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Abstract: A manual review of applications is an important component of statistically modeled fair lending exams. How files to review are identified affect both resource allocation and reliability of conclusions. This study uses Monte Carlo simulation to compare how six outlier identification More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
This paper tests for the presence of age and gender discrimination in the loan underwriting process. We modify the tools used during the past exams to test for racial discrimination and apply them here to test for the presence of disparate treatment on the basis of age and gender. Using HMDA data More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: A dramatic rise in subprime foreclosures over the past several years has led to calls for restrictions of, or prohibitions against, a range of lending practices loosely termed “predatory.” Several cities and states have enacted legislation or regulations aimed at eliminating predatory More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
This paper studies residential mortgage loss given default using a large set of historical loan-level default and recovery data of high loan-to-value mortgages from several private mortgage insurance companies. We show that loss given default can largely be explained by various characteristics More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: This paper uses Flow of Funds data on the level of net new credit extension to construct a bird’s-eye view of what the financial market landscape might look like once the turmoil subsides and the economy has begun to recover. The paper targets two related questions: (1) How much credit More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
The Residential Finance Survey (RFS) was conducted in the year following the decennial census from 1951 – 2001. It is designed to provide data about the financing of nonfarm, privately owned, residential properties. The 2001 RFS was conducted by the U.S. Census Bureau for the Department of More information...
Audience: Researcher
Type of Resource: Dataset
Date: 3/24/2012
Abstract: Testing for discrimination in mortgage lending requires classifying consumers into treatment groups and control groups. Although this may seem like a straightforward task, it is actually quite complicated. Home Mortgage Disclosure Act (HMDA) data, the primary source of data for these More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Under the Home Mortgage Disclosure Act (HMDA), lenders are required to gather and report information on applicants’ and coapplicants’ ethnicity, race, and gender. These three characteristics are used to define protected class and control groups used for fair lending analyses. Typically, More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Retail exposure at default (EAD) is one of the weakest areas of risk measurement and modeling in industry practices and in academic literature. The U.S. Basel II Final Rule is not specific about the approach to EAD. In this study, we use borrower and account information from a large national sample More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
The case is often made that financial education leads to improved financial decisions. In this paper, we begin by assessing the need for financial education by reviewing national trends in savings, debt, and retirement funding as well as by reviewing the literature linking personal financial More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012