Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found, in fact, that only 6 percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA.
Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lowerincome areas. These conclusions were supported by research conducted by the Federal Reserve Bank of San Francisco and published in the Revisiting the CRA volume under discussion today.