GSE'S Funding of Affordable Loans: A 1996 Update. Housing Finance Working Paper211 Series

摘要

This paper examines the borrower and neighborhood characteristics of mortgages211u001epurchased by Fannie Mae and Freddie Mac, the two major Government-Sponsored 211u001eEnterprises (GSEs) in the conventional secondary mortgage market. The GSEs' 211u001emortgage purchases are compared to all mortgages originated in the conventional 211u001econforming loan market, including originations retained in portfolio by banks and 211u001ethrift institutions. The analysis is based on Home Mortgage Disclosure Act (HMDA) 211u001edata on home purchase loans originated in metropolitan areas between 1992 and 211u001e1996, thus updating the authors' earlier analysis based on 1995 HMDA data. The 211u001epaper finds that while the GSEs have improved their affordable lending efforts, 211u001ethey continue to lag the primary market in providing funding for the underserved 211u001eborrowers and their communities.