The Community Reinvestment Act and Targeted Mortgage Lending
分析了银行在《社区再投资法案》评级升降前后的抵押贷款行为，发现升级银行在评级变化前贷款水平更高，且1990年代改革后两类银行均增加了贷款，但银行并未因降级而显著增加贷款。
We analyze residential mortgage lending by banks in periods surrounding upgrades or downgrades in their ratings under the Community Reinvestment Act (CRA). Empirical results indicate that upgraded banks had higher relative levels of lending than did downgraded banks prior to ratings changes. Additionally, both downgraded and upgraded banks increased lending following implementation of reforms to the CRA in the 1990s, which were intended to more closely align rating assessment with lending outcomes. Little support is provided, on the other hand, for a hypothesis that banks respond to downgrades by increasing lending (despite apparent incentives for them to do so).