Subprime lending in the residential mortgage market, characterized by relatively high credit risk and high interest rates or fees, has become a prominent segment of the market in the last ten years. Research indicates there is geographical concentration of subprime mortgages in Census tracts...

This paper examines the performance of home purchase loans originated by a major depository institution in Philadelphia under a flexible lending program between 1988 and 1994. The authors examine long-term delinquency in relation to neighborhood housing market conditions, borrower credit history...

We investigate the market prices of assets in fixed supply whose purchase is typically financed through non-recourse loans. The largest and most common asset in this category is real estate. We demonstrate that within these markets, lenders’ underpricing of the put option contained in...

It has been long recognized that there are a number of barriers that limit access to homeownership for some households, most importantly, downpayment constraints. This paper extends the literature to test for the role of credit quality in limiting access to homeownership. Results show that both...

Real estate bubbles may occur without banking crises. And banking crises may occur without real estate bubbles. But the two phenomena are correlated in a remarkable number of instances. This paper provides a conceptual framework explaining why the banking sector’s importance and link to the...

This paper reviews the literature and the experience of the development of Community Statistical Systems deriving from the original Community Information Network movement in the 1980s. The paper traces the evolution of these systems into the second generation of Neighborhood Information Systems1...