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

• Published in: Federal Reserve Bulletin Vol. 96.0; no. 4; p. A169
• Main Authors: Avery, Robert B, Bhutta, Avery, Brevoort, Kenneth P, Canner, Glenn B, Gibbs, Christa N, Cooper, Cheryl R, Coyer, Christine
• Format: Journal Article Newsletter Trade Publication Article
• Language: English
• Published: Washington Board of Governors of the Federal Reserve System 01-04-2010
• Subjects: Company pricing policy; Data collection; Disclosure; Ethnic market; Financial disclosure; Home loans; Home Mortgage Disclosure Act 1990-US; Loan originations; Mortgage insurance; Mortgages; Prices and rates; Secondary mortgage market; United States > US
• ISSN: 0014-9209; 1944-8910
• DOI: 10.17016/bulletin.2010.96-4

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 a 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.