Mortgage Lending, Default, and the Community Reinvestment Act
利用2003年大都市统计区重新定义带来的银行评估区域变化，估计社区再投资法案对抵押贷款的影响，发现法案使贷款增加约2%，尤其影响低收入借款人，且这些贷款风险更高。
Abstract The Community Reinvestment Act (CRA) encourages banks to lend to low‐ and moderate‐income individuals. This paper estimates the effect of the CRA on mortgage lending, exploiting variation in the set of banks whose lending performance is assessed in a given neighborhood due to redefinitions of Metropolitan Statistical Areas in 2003. Incorporating a typical tract into one additional banks' assessment area increased mortgage lending there by approximately 2%. Lending to low‐income borrowers was particularly affected. While income‐conditional default risk was little changed, CRA‐induced loans were riskier than average, due to their borrowers' lower incomes.