Fed paper asks if affordable housing law led to subprime lending
A working paper published by the Federal Reserve Bank of St. Louis investigates whether affordable housing policies in the US influenced the origination or affected the prices of subprime mortgages.
Authors Rubén Hernández-Murillo, Andra Ghent and Michael Owyang find no evidence that lenders increased subprime originations or altered pricing around the discrete eligibility cut-offs for the Government Sponsored Enterprises' affordable housing goals or the Community Reinvestment Act.
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