Neil Bhutta

Federal Reserve Bank of Philadelphia

10 Independence Mall

Philadelphia, PA 19106

United States

SCHOLARLY PAPERS

38

DOWNLOADS
Rank 8,913

SSRN RANKINGS

Top 8,913

in Total Papers Downloads

9,685

SSRN CITATIONS
Rank 2,619

SSRN RANKINGS

Top 2,619

in Total Papers Citations

518

CROSSREF CITATIONS

169

Scholarly Papers (38)

How Much Does Racial Bias Affect Mortgage Lending? Evidence from Human and Algorithmic Credit Decisions

Number of pages: 43 Posted: 19 Jul 2021 Last Revised: 28 Aug 2022
Neil Bhutta, Aurel Hizmo and Daniel Ringo
Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 684 (71,189)
Citation 10

Abstract:

Loading...

Discrimination, mortgage lending, automated underwriting, credit score, fair lending

How Much Does Racial Bias Affect Mortgage Lending? Evidence from Human and Algorithmic Credit Decisions

FEDS Working Paper No. 2022-67
Number of pages: 44 Posted: 14 Nov 2022
Neil Bhutta, Aurel Hizmo and Daniel Ringo
Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 534 (97,344)

Abstract:

Loading...

Discrimination, Fair lending, Automated underwriting, Credit score, Mortgage lending

2.

COVID-19, the CARES Act, and Families' Financial Security

Number of pages: 39 Posted: 25 Jun 2020 Last Revised: 09 Jul 2020
Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 1,098 (37,672)
Citation 14

Abstract:

Loading...

Emergency Savings, Unemployment Insurance, COVID, Coronavirus, Pandemic, Household Finance

Paying Too Much? Borrower Sophistication and Overpayment in the US Mortgage Market

Number of pages: 91 Posted: 22 Jul 2019 Last Revised: 04 Mar 2024
Neil Bhutta, Andreas Fuster and Aurel Hizmo
Federal Reserve Bank of Philadelphia, École Polytechnique Fédérale de Lausanne and Board of Governors of the Federal Reserve System
Downloads 898 (49,371)
Citation 29

Abstract:

Loading...

mortgages, household finance, interest rates, financial literacy, price dispersion

Paying Too Much? Borrower Sophistication and Overpayment in the US Mortgage Market

Swiss Finance Institute Research Paper No. 24-21
Number of pages: 93 Posted: 05 Mar 2024
Neil Bhutta, Andreas Fuster and Aurel Hizmo
Federal Reserve Bank of Philadelphia, École Polytechnique Fédérale de Lausanne and Board of Governors of the Federal Reserve System
Downloads 118 (439,012)

Abstract:

Loading...

Paying Too Much? Borrower Sophistication and Overpayment in the Us Mortgage Market

CEPR Discussion Paper No. DP14924
Number of pages: 72 Posted: 29 Jun 2020 Last Revised: 11 Feb 2021
Neil Bhutta, Andreas Fuster and Aurel Hizmo
Federal Reserve Bank of Philadelphia, École Polytechnique Fédérale de Lausanne and Board of Governors of the Federal Reserve System
Downloads 0
  • Add to Cart

Abstract:

Loading...

4.

Payday Loan Choices and Consequences

Vanderbilt Law and Economics Research Paper No. 12-30
Number of pages: 54 Posted: 13 Oct 2012 Last Revised: 09 May 2014
Federal Reserve Bank of Philadelphia, Vanderbilt University - Law School and Alfred Lerner College of Business and Economics, University of Delaware
Downloads 1,010 (42,502)
Citation 30

Abstract:

Loading...

Payday loans, consumer finance, subprime lending, credit scores, debt

5.
Downloads 780 (60,606)
Citation 53

Do Minorities Pay More for Mortgages?

Number of pages: 44 Posted: 19 Apr 2019 Last Revised: 01 Dec 2023
Neil Bhutta and Aurel Hizmo
Federal Reserve Bank of Philadelphia and Board of Governors of the Federal Reserve System
Downloads 671 (72,688)
Citation 5

Abstract:

Loading...

