The Community Reinvestment Act and Mortgage Lending to Lower Income Borrowers and Neighborhoods
The Community Reinvestment Act and Mortgage Lending to Lower Income Borrowers and Neighborhoods
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社区再投资法和向低收入借款人和社区提供抵押贷款
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发表时间：
2011
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通讯作者：
Neil Bhutta
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作者：
Neil Bhutta
本文对《社区再投资法案》(CRA)进行了评估，该法案要求银行帮助满足低收入家庭和社区的信贷需求。为了衡量自1994年以来该法律对向目标群体放贷的影响，我利用了不连续的目标规则和目标地位的突然变化。平均而言，CRA似乎对抵押贷款几乎没有影响，即使是在2000年代中期，当时对低收入地区的贷款仍大幅增加。我确实发现，在20世纪90年代末和21世纪初，在大城市地区，CRA可能是最具约束力的时间和地点，产生了显著的影响。我利用这段插曲来测试CRA对整体抵押贷款可获得性的影响--即受监管和不受监管的机构的贷款。这一结果与政府干预信贷市场的观点一致，即政府干预信贷市场的理由可能是信息外部性的存在，并可能抑制信贷供应。
This paper evaluates the Community Reinvestment Act (CRA), a law mandating that banks help meet the credit needs of lower income households and neighborhoods. To measure the effect of the law on lending to targeted groups since 1994, I take advantage of discontinuous targeting rules and abrupt changes in target status. On average, the CRA appears to have had little impact on mortgage lending, even during the mid-2000s, when lending to lower income areas nevertheless soared. I do find a significant effect during the late 1990s and early 2000s in large metropolitan areas, when and where the CRA may have been most binding. I use this episode to test the effect of the CRA on overall mortgage availability—that is, lending by both regulated and unregulated institutions. The results are consistent with the notion that government intervention in credit markets may be justified on the grounds that information externalities exist and can depress credit supply.