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Photo of Neil Bhutta

Neil Bhutta

Chief Real Estate Finance Section Research and Statistics
202-872-7567

Education

  • Ph.D., Economics, Massachusetts Institute of Technology, 2008
  • B.A., Economics and Physics, Emory University, 2000
Current Research Topics
  • Mortgage markets
  • Household finance
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2014 - 2020
  • Economist

    Board of Governors of the Federal Reserve System

    2008 - 2014
  • Bhutta, Neil, Jacqueline Blair, and Lisa Dettling (2021). "The Smart Money is in Cash? Financial Literacy and Liquid Savings Among U.S. Families," Finance and Economics Discussion Series 2021-076. Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, and Daniel Ringo (2021). "The Effect of Interest Rates on Home Buying: Evidence From a Shock to Mortgage Insurance Premiums," Journal of Monetary Economics, vol. 118, pp. 195-211.
  • Bhutta, Neil, and Aurel Hizmo (2021). "Do Minorities Pay More for Mortgages?" The Review of Financial Studies, vol. 34, no. 2, pp. 763-789.
  • Amromin, Gene, Neil Bhutta, and Benjamin J. Keys (2020). "Refinancing, Monetary Policy, and the Credit Cycle," Annual Review of Financial Economics, vol. 12, pp. 67-93.
  • Bhutta, Neil, Jacqueline Blair, Lisa Dettling, and Kevin Moore (2020). "COVID-19, the CARES Act, and Families' Financial Security," National Tax Journal, vol. 73, no. 3, pp. 645-672.
  • Bhutta, Neil, Jesse Bricker, Lisa Dettling, Jimmy Kelliher, and Steven Laufer (2020). "Stress Testing Household Debt," The Journal of Credit Risk, vol. 16, no. 3, pp. 1-34.
  • Bhutta, Neil, Andreas Fuster, and Aurel Hizmo (2020). "Paying Too Much? Price Dispersion in the U.S. Mortgage Market," Finance and Economics Discussion Series 2020-062. Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, and Benjamin J. Keys (2018). "Eyes Wide Shut? The Moral Hazard of Mortgage Insurers during the Housing Boom," NBER Working Paper no. 24844. National Bureau of Economic Research.
  • Bhutta, Neil, Jane Dokko, and Hui Shan (2017). "Consumer Ruthlessness and Mortgage Default during the 2007 to 2009 Housing Bust," Journal of Finance, vol. 72, no. 6, pp. 2433-2466.
  • Bhutta, Neil, and Benjamin J. Keys (2016). "Interest Rates and Equity Extraction during the Housing Boom," American Economic Review, vol. 106, no. 7, pp. 1742-74.
  • Bhutta, Neil, Jacob Goldin, and Tatiana Homonoff (2016). "Consumer Borrowing after Payday Loan Bans," Journal of Law and Economics, vol. 59, no. 1, pp. 225-259.
  • Bhutta, Neil (2015). "The Ins and Outs of Mortgage Debt During the Housing Boom and Bust," Journal of Monetary Economics, vol. 76, pp. 284-298.
  • Bhutta, Neil, Paige Marta Skiba, and Jeremy Tobacman (2015). "Payday Loan Choices and Consequences," Journal of Money, Credit and Banking, vol. 47, no. 2-3, pp. 223-260.
  • Bhutta, Neil (2014). "Payday Loans and Consumer Financial Health," Journal of Banking and Finance, vol. 47, pp. 230-242.
  • Bhutta, Neil (2012). "GSE Activity and Mortgage Supply in Lower-Income and Minority Neighborhoods: The Effect of the Affordable Housing Goals," Journal of Real Estate Finance and Economics, vol. 45, no. 1, pp. 238-261.
  • Bhutta, Neil (2011). "The Community Reinvestment Act and Mortgage Lending to Lower Income Borrowers and Neighborhoods," Journal of Law and Economics, vol. 54, no. 4, pp. 953-983.
  • Bhutta, Neil, and Glenn B. Canner (2009). "Did the CRA Cause the Mortgage Market Meltdown?" Community Dividend, March.