Discrimination, Fair Lending, Mortgage, Points, Interest Rate, FHA, Consumer Protection, High-Cost Mortgage

Do Minorities Pay More for Mortgages?

FEDS Working Paper No. 2020-7
Number of pages: 45 Posted: 21 May 2020
Neil Bhutta and Aurel Hizmo
Federal Reserve Bank of Philadelphia and Board of Governors of the Federal Reserve System
Downloads 109 (463,177)
Citation 41

Abstract:

Loading...

Discrimination; Fair lending; Mortgage; Points; Interest rate; FHA; Consumer protection; High-cost mortgage

6.

Consumer Ruthlessness and Mortgage Default During the 2007 to 2009 Housing Bust

Journal of Finance, Forthcoming
Number of pages: 64 Posted: 19 Jun 2010 Last Revised: 10 Jun 2017
Neil Bhutta, Jane Dokko and Hui Shan
Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System
Downloads 624 (80,727)
Citation 44

Abstract:

Loading...

Housing, mortgage default, negative equity, ruthless default, strategic default, underwater

The Effect of Interest Rates on Home Buying: Evidence from a Shock to Mortgage Insurance Premiums

Number of pages: 58 Posted: 12 Dec 2017 Last Revised: 26 Jan 2019
Neil Bhutta and Daniel Ringo
Federal Reserve Bank of Philadelphia and Board of Governors of the Federal Reserve System
Downloads 322 (174,797)
Citation 21

Abstract:

Loading...

Interest rates, home buying, FHA, mortgages, mortgage insurance, credit rationing, debti to income, payment to income, regression discontinuity, monetary policy, stimulus

The Effect of Interest Rates on Home Buying: Evidence from a Discontinuity in Mortgage Insurance Premiums

FEDS Working Paper No. 2017-86
Number of pages: 55 Posted: 07 Sep 2017
Neil Bhutta and Daniel Ringo
Federal Reserve Bank of Philadelphia and Board of Governors of the Federal Reserve System
Downloads 293 (193,257)
Citation 1

Abstract:

Loading...

8.

Interest Rates and Equity Extraction During the Housing Boom

Kreisman Working Papers Series in Housing Law and Policy No. 3
Number of pages: 55 Posted: 10 Jan 2014 Last Revised: 12 Apr 2017
Neil Bhutta and Benjamin J. Keys
Federal Reserve Bank of Philadelphia and The Wharton School - University of Pennsylvania, Real Estate Department
Downloads 556 (93,304)
Citation 84

Abstract:

Loading...

equity extraction, interest rates, monetary policy, credit constraints, mortgages, credit records, household finance

9.

Paying Too Much? Price Dispersion in the U.S. Mortgage Market

FEDS Working Paper No. 2020-62
Number of pages: 71 Posted: 24 Aug 2020
Neil Bhutta, Andreas Fuster and Aurel Hizmo
Federal Reserve Bank of Philadelphia, École Polytechnique Fédérale de Lausanne and Board of Governors of the Federal Reserve System
Downloads 433 (126,289)
Citation 1

Abstract:

Loading...

10.

Mortgage Market Conditions and Borrower Outcomes: Evidence from the 2012 HMDA Data and Matched HMDA - Credit Record Data

Federal Reserve Bulletin, 2013, Vol. 99 No. 4
Number of pages: 58 Posted: 22 Sep 2013 Last Revised: 11 Aug 2017
Neil Bhutta and Glenn B. Canner
Federal Reserve Bank of Philadelphia and Board of Governors of the Federal Reserve System
Downloads 366 (153,727)
Citation 4

Abstract:

Loading...

Mortgage lending, discrimination, subprime, Community Reinvestment Act (CRA), Home Mortgage Disclosure Act (HMDA), Qualified Mortgage

Mortgage Debt and Household Deleveraging: Accounting for the Decline in Mortgage Debt Using Consumer Credit Record Data

FEDS Working Paper No. 2012-14
Number of pages: 23 Posted: 04 May 2012
Neil Bhutta
Federal Reserve Bank of Philadelphia
Downloads 136 (390,485)
Citation 6

Abstract:

Loading...

