Where Have All the Loans Gone? The Impact of Credit Availability on Mortgage Volume

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Where Have All the Loans Gone? The Impact of Credit Availability on Mortgage Volume

The total number of purchase mortgages originated in 2012 is considerably less than half of peak levels, and down 44% from the 2001 levels. The authors estimate that a large portion of the drop-as many as 1.2 million loans in 2012 alone-can be attributed to low credit availability, and find that African American and Hispanic borrowers have been disproportionately affected by the credit box tightening.

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