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Working Paper
Financing Affordable and Sustainable Homeownership with Fixed-COFI Mortgages
Passmore, Wayne; von Hafften, Alexander H. (2018-02-05)
The 30-year fixed-rate fully amortizing mortgage (or ?traditional fixed-rate mortgage?) was a substantial innovation when first developed during the Great Depression. However, it has three major flaws. First, because homeowner equity accumulates slowly during the first decade, homeowners are essentially renting their homes from lenders. With this sluggish equity accumulation, many lenders require large down payments. Second, in each monthly mortgage payment, homeowners substantially compensate capital markets investors for the ability to prepay. The homeowners might have better uses for this ...
Finance and Economics Discussion Series , Paper 2018-009

Working Paper
What determines the level of local business property taxes?
Merriman, David (2016-01-01)
Conventional economic theory intuitively holds that local business property taxes, which account for over one-third of the state and local taxes that firms pay, should be efficiently structured in order to recover the exact cost of providing public services to these firms. However, this conceptual thinking does not accord with observed geographic and over-time variation in business taxation. To better explain these discrepancies, the author develops an alternative theoretical model with heterogeneous firms, some of which are more profitable than others in certain locations. This model more ...
Working Papers , Paper 16-2

Working Paper
Evaluating the Benefits of a Streamlined Refinance Program
Willen, Paul S.; Gerardi, Kristopher S.; Loewenstein, Lara (2020-07-08)
Mortgage borrowers who have experienced employment disruptions as a result of the COVID-19 pandemic are unable to reﬁnance their loans to take advantage of historically low market rates. In this article, we analyze the eﬀects of a streamlined reﬁnance (“reﬁ”) program for government-insured loans that would allow borrowers to reﬁnance without needing to document employment or income. In addition, we consider a cash-out component that would allow borrowers to extract some of the substantial housing equity that many have accumulated in recent years.
Working Papers , Paper 20-21

Working Paper
The impact of the home valuation code of conduct on appraisal and mortgage outcomes
Nakamura, Leonard I.; Ding, Lei (2015-07-24)
Supersedes Working Paper 14-23. The accuracy of appraisals came into scrutiny during the housing crisis, and a set of policies and regulations was adopted to address the conflict-of-interest issues in the appraisal practices. In response to an investigation by the New York State Attorney General?s office, the Home Valuation Code of Conduct (HVCC) was agreed to by Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency. Using unique data sets that contain both approved and nonapproved mortgage applications, this study provides an empirical examination of the impact of the HVCC on ...
Working Papers , Paper 15-28

Working Paper
The impact of the home valuation code of conduct on appraisal and mortgage outcomes
Nakamura, Leonard I.; Ding, Lei (2014-08-01)
Superseded by Working Paper 15-28. During the housing crisis, it came to be recognized that inflated home mortgage appraisals were widespread during the subprime boom. The New York State Attorney General?s office investigated this issue with respect to one particular lender and Fannie Mae and Freddie Mac. The investigation resulted in an agreement between the Attorney General?s office, the government-sponsored enterprises (GSEs), and the Federal Housing Finance Agency (the GSEs? federal regulator) in 2008, in which the GSEs agreed to adopt the Home Valuation Code of Conduct (HVCC). Using ...
Working Papers , Paper 14-23

Working Paper
Eviction and Poverty in American Cities
Collinson, Robert; Humphries, John Erik; Mader, Nicholas; Reed, Davin; Tannenbaum, Daniel; van Dijk, Winnie (2022-12-22)
More than two million U.S. households have an eviction case filed against them each year. Policymakers at the federal, state, and local levels are increasingly pursuing policies to reduce the number of evictions, citing harm to tenants and high public expenditures related to home lessness. We study the consequences of eviction for tenants, using newly linked administrative data from Cook County (which includes Chicago) and New York City. We document that prior to housing court, tenants experience declines in earnings and employment and increases in financial distress and hospital visits. ...
Working Papers , Paper 21-40

Discussion Paper
Developing Inclusive Communities: Challenges and Opportunities for Mixed-Income Housing
Duckworth, Richard; Carpenter, Ann; Lewis Glover, Renée (2017-06-01)
Over the past decade, housing costs have risen faster than incomes. The need for affordable rental housing has well outpaced the number of available units as well as funding allocations at the federal level. Local regulation and land use policies that increase the cost of subsidized, mixed-income housing construction and preservation have contributed to the affordability problem. {{p}} To meet the affordable housing needs in U.S. communities, innovation, creativity, and "out of the box" thinking may be required, particularly as it relates to reducing the rapidly increasing costs of ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2017-1

Working Paper
Reexamining the 'Role of the Community Reinvestment Act in Mortgage Supply and the U.S. Housing Boom'
Brevoort, Kenneth P. (2024-02-06)
Concerns have lingered since the 2007 subprime crisis that government housing policies promote risky mortgage lending. The first peer-reviewed evidence of a causal effect was published by the Review of Financial Studies in a paper (Saadi, 2020) linking the crisis to changes in the Community Reinvestment Act (CRA) in 1995. A review of that paper, however, shows that it misrepresents the policy changes as having taken effect in mid-1998, 2.5 years after they were implemented. When the correct timing is used, a similar analysis yields no evidence of a relationship between CRA and riskier ...
Finance and Economics Discussion Series , Paper 2024-009

Journal Article
Trends in home purchase lending: consolidation and the Community Reinvestment Act
Canner, Glenn B.; Calem, Paul S.; Bostic, Raphael W.; Avery, Robert B. (1999-02)
Consolidation among banking institutions has substantially changed the structure of the banking industry. Between 1975 and 1997, the number of commercial banks and savings associations declined more than 40 percent. Over the same broad period, the market for home mortgage lending has also changed substantially. Notably, home mortgage lending is no longer primarily the province of banking institutions operating in the communities in which they have banking offices. In recent decades, mortgage and finance companies and banking organizations operating outside their local communities have gained ...
Federal Reserve Bulletin , Volume 85 , Issue Feb

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