Deleveraging, mortgages, mortgage default, household debt

Mortgage Debt and Household Deleveraging: Accounting for the Decline in Mortgage Debt Using Consumer Credit Record Data

Number of pages: 22 Posted: 22 Mar 2012
Neil Bhutta
Federal Reserve Bank of Philadelphia
Downloads 122 (425,129)
Citation 5

Abstract:

Loading...

mortgage, household debt, deleveraging, mortgage default

12.

Moral Hazard During the Housing Boom: Evidence from Private Mortgage Insurance

Number of pages: 67 Posted: 26 Mar 2021
Neil Bhutta and Benjamin J. Keys
Federal Reserve Bank of Philadelphia and The Wharton School - University of Pennsylvania, Real Estate Department
Downloads 238 (238,627)
Citation 8

Abstract:

Loading...

mortgage insurance, Fannie Mae, Freddie Mac, moral hazard, housing boom, Great Recession, risk-shifting

13.

The 2008 HMDA Data: The Mortgage Market During a Turbulent Year

Federal Reserve Bulletin
Number of pages: 43 Posted: 04 Oct 2009 Last Revised: 23 Oct 2010
Board of Governors of the Federal Reserve System, Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau
Downloads 215 (262,814)
Citation 2

Abstract:

Loading...

14.

The 2014 Home Mortgage Disclosure Act Data

Federal Reserve Bulletin, Vol 101, No. 4, November 2015
Number of pages: 43 Posted: 31 May 2017 Last Revised: 22 Oct 2017
Neil Bhutta, Jack Popper and Daniel Ringo
Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 202 (278,263)
Citation 3

Abstract:

Loading...

HMDA, mortgage, discrimination, Qualified Mortgage (QM), Ability to Repay Rule (ATR), large bank, nonbank, credit union, higher-priced mortgage, FHA, Community Reinvestment Act (CRA)

15.

The 2009 HMDA Data: The Mortgage Market During a Time of Low Interest Rates and Economic Distress

Federal Reserve Bulletin, December 2010
Number of pages: 39 Posted: 27 Sep 2010 Last Revised: 03 Jan 2011
Board of Governors of the Federal Reserve System, Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 197 (284,697)
Citation 5

Abstract:

Loading...

mortgages, HMDA

16.
Downloads 139 (383,160)
Citation 24

Payday Loans and Consumer Financial Health

FEDS Working Paper No. 2013-81
Number of pages: 38 Posted: 31 May 2017
Neil Bhutta
Federal Reserve Bank of Philadelphia
Downloads 139 (383,849)
Citation 8

Abstract:

Loading...

Payday Loans and Consumer Financial Health

Journal of Banking and Finance, Vol. 47, No. 1, 2014
Posted: 13 Oct 2011 Last Revised: 04 Sep 2014
Neil Bhutta
Federal Reserve Bank of Philadelphia

Abstract:

Loading...

Payday loan, credit scores, credit records, fair lending, usury

17.

The Smart Money is in Cash? Financial Literacy and Liquid Savings Among U.S. Families

FEDS Working Paper No. 2021-76
Number of pages: 43 Posted: 05 Jan 2022
Federal Reserve Bank of Philadelphia, Cornell University and Board of Governors of the Federal Reserve System
Downloads 137 (387,381)
Citation 1

Abstract:

Loading...

Financial Literacy, Savings, Liquidity, Household Wealth, Household Finance

18.

Stress Testing Household Debt

FEDS Working Paper No. 2019-008
Number of pages: 47 Posted: 19 Feb 2019 Last Revised: 21 Feb 2019
Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 118 (434,241)

Abstract:

Loading...

Delinquency, Household debt, Loan default, Stress testing

19.

Residential Mortgage Lending in 2016: Evidence from the Home Mortgage Disclosure Act Data

Federal Reserve Bulletin, Vol. 103, No. 6
Number of pages: 27 Posted: 08 Mar 2018
Neil Bhutta, Steven Laufer and Daniel Ringo
Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 114 (445,558)
Citation 9

Abstract:

Loading...

