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...

A growing literature suggests that housing policy, embodied by the Community Reinvestment Act (CRA) and government sponsored enterprises' affordable housing goals, may have caused the subprime crisis. The conclusions drawn in this literature, for the most part, have been based on associations...