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On June 24th the FFIEC made 2019 HMDA home loan data available for download HERE.
Unlike prior year HMDA data products from the CFPB, the FFIEC did NOT make it easy to extract data; many of the data fields use codes instead of names. Their browser tool also only allows the selection of two variables at a time for downloads.
Nonetheless the 2019 HMDA data is useful and has been expanded to include 98 data fields. (These fields are listed in the Excel workbook I created; see below). Also, the 2019 HMDA data was posted on a much more timely basis than I recall when prior year uploads typically happened in September or October of the following year.
Because the data is valuable and timely I took the time to download the HMDA loan registry (LAR) data for Oregon. I also added 4 columns with NAMES to substitute for codes: Metro names, county names, a name for the outcome of the loan application (Loan originated, denied etc) and a name for loan purpose. Note that the data that I downloaded does not include lender names; that would require downloading and matching loan data with lender data.
The LARGE Excel workbook (149 MB's I created is HERE.
It contains these worksheets:
- All data on 2,469 Black loan applications.
- A pivot table of Black loan applications whose default view is the number of loan applications by county and their disposition. It also includes a filter that can focus on loan purpose (Purchase, refinance ETC) and loan type (FHA, conventional ETC)
- All data on 264,983 loan applications.
- A pivot table of all loan applications. The default view is of the count of loan applications and their disposition broken out by race. It also includes a filter that can focus on loan purpose (Purchase, refinance ETC) and loan type (FHA, conventional ETC)
- A lookup table that includes MSA, county, loan purpose, and disposition values
- An error table that includes 982 import errors (3.7 errors per 1,000 loans)
- A table that lists all the 98 fields in the HMDA data (plus the 4 field names that I added.)
Example: Black Loans in 3 County Portland Metro Area.
Below is a picture of a data table I created within the Black loan pivot table that shows the disposition of 1,837 Black loan applications from three Portland metro counties:
990 loans were originated,
67 were purchased (usually by Fannie and Freddie) and
the remainder [780] did not result in loans.
Notes:
- While I included a separate worksheet for Black loan applications it's simple to use a filter within the all loan application worksheet to extract data for other racial and ethnic groups. Look for the "derived ethnicity" and/or the "derived race" columns. The Pivot table for all loan applications will also allow this focus.
- My prior HMDA related posts can be viewed HERE.
Originally created and posted on the Oregon Housing Blog.
Proposal discusses ...."three options for replacing them [GSE's], including a new government agency that would insure mortgages all the time, a new agency that would only step in during times of market crisis, and then a third option that does not provide any government backing for home loans beyond the FHA."
Originally created and posted on the Oregon Housing Blog.
SF goals summarized as:
- 27 percent for the low-income home purchase goal;
- 8 percent for the very low-income family home purchase goal;
- A percentage to be set annually by FHFA for the low-income/high minority/disaster areas home purchase goal (with a subgoal of 13 percent to measure acquisitions in low-income/high minority areas only); and
- 21 percent for the low-income family refinance goal.
MF goals summarized as:
- Fannie Mae’ s goal is to acquire mortgages that finance at least 177,750 low-income rental units and 42,750 very low-income rental units.
- Freddie Mac’s goal is to acquire mortgages that finance at least 161,250 low-income rental units and 21,000 very low-income rental units.
- The Enterprises must also report on their acquisition of mortgages involving low-income units in small (5- to 50-unit) multifamily properties.
Originally created and posted on the Oregon Housing Blog.
Paulson
in Washington Post HERE:
We should go further and reduce the subsidy for homeownership that helped create the crisis. The central place of homeownership as part of the American dream reflects a bias of our society that is unlikely to simply end. Policymakers may well decide that we should continue to facilitate lower-cost mortgages through a subsidy to mortgage credit guarantors. Even so, the scope of the subsidy should be reduced by rationalizing and reducing the missions of the FHA and the successor(s) to Fannie and Freddie. I would recommend limiting the availability of the subsidy to smaller mortgages or lower-income buyers or both. And the price the government charges this new private-sector entity for its credit guarantee must be high enough to leave room for a robust private-sector mortgage market that serves taxpayers and homeowners equally.
Volcker in Smart Money HERE. ...Almost all the mortgages made now are insured by the government, bought by the government, and the guys at Fannie Mae and Freddie Mac are the market.
Not much exists without the government running it. I don’t think that’s what we want. A lot of problems surround the whole mortgage market. It’s clear Fannie Mae and Freddie Mac need to go. We don’t need these hybrid institutions.
Originally created and posted on the Oregon Housing Blog.
Paper is HERE.
Tip of hat to NLIHC's Memo to Members.
Press release from their regulator, FHFA, is HERE.
Link to Freddie program Bulletin and guidelines HERE.
Link to Fannie announcement with program guidelines HERE.
Fannie/Freddie financial problems report is HERE: economic analysis of foreclosure moratorium report is HERE.
After months of procedural and political delay, the Senate Saturday morning passed the Housing Reform bill (HR 3221) by an overwhelming vote of 72 to 13. There were no amendments to the House passed version of the bill; the bill now moves on to the President for signature.
In a day or so, look for Senate passed version with July 26th date on the Thomas website HERE.
New PDF report from Congressional Research Service HERE.
Interesting WSJ story HERE, details the special loan terms available to "Friends" of Countrywide CEO, Angelo Mozilo.
Three Fannie Mae CEO's Got Countrywide Loans, Two Got "Friend" Loan Terms
One of the "friends" loan recipients ($7 million in loans) is Jim Johnson, a former Fannie Mae CEO. Johnson is now one of the vice presidential candidate screeners for my candidate for President, Barack Obama. (It appears that one of the three loans to Johnson happened during his service as Fannie Mae CEO).
Another former Fannie Mae CEO, Franklin Raines, also received special loan terms for his more than $2.6 million in Countrywide loans according to the WSJ story. All four of the Raines loans appear to have occurred while he was Fannie Mae CEO.
The CEO successor to Raines, Danile Mudd, has also received $6 million in Countrywide loans the story says. However the claim is that the Mudd loan terms were all market based and that Mudd had not spoken to the Countrywide CEO to arrange the loans.
The story does not provide any information that indicate any of these loans were illegal. Whether they were properly disclosed is unknown.
It seems highly likely that the Johnson loans will be, at a minimum, a distracting story for the Obama campaign to deal with. While Countrywide was not troubled at the time the loans to Johnson and Raines were made, the appearance of favoritism for highly paid execs during now troubled economic times and a heated presidential election cycle is problematic.
