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Board of Governors of the Federal Reserve System
Federal Reserve Board of Governors

Federal Reserve BULLETIN

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2010, Volume 96

December 22

The 2009 HMDA Data: The Mortgage Market in a Time of Low Interest Rates and Economic Distress

Robert B. Avery, Neil Bhutta, Kenneth P. Brevoort, and Glenn B. Canner

The data that mortgage lending institutions reported for 2009 under the Home Mortgage Disclosure Act of 1975 (HMDA) reflect the ongoing difficulties in the housing and mortgage markets. This article presents a number of key findings from a review of the 2009 HMDA data. In particular, it documents the wave of refinancing but discusses factors that may have muted such opportunities, explores patterns of lending across groups and areas with high rates of foreclosure, highlights the federal government’s greatly expanded role in the mortgage market, and examines how the interest rate environment and changes to the rules that govern the designation of loans as higher priced under HMDA affected the incidence of reported higher-priced lending in 2009 relative to earlier years.


November 29

Legal Developments: Third Quarter, 2010

Five orders were issued in this quarter, one for China Investment Corporation, Premier Commerce Bancorp, Inc., and the Toronto-Dominion Bank under Section 3 of the Bank Holding Company Act, one for Metcalf Bank under the Bank Merger Act, and one for Banco Davivienda, S.A. under the International Banking Act.

September 27

Legal Developments: Second Quarter, 2010

Four orders were issued in this quarter, one for City Holding Company under Section 3 of the Bank Holding Company Act, one for Banco Popular de Puerto Rico under the Bank Merger Act, one for National Agricultural Cooperative Federation under the International Banking Act, and one Final Enforcement Decision for Antonio Garcia-Adanez.

July 2

Legal Developments: First Quarter, 2010

Four orders were issued in the quarter, one for First Niagara Financial Group, Inc. under Section 3 and 4 of the Bank Holding Company Act, one for The Warehouse Trust Company LLC under the Federal Reserve Act, one for ABN AMRO Bank N.V. under the International Banking Act, and one Final Enforcement Decision for Adam L. Benarroch.

May 24

Profits and Balance Sheet Developments at U.S. Commercial Banks in 2009

Seung Jung Lee and Jonathan D. Rose

Reviews recent developments in the balance sheets and in the profitability of U.S. commercial banks. The article discusses how developments in the U.S. banking industry in 2009 and early 2010 were related to changes in financial markets and in the broader economy.

April 28

The 2008 HMDA Data: The Mortgage Market during a Turbulent Year

Robert B. Avery, Neil Bhutta, Kenneth P. Brevoort, Glenn B. Canner, and Christa N. Gibbs

The data that mortgage lending institutions reported for 2008 under the Home Mortgage Disclosure Act of 1975 (HMDA) reflect the ongoing difficulties in the housing and mortgage markets. This article presents a number of key findings from a review of the 2008 HMDA data. In particular, it documents a reduction in lending activity that was experienced by all groups of borrowers, highlights the Federal Housing Administration's greatly expanded role in the mortgage market, and examines how atypical changes in the interest rate environment affected the incidence of reported higher-priced lending in 2008 relative to earlier years.

March 3

Legal Developments: Fourth Quarter, 2009

Two orders were issued in this quarter, one for Sandhills Bancshares, Inc. under Section 3 of the Bank Holding Company Act, and one for Banque Transatlantique under the International Banking Act.

Last update: March 9, 2011