Comment on Federal Reserve Analysis of Home Mortgage Disclosure
Act Data  View this document (PDF)  For the first time in 2004,
lenders were required to report information to the federal
government concerning the annual percentage rate (APR) charged
borrowers on higher-cost home loans. The same data, collected
under the requirements of the Home Mortgage Disclosure Act
(HMDA), also detail several aspects of the loan transaction and
the identity of the borrower, including race, ethnicity, sex,
and income. In this review, we both summarize and comment on a
portion of the first report based on the new data that was
written by Federal Reserve Board of Governors’ researchers. In
general, the Federal Reserve Bulletin article provides a helpful
overview of the new HMDA data. We raise the following key points
of interest:    1. National data confirm initial estimates that
African-American and Hispanic whites continue to be much more
likely to receive a higher-cost subprime home loan than Non-
Hispanic white borrowers.