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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 Hou (in English)
United States Federal Reserve Board
(Author)
·
Neil Bhutta
(Author)
·
Bibliogov
· Paperback
Finance and Economics Discussion Series: Gse Activity and Mortgage Supply in Lower-Income and Minority Neighborhoods: The Effect of the Affordable Hou (in English) - Bhutta, Neil ; United States Federal Reserve Board
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Synopsis "Finance and Economics Discussion Series: Gse Activity and Mortgage Supply in Lower-Income and Minority Neighborhoods: The Effect of the Affordable Hou (in English)"
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.
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The book is written in English.
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