| Autor: |
Williams, Richard, Bond, Carolyn |
| Předmět: |
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| Zdroj: |
Conference Papers - American Sociological Association; 2003 Annual Meeting, Atlanta, GA, p1-63, 63p, 3 Charts, 9 Graphs |
| Abstrakt: |
Because of the significant benefits they receive, the Government Sponsored Enterprises (Fannie Mae and Freddie Mac) are expected to "lead the mortgage finance industry in making credit available for low- and moderate-income families." This study examines GSE leadership in two ways. First, are the GSEs doing relatively more of their business with underserved markets than are financial institutions that do not enjoy the GSEs' special privileges and benefits? Second, does the GSEs' leadership help narrow the gap in home mortgage lending that exists between served and underserved markets? Using HMDA and GSE data sets, we conduct descriptive and multivariate analyses of nationwide lending between 1993 and 2000. We conclude that the GSEs are not leading - but they are not as far behind as they have been. They do not purchase relatively more underserved market loans than the primary market makes. Many of the gains they have made may have come from the purchase of loans that have limited impact on underserved markets. But, there have been signs of progress. In 1999 and 2000, GSE purchases of underserved market loans significantly increased. A very low income went from being the greatest barrier to GSE purchase in 1993-1998 to being almost no barrier at all in 1999-2000. The lenders who do the most business with the GSEs made relatively more loans to underserved markets in 1999-2000 than they had been earlier. Nonetheless, by the year 2000 there continued to be significant racial, economic, and geographic disparities in the distribution of GSE benefits. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Supplemental Index |
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