HMDA, mortgage, refinance, home purchase, HMDA coverage, minority lending, nonbank lenders

20.

The Ins and Outs of Mortgage Debt During the Housing Boom and Bust

FEDS Working Paper No. 2014-91
Number of pages: 51 Posted: 22 Nov 2014
Neil Bhutta
Federal Reserve Bank of Philadelphia
Downloads 98 (495,979)
Citation 28

Abstract:

Loading...

Mortgage debt, mortgage default, first-time homebuyer, credit supply

21.

Are Rising Rents Raising Consumer Debt and Delinquency?

Number of pages: 6 Posted: 06 Dec 2023
Neil Bhutta
Federal Reserve Bank of Philadelphia
Downloads 58 (667,274)

Abstract:

Loading...

Rent, inflation, consumer debt, household finance, credit cards, delinquency, pandemic, housing costs

22.
Downloads 58 (667,274)
Citation 10

Refinancing, Monetary Policy, and the Credit Cycle

Annual Review of Financial Economics, Vol. 12, pp. 67-93, 2020
Posted: 10 Dec 2020
Gene Amromin, Neil Bhutta and Benjamin J. Keys
Federal Reserve Bank of Chicago, Federal Reserve Bank of Philadelphia and The Wharton School - University of Pennsylvania, Real Estate Department

Abstract:

Loading...

Refinancing, Monetary Policy, and the Credit Cycle

NBER Working Paper No. w28039
Number of pages: 35 Posted: 02 Nov 2020 Last Revised: 11 Feb 2023
Gene Amromin, Neil Bhutta and Benjamin J. Keys
Federal Reserve Bank of Chicago, Federal Reserve Bank of Philadelphia and The Wharton School - University of Pennsylvania, Real Estate Department
Downloads 58 (680,145)
Citation 2

Abstract:

Loading...

23.

GSE Activity and Mortgage Supply in Lower-Income and Minority Neighborhoods: The Effect of the Affordable Housing Goals

FEDS working Paper No. 2009-03
Number of pages: 39 Posted: 23 Jan 2017
Neil Bhutta
Federal Reserve Bank of Philadelphia
Downloads 49 (720,349)
Citation 3

Abstract:

Loading...

GSE, regression discontinuity, FHA, affordable housing goals, homeownership, subprime mortgage, underserved areas

24.

The 2013 Home Mortgage Disclosure Act Data

Federal Reserve Bulletin, November, 2014 (vol 100)
Number of pages: 37 Posted: 04 Dec 2018
Neil Bhutta and Daniel Ringo
Federal Reserve Bank of Philadelphia and Board of Governors of the Federal Reserve System
Downloads 47 (733,080)
Citation 1

Abstract:

Loading...

HMDA, mortgage, discrimination, higher-priced mortgage, FHA, Community Reinvestment Act (CRA), low and moderate income (LMI)

25.

Eyes Wide Shut? The Moral Hazard of Mortgage Insurers During the Housing Boom

NBER Working Paper No. w24844
Number of pages: 69 Posted: 01 Aug 2018 Last Revised: 21 May 2023
Neil Bhutta and Benjamin J. Keys
Federal Reserve Bank of Philadelphia and The Wharton School - University of Pennsylvania, Real Estate Department
Downloads 41 (774,270)
Citation 1

Abstract:

Loading...

26.

Have Pandemic-Induced Declines in Home Listings Fueled House Price Growth?

FEDS Notes No. 2021-08-16
Posted: 23 Aug 2021
Federal Reserve Bank of Philadelphia, Independent and Board of Governors of the Federal Reserve System

Abstract:

Loading...

27.

Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances

Federal Reserve Bulletin, Vol. 106, No. 5 (September 2020). https://doi.org/10.17016/bulletin.2020.106
Posted: 21 Oct 2020
Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, University of Michigan at Ann Arbor - Institute for Social Research (ISR), Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

Abstract:

Loading...

28.

Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances

FEDS Notes No. 2020-09-28-2
Posted: 02 Oct 2020
Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, University of Michigan at Ann Arbor - Institute for Social Research (ISR) and Board of Governors of the Federal Reserve System

Abstract:

Loading...

29.

Money in the Bank? Assessing Families' Liquid Savings using the Survey of Consumer Finances

FEDS Notes No. 2018-11-19, Harvard Business Law Review, Vol. 1, No. 2, 2
Posted: 27 Nov 2018 Last Revised: 15 Oct 2020
Neil Bhutta and Lisa J. Dettling
Federal Reserve Bank of Philadelphia and Board of Governors of the Federal Reserve System

Abstract:

Loading...

30.

Are Rising Home Values Restraining Homebuying for Lower-Income Families?

FEDS Notes No. 2017-09-28-2 https://doi.org/10.17016/2380-7172.2078
Posted: 16 Oct 2017
Neil Bhutta, Steven Laufer and Daniel Ringo
Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

Abstract:

Loading...

31.

The Decline in Lending to Lower-Income Borrowers by the Biggest Banks

FEDS Notes No. 2017-09-28-1 https://doi.org/10.17016/2380-7172.2077
Posted: 16 Oct 2017
Neil Bhutta, Steven Laufer and Daniel Ringo
Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

Abstract:

Loading...

32.

Changing FHA Mortgage Insurance Premiums and the Effects on Lending

FEDS Notes No. 2016-09-29-2 http://dx.doi.org/10.17016/2380-7172.1843
Posted: 22 Oct 2016
Daniel Ringo and Neil Bhutta
Board of Governors of the Federal Reserve System and Federal Reserve Bank of Philadelphia

Abstract:

Loading...

33.

Credit Availability and the Decline in Mortgage Lending to Minorities after the Housing Boom

FEDS Notes No. 2016-09-29-1 http://dx.doi.org/10.17016/2380-7172.1842
Posted: 22 Oct 2016
Daniel Ringo and Neil Bhutta
Board of Governors of the Federal Reserve System and Federal Reserve Bank of Philadelphia

Abstract:

Loading...

34.

Effects of the Ability to Repay and Qualified Mortgage Rules on the Mortgage Market

FEDS Notes No. 2015-12-29 https://doi.org/10.17016/2380-7172.1680
Posted: 31 Oct 2015
Neil Bhutta and Daniel Ringo
Federal Reserve Bank of Philadelphia and Board of Governors of the Federal Reserve System

Abstract:

Loading...

35.

The Ins and Outs of Mortgage Debt: An Update

FEDS Notes No. 2015-12-07 https://doi.org/10.17016/2380-7172.1669
Posted: 31 Oct 2015
Neil Bhutta
Federal Reserve Bank of Philadelphia

Abstract:

Loading...

36.

Assessing the Community Reinvestment Act's Role in the Financial Crisis

FEDS Notes No. 2015-05-26-1 https://doi.org/10.17016/2380-7172.1530
Posted: 22 Oct 2015
Neil Bhutta and Daniel Ringo
Federal Reserve Bank of Philadelphia and Board of Governors of the Federal Reserve System

Abstract:

Loading...

37.

GSE Activity and Mortgage Supply in Lower-Income and Minority Neighborhoods: The Effect of the Affordable Housing Goals

Journal of Real Estate Finance and Economics, Vol. 45, No. 1, 2012
Posted: 09 Jul 2012 Last Revised: 14 Jul 2012
Neil Bhutta
Federal Reserve Bank of Philadelphia

Abstract:

Loading...

GSE, Affordable housing goals, Low and moderate income, Mortgage

38.

The Community Reinvestment Act and Mortgage Lending to Lower Income Borrowers and Neighborhoods

Journal of Law and Economics, Forthcoming
Posted: 21 Oct 2010 Last Revised: 10 Oct 2011
Neil Bhutta
Federal Reserve Bank of Philadelphia

Abstract:

Loading...

Community Reinvestment Act, regression discontinuity, low and moderate income, mortgage, information externality, homeownership