The following analysis focuses on the role that risk pricing has had in the allocation and access to mortgage funds, specifically how it results in cost differences by race. Using a sample of fixed-rate first lien mortgages, we control for the risk characteristics of borrowers and assets. We...

Comparing a fund or any portfolio's performance to a benchmark usually involves risk analysis and attribution analysis. Risk analysis considers measures such as beta and Jensen's alpha to determine if the portfolio is riskier than the benchmark. Attribution analysis decomposes the spread between...