  • Bhutta, Neil, Adithya Raajkumar, and Eileen van Straelen (2021). "Have pandemic-induced declines in home listings fueled house price growth?" FEDS Notes 2021-08-16. Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, Andrew C. Chang, Lisa J. Dettling, and Joanne W. Hsu (2020). "Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances," FEDS Notes 2020-09-28. Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, Jesse Bricker, Andrew C. Chang, Lisa J. Dettling, Sarena Goodman, Joanne W. Hsu, Kevin B. Moore, Sarah Reber, Alice Henriques Volz, and Richard A. Windle (2020). "Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances," Federal Reserve Bulletin, vol. 106, no. 5 (September).
  • Bhutta, Neil, and Lisa Dettling (2018). "Money in the Bank? Assessing Families' Liquid Savings using the Survey of Consumer Finances," FEDS Notes 2018-11-19. Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, Steven Laufer, and Daniel R. Ringo (2017). "Are Rising Home Values Restraining Homebuying for Lower-Income Families?" FEDS Notes 2017-09-28. Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, Steven Laufer, and Daniel R. Ringo (2017). "The Decline in Lending to Lower-Income Borrowers by the Biggest Banks," FEDS Notes 2017-09-28. Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, and Daniel Ringo (2016). "Credit Availability and the Decline in Mortgage Lending to Minorities after the Housing Boom," FEDS Notes 2016-09-29. Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil (2015). "The Ins and Outs of Mortgage Debt: An Update," FEDS Notes 2015-12-07. Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, and Daniel R. Ringo (2015). "Effects of the Ability to Repay and Qualified Mortgage Rules on the Mortgage Market," FEDS Notes 2015-12-29. Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, and Daniel R. Ringo (2015). "Assessing the Community Reinvestment Act's Role in the Financial Crisis," FEDS Notes 2015-05-26. Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, Steven Laufer, and Daniel R. Ringo (2017). "Residential Mortgage Lending in 2016: Evidence from the Home Mortgage Disclosure Act Data," Federal Reserve Bulletin, vol. 103, no. 6 (November). Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, and Daniel R. Ringo (2016). "Residential Mortgage Lending from 2004 to 2015: Evidence from the Home Mortgage Disclosure Act Data," Federal Reserve Bulletin, vol. 102, no. 6 (November). Board of Governors of the Federal Reserve System (U.S.).
  • Bhutta, Neil, Jack Popper, and Daniel R. Ringo (2015). "The 2014 Home Mortgage Disclosure Act Data," Federal Reserve Bulletin, vol. 101, no. 4 (November).
  • Bhutta, Neil, and Daniel R. Ringo (2014). "The 2013 Home Mortgage Disclosure Act Data," Federal Reserve Bulletin, vol. 100, no. 6 (November).
  • Bhutta, Neil, and Glenn B. Canner (2013). "Mortgage Market Conditions and Borrower Outcomes: Evidence from the 2012 HMDA Data and Matched HMDA--Credit Record Data," Federal Reserve Bulletin, vol. 99, no. 4 (November).
  • Avery, Robert B., Neil Bhutta, Kenneth P. Brevoort, and Glenn B. Canner (2012). "The Mortgage Market in 2011: Highlights from the Data Reported Under the Home Mortgage Disclosure Act," Federal Reserve Bulletin, vol. 98, no. 6 (December).
  • Avery, Robert B., Neil Bhutta, Kenneth P. Brevoort, and Glenn B. Canner (2011). "The Mortgage Market in 2010: Highlights from the Data Reported Under the Home Mortgage Disclosure Act," Federal Reserve Bulletin, vol. 97, no. 6 (December).
  • Avery, Robert B., Neil Bhutta, Kenneth P. Brevoort, and Glenn B. Canner (2010). "The 2009 HMDA Data: The Mortgage Market in a Time of Low Interest Rates and Economic Distress," Federal Reserve Bulletin, vol. 96 (December), pp. A39-A77.
  • Avery, Robert B., Neil Bhutta, Kenneth P. Brevoort, Glenn Canner, and Christa N. Gibbs (2010). "The 2008 HMDA Data: The Mortgage Market during a Turbulent Year," Federal Reserve Bulletin, vol. 96 (April), pp. A169-A211.

