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HMDA Data Reflect Changes in Housing Finance
Findings from the recently released 2008 Home Mortgage Disclosure Act data confirm that mortgage originations volume continued to contract sharply last year in the wake of the credit crisis that occurred in fall 2007. Higher-priced lending—loosely speaking, subprime lending—declined particularly sharply. The decline in originations stemmed in part from consumer reluctance to borrow during a period of mounting job losses and falling house prices. Supply side constraints were also at fault, with lenders remaining reticent to lend to all but the most creditworthy and investors remaining wary of mortgage backed securities. The HMDA data also reflect this shift in investor behavior and the consequent rising role of government and quasi-government agencies in providing the housing market with credit.... |
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New To Consumer Flow?
"...a great tool for businesses and traders who constantly must have their fingers on the pulse of consumer cash flow..." - Barron's, March 21, 2005
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