There is a seeming paradox about the "affordable housing goals": GSE activities in targeted communities have increased under the goals but there has been little measurable improvement in housing market conditions in these communities. This paper seeks to reconcile this paradox by focusing on...

While the subprime mortgage loan product clearly expands access to credit, concerns have been raised about its costs, particularly to lower-income and minority populations. This paper examines whether GSE loan purchase activities might serve as an effective vehicle for mitigating these costs....

The rate of homeownership among African-American households is considerably lower than white households in American urban areas. This paper examines whether racial differneces in residential location outcomes are among the factors that contribute to the large racial differences in homeownership...

Large racial differences in home ownership have been a source of considerable concernamong policymakers because homeownership choice may influence wealth accumulation, labormarket outcomes, and even children's educational outcomes. Racial differences in ownershiprates may be affected by...

While prior analyses have provided substantial evidence of elevated default probabilities among mortgages originated to lower income, less credit worthy and minority borrowers, those risks may be offset by the reduced prepayment probabilities of those loans. To the investor in FHA-insured...