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

Federal Reserve Bulletin

43 Pages Posted: 4 Oct 2009 Last revised: 23 Oct 2010

See all articles by Robert B. Avery

Robert B. Avery

Board of Governors of the Federal Reserve System - Financial Studies Section

Neil Bhutta

Board of Governors of the Federal Reserve System

Kenneth P. Brevoort

Independent

Glenn B. Canner

Board of Governors of the Federal Reserve System - Division of Research and Statistics

Christa Gibbs

Consumer Financial Protection Bureau

Date Written: April 28, 2010

Abstract

The data that mortgage lending institutions reported for 2008 under the Home Mortgage Disclosure Act of 1975 (HMDA) reflect the ongoing difficulties in the housing and mortgage markets. This article presents a number of key findings from an initial review of the 2008 HMDA data. In particular, it documents a reduction in lending activity that was experienced by all groups of borrowers, highlights the Federal Housing Administration's greatly expanded role in the mortgage market, and examines how atypical changes in the interest rate environment affected the incidence of reported higher-priced lending in 2008 relative to earlier years.

JEL Classification: D12, G21, R00

Suggested Citation

Avery, Robert B. and Bhutta, Neil and Brevoort, Kenneth and Canner, Glenn B. and Gibbs, Christa, The 2008 HMDA Data: The Mortgage Market During a Turbulent Year (April 28, 2010). Federal Reserve Bulletin . Available at SSRN: https://ssrn.com/abstract=1480830

Robert B. Avery

Board of Governors of the Federal Reserve System - Financial Studies Section ( email )

20th & C. St., N.W.
Washington, DC 20551
United States
202-452-2906 (Phone)
202-452-5295 (Fax)

Neil Bhutta

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

Kenneth Brevoort (Contact Author)

Independent

No Address Available

Glenn B. Canner

Board of Governors of the Federal Reserve System - Division of Research and Statistics ( email )

20th and C Streets, NW
Mailstop 153
Washington, DC 20551
United States

Christa Gibbs

Consumer Financial Protection Bureau ( email )

1700 G Street NW
Washington, DC 20552
United States

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