Role of the Community Reinvestment Act in Mortgage Supply and the U.S. Housing Boom
研究了1998年加强执行的社区再投资法案如何推动受监管银行增加对合格区域的抵押贷款，导致这些区域房价在繁荣期上涨更快，随后衰退更严重，且贷款违约率更高。
Abstract This paper studies the role of the Community Reinvestment Act (CRA) in the U.S. housing boom-bust cycle. I find that enhanced CRA enforcement in 1998 increased the growth rate of mortgage lending by CRA-regulated banks to CRA-eligible census tracts. I show that during the boom period house price growth was higher in the eligible census tracts because of the shift in mortgage supply of regulated banks. Consequently, these census tracts experienced a worse housing bust. I find that CRA-induced mortgages were awarded to borrowers with lower FICO scores and were more frequently delinquent.