant decrease in sub-prime lending during the two year period studied. Subprime home purchase and refinance loans
Ernst, K., Farris, J. & Stein, E. (2002). Carolina's Subprime Home Loan Market After Predatory Lending Reform. In 1999, North Carolina enacted the nation?s first state law to curb predatory mortgage lending with the support of a broad coalition of banks, credit unions, mortgage industry representatives, and consumer advocates. This report is the first comprehensive examination of the effects of North Carolina?s predatory lending law. Subprime lending, income
Essene, R.S. & Apgar, W. (2007). Understanding Mortgage Market Behavior: Creating Good Mortgage Options for All Americans. This review suggests that many consumers have a limited ability to evaluate complex mortgage products and they often make choices which they regret after the fact. Consumer and lender behavior also contributes to the observed differences in outcomes by race and ethnicity. Loan APR; notes that HMDA data lacks critical information about borrower risk; notes use of HMDA data to identify lenders in need of closer inspection
Fishbein, A. & Bunce, H. (2001). Subprime Market Growth and Predatory Lending. Addresses the rapid growth of subprime lending in minority neighborhoods. The authors also discuss the prevalence of predatory lending and evaluate various solutions proposed to address the problem. Income, race, neighborhood type, subprime loans
Furman Center for Real Estate & Urban Policy. (2008). Declining Credit & Growing Disparities: Key Findings from HMDA 2007. The tightening of credit has had starkly different impacts on New Yorkers of different backgrounds, with blacks and Hispanics seeing the largest drop in originations, in line with the national trend. In contrast, and contrary to the national pattern, the number of white borrowers obtaining home purchase financing in New York City barely decreased in 2007 and the number of Asian borrowers actually increased. Loan originations, denial rate, high cost loans, refinance loan originations, ethnicity, income
Gerardi, K.S. & Warren, P.S. (2009). Subprime Mortgages, Foreclosures, and Urban Neighborhoods. Analyzes the impact of the subprime mortgage crisis on urban neighborhoods in Massachusetts. The study shows that much of the subprime lending in the state was concentrated in urban neighborhoods and that minority homeownerships created with subprime mortgages have proved exceptionally unstable in the face of rapid price declines. Borrowers's race, income, gender, location (Census tract), and occupancy status. Characteristics of the mortgage and the lender, such as name of the lender, the type of lending institution, the amount of the mortgage, the date of origination, and information about the lien status.
Grover,M., Smith, L. & Todd, R.M. (2007). Targeting Foreclosure Interventions: An Analysis of Neighborhood Characteristics Associated with High Foreclosure Rates in Two Minnesota Counties. This study examines the statistical association of foreclosure sales with social, economic and housing variables measured at the census tract level for two purposes of interest to foreclosure mitigation practitioners to assess whether it is feasible to identify in advance neighborhoods likely to have high rates of foreclosure, and to explore the socioeconomic traits of high-foreclosure neighborhoods so as to design appropriate mitigation programs. Home purchase origination, denial rates, borrower income, prime mortgage denial
Gruenstein,D. & Herbert, C.E. (2000).Analyzing Trends in Subprime Originations and Foreclosures: A Case Study of the Atlanta Metro Area. While awareness of predatory lending practices has grown, there is little systematic data available to evaluate the magnitude and trends in origination of these loans and resulting foreclosures. This study uses HMDA data to examine the growth of subprime lending and foreclosures in the Atlanta metro area. Loan originations by subprime lenders, ethnicity, income
Immergluck, D. & Wiles, M. (1999). Two Steps Back: The Dual Mortgage Market, Predatory Lending, and the Undoing of Community Development. This report describes predatory lending, identifies some explanations for its growth in recent years, quantifies the hypersegmentation of lending by neighborhood racial composition, and calls for a set of policy changes to curb abuses. Subprime lenders, refinance loans
Immergluck, D. & Smith, G. (2004). Risky Business ? An Econometric Analysis of the Relationship Between Subprime Lending and Neighborhood Foreclosures. Subprime lending was a dominant driver of the increased and highly concentrated neighborhood foreclosure levels of the late 1990s through 2002. This study shows that subprime loans lead to foreclosures at twenty or more times the rate that prime loans do. Prime and subprime mortgages
Immergluck, D. (2008). From the Subprime to the Exotic: Excessive Mortgage Market Risk and Foreclosures. Journal of the American Planning Association, 74(1), 59-76. Finds evidence that subprime lenders achieve greater market penetration in metropolitan areas with less educated residents, and that higher-risk lending is more prevalent where housing prices are high and increasing. Number of home purchase loans, proportion of subprime loans, ethnicity
Maryland State Data Center (2008). 2006 Home Mortgage Disclosure Act (HMDA) Data for Maryland [PowerPoint slides]. A Powerpoint presentation analyzing lending patterns in Maryland using HMDA data. 2006 HMDA data indicates that unless there is a rapid improvement in the economy and the housing market, there will continue to be significant foreclosure activity which will disproportionately affect minority communities. Prime and subprime owner-occupied loans, ethnicity, income level, loan value, jurisdiction, investor mortgage loans
Munnell, A.H., Browne, L.E., MoEneaney, J. & Tootell, G.M.B. (1992). Mortgage Lending in Boston: Interpreting HMDA Data. HMDA data for 1990 showed substantially higher denial rates for black and Hispanic applicants than for white applicants. This study indicates that minority applicants, on average, have greater debt burdens, higher loan-to-value ratios, and weaker credit histories and they are less likely to buy single-family homes than white applicants, and that these disadvantages account for a large portion of the difference in denial rates. Location of loans plus the sex, race, and income of individual applicants and whether the application was approved or denied
National Community Reinvestment Coalition. (2008). The CRA and Fair Lending Performance of Major Banks in New Orleans. In the wake of the devastation of Hurricane Katrina, the City of New Orleans and the Gulf region need banks to assume a major role in offering loans and investments for rebuilding housing and financing economic and community development. This report assesses the extent to which major local and regional lenders have assumed this critical role. Loans for home purchase, home improvement, refinances, race, income level, gender, property type, loan type, occupancy, lien status
Noonan, J. (2006). Fair Lending and New HMDA Pricing Disclosures. Bus. Law, 61, 809-817. Discusses the changes in Regulation C that added pricing information to the HMDA dataset?lenders must now disclose the pricing for loans with annual percentage rates above designated thresholds. Loan type, race, ethnicity
Park, K. (2008). Subprime Lending and the Community Reinvestment Act. HMDA data reveals that loans covered by the CRA accounted for only a fraction of mortgage lending to lower-income borrowers and neighborhoods. The data suggest that far from being forced into risky corners of the market, the institutions under the scrutiny of the CRA were crowded out by unregulated lenders. Subprime lending, loans in CRA assessment areas, type of borrower, neighborhood type, lender type
Pettit, K.L.S & Droesch, A.E. (2008). A Guide to the Home Mortgage Disclosure Act. This document illustrates how indicators derived from HMDA data can be used to shed light on such issues as neighborhood investment trends, changes in the racial and economic composition of home buyers, disparities in home loan access, and subprime lending. Assesses neighborhood housing investment, measures change in the racial/economic composition of home buyers, analyzes differences in access to home purchase credit by income and race, and examining subprime lending patterns
Silverman, R.M. (2005). Community socioeconomic status and disparities in mortgage lending: An analysis of Metropolitan Detroit. The Social Science Journal, 42, 479-486. Examines the effects of community socioeconomic status on mortgage lending patterns in Metropolitan Detroit. The author finds that a decline in neighborhood socioeconomic status is significantly correlated with a decline in mortgage lending. Ratio of mortgages originated to mortgages declined, ethnicity, population, housing units, poverty level, home value, vacancy status
Smith, G. (2006). Key Trends in Chicago Area Mortgage Lending: Analysis of Data from The 2004 Chicago Area Community Lending Fact Book. Analyzes regional trends in home purchase lending with a focus on changes in home buying patterns between 1999 and 2004 and patterns of high cost lending and foreclosures in the Chicago region. High-cost loan origination
Traiger & Hinckley. (2006). Fair Lending Indications of the 2005 Home Mortgage Disclosure Act: Derived from 2005 data of Ten Leading National Mortgage Lenders. Analyzes volume of Rate Spread Loans, average spreads on Rate Spread Loans, and distribution of loan originations and applications in order to evaluate lending discrimination. Ethnicity, lien type, loan originations
US Department of Housing and Urban Development. (2000). Unequal Burden in Atlanta:Income and Racial Disparities in Subprime Lending In the Atlanta metropolitan area, HMDA data demonstrate the rapid growth of subprime refinance lending during the 1990s and, further, a disproportionate concentration of such lending in low-income and minority neighborhoods. Subprime lenders, subprime refinanced loans, minority neighborhoods, income
Woodstock Institute. (2005). New Mortgage Pricing Data Sheds Light on Subprime Market.Reinvestment Alert, 28, 1-7. Analyzes the 2004 HMDA dataset. Rather than confining analysis of the subprime market to those lenders who specialize in subprime lending, the new data will allow for analysis of all lenders who make subprime loans including banks, thrifts, and mortgage companies previously classified as "prime" lenders. Lenders type, loan type, borrower type
Wyly, E.K., Atia, M., Foxcroft, H., Hammel, D.J. & Phillips-Watts, K. (2006). American home: Predatory mortgage capital and neighborhood spaces of race and class exploitation in the United States. Swedish Society for Anthropology and Geography, 88B(1), 105-132. Evaluates claims made by the subprime market stating that the industry performs a public service by meeting the needs of low-income, high-risk consumers—many racially marginalized—who would have been denied credit in previous years. The authors argue that the fight against predatory lending cannot succeed without a renewed analytical and strategic emphasis on the class dimensions of financial exploitation and racial-geographical discrimination. Subprime mortgages, secondary markets, lender characteristics

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Last updated Aug 2009