Historically, purchase mortgages have defaulted less often than refinance mortgages.
Most CRA-qualifying loans in low- and moderate-income areas go to middle- and upper-income borrowers
Banks get credit under the CRA for providing single-family mortgages to low- and moderate-income borrowers.
Black homebuyers buy less expensive first homes with more debt than white homebuyers.
While multifamily lending is smaller than single-family lending, it has an outsize effect in meeting the needs of low- and moderate-income communities.
The National Foreclosure Mitigation Counseling program helped 2.14 million homeowners after the crisis of 2008.
The 1977 Community Reinvestment Act seeks to encourage banks to meet their communities’ credit needs.
The housing finance industry is activating plans developed to respond to the 2008 housing crisis and natural disasters.
Some rules create a cumbersome loss mitigation process for borrowers and increase costs for servicers.