  • seminar

    August, 2021

    Federal Housing Finance Agency

    How Much Does Racial Bias Affect Mortgage Lending?

  • seminar

    November, 2020

    AREUEA Virtual Seminar Series

    Equal Access to Mortgages? Evidence from Expanded HMDA Data

  • seminar

    December, 2020

    University of Copenhagen (virtual)

    Paying Too Much? Borrower Sophistication and Overpayment in the U.S. Mortgage Market

  • seminar

    December, 2019

    American University

    Paying Too Much? Price Dispersion in the U.S. Mortgage Market

  • seminar

    November, 2019

    Baruch Zicklin

    Paying Too Much? Price Dispersion in the U.S. Mortgage Market

  • conference

    May, 2019

    Homer Hoyt Institute

    Do Minorities Pay More for Mortgages?

  • conference

    May, 2019

    AREUEA National Conference

    Paying Too Much? Price Dispersion in the U.S. Mortgage Market

  • seminar

    March, 2019

    NYU Stern

    Paying Too Much? Price Dispersion in the U.S. Mortgage Market

  • conference

    October, 2018

    Urban Economics Association

    Do Minorities Still Pay More for Mortgages?

  • seminar

    June, 2018

    Federal Reserve Bank of Chicago

    The Effect of Interest Rates on Home Buying

  • conference

    May, 2018

    AREUEA National Conference

    Do Minorities Still Pay More for Mortgages?

  • conference

    January, 2018

    ASSA

    Eyes Wide Shut? Private Mortgage Insurance during the Housing Boom

  • seminar

    December, 2017

    Freddie Mac

    Eyes Wide Shut? Private Mortgage Insurance during the Housing Boom

  • conference

    May, 2017

    Boulder Summer Conference

    Does the Internet Save People Thousands on their Mortgage?

  • conference

    May, 2017

    AREUEA National Conference

    The Effect of Interest Rates on Home Buying

  • seminar

    April, 2017

    Clemson University

    The Effect of Interest Rates on Home Buying

  • seminar

    November, 2016

    National Association of Realtors

    Costs and Availability of Mortgage Credit

  • seminar

    November, 2016

    Mortgage Bankers Association

    Costs and Availability of Mortgage Credit

  • conference

    September, 2016

    Boston College

    Credit Availability and the Decline in Mortgage Lending to Minorities

Awards
  • 2002

    National Science Foundation

    Graduate Research Fellowship

  • 2002

    National Collegiate Athletic Association

    NCAA Post Graduate Research Scholarship

  • 2006

    Massachusetts Institute of Technology Department of Economics

    George and Obie Shultz Award

  • 2015

    Board of Governors of the Federal Reserve System

    Special Achievement Award

Referee
  • Quarterly Journal of Economics
  • American Economic Review
  • Journal of Finance
  • Review of Financial Studies
  • Review of Economics and Statistics
  • Journal of Public Economics
  • American Economic Journal: Macroeconomics
  • Management Science
  • Journal of Money, Credit and Banking
  • Journal of Banking and Finance
  • Journal of Urban Economics
  • National Tax Journal
  • Economic Inquiry
  • Journal of Policy Analysis and Management
  • Journal of Applied Econometrics
  • Regional Science and Urban Economics
  • Real Estate Economics
  • Journal of Real Estate Finance and Economics
  • Journal of Financial Stability
  • Journal of Housing Economics
  • Housing Policy Debate
  • Southern Economic Journal
  • Cityscape
  • Journal of Urban Affairs
Last update: June 30, 2022