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

Federal Reserve Bulletin, December 2010

39 Pages Posted: 27 Sep 2010 Last revised: 3 Jan 2011

See all articles by Robert B. Avery

Robert B. Avery

Board of Governors of the Federal Reserve System

Neil Bhutta

Board of Governors of the Federal Reserve System

Kenneth P. Brevoort

Board of Governors of the Federal Reserve System

Glenn B. Canner

Board of Governors of the Federal Reserve System

Date Written: December 22, 2010

Abstract

The data that mortgage lending institutions reported for 2009 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 a review of the 2009 HMDA data. In particular, it documents the wave of refinancing but discusses factors that may have muted such opportunities, explores patterns of lending across groups and areas with high rates of foreclosure, highlights the federal government’s greatly expanded role in the mortgage market, and examines how the interest rate environment and changes to the rules that govern the designation of loans as higher priced under HMDA affected the incidence of reported higher-priced lending in 2009 relative to earlier years.

Keywords: mortgages, HMDA

JEL Classification: D12, G21, R00

Suggested Citation

Avery, Robert B. and Bhutta, Neil and Brevoort, Kenneth and Canner, Glenn B., The 2009 HMDA Data: The Mortgage Market During a Time of Low Interest Rates and Economic Distress (December 22, 2010). Federal Reserve Bulletin, December 2010, Available at SSRN: https://ssrn.com/abstract=1682909

Robert B. Avery

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
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)

Board of Governors of the Federal Reserve System ( email )

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

Glenn B. Canner

Board of Governors of the Federal Reserve System ( email )

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

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