Community Reinvestment and Credit Risk: Evidence from an Affordable‐Home‐Loan Program
研究了费城一家大型银行在1988至1994年间发放的灵活贷款计划下的购房贷款表现，发现社区住房市场活跃度越高，贷款违约可能性越低，而借款人信用评分低、住房支出收入比高或房产价格远超社区平均水平时违约风险更大。
This study examines the performance of home purchase loans originated by a major depository institution in Philadelphia under a flexible lending program between 1988 and 1994. We examine long‐term delinquency in relation to neighborhood housing market conditions, borrower credit‐history scores and other factors. We find that likelihood of delinquency declines with increasing neighborhood housing market activity. Also, likelihood of delinquency is greater for borrowers with low credit‐history scores and those with high ratios of housing expense to income, and when the property is unusually expensive for the neighborhood where it is located.