3  The Federal Reserve's Flow of Funds accounts did not even record private securitization activity until the early 1980s, and purchases by federal housing agencies, which were focused on government-backed loans and lower-risk conventional loans, represented less than 1 percent of total outstanding home mortgage debt in the years preceding enactment of the CRA.
4  Analysis of decennial census and Home Mortgage Disclosure Act data indicates that lower-income areas have about half the number of owner-occupied homes and home purchase loans in a given year than do higher-income areas.