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Showing 1 - 3 of 3 matches in All Departments

Finance and Economics Discussion Series - Gse Activity and Mortgage Supply in Lower-Income and Minority Neighborhoods: The Effect of the Affordable Housing Goals - Scholar's Choice Edition (Paperback)

United States Federal Reserve Board; Neil Bhutta

R391 Discovery Miles 3 910

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Finance and Economics Discussion Series - Giving Credit Where Credit Is Due? the Community Reinvestment ACT and Mortgage Lending in Lower-Income Neighborhoods - Scholar's Choice Edition (Paperback)

United States Federal Reserve Board; Neil Bhutta

R392 Discovery Miles 3 920

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Finance and Economics Discussion Series - Gse Activity and Mortgage Supply in Lower-Income and Minority Neighborhoods: The Effect of the Affordable Housing Goals (Paperback)

Neil Bhutta

R391 Discovery Miles 3 910

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Ships in 10 - 15 working days

I estimate the credit supply effect of the Underserved Areas Goal(UAG), which establishes GSE purchase goals for mortgages to lower-income and minority neighborhoods. Taking advantage of discontinuous census tract eligibility rules and abrupt changes in tract eligibility in 2005, I find evidence of a small UAG effect on GSE activity, and this increase does not appear to crowd-out FHA and subprime lending. The results also indicate that the GSEs exploit the law's lack of precision targeting, yielding effects that might diverge from the law's intent.