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Examination Council Releases Mortgage Statistics for 2009 

September 21, 2010 -- In these troubled economic times, the latest information from the Home Mortgage Disclosure Act found a growing reliance on loans insured by the Federal Housing Administration. The HMDA data published by the Federal Financial Institutions Examination Council indicated that FHA’s share of first-lien loans increased to 37 percent in 2009 from 26 percent in 2008 and 7 percent in 2007. First-lien loans for home purchases backed by Veterans Administration’s guarantees also increased, growing to 6.7 percent in 2009 from 4.9 percent in 2008 and 2.7 percent in 2007. The 2009 HMDA report provides information on overall mortgage lending activity, covering applications, originations, purchases of loans, denials, and other actions, such as incomplete or withdrawn applications. The data showed that blacks and Hispanics had notably higher gross denial rates than whites. However, the denial rate pattern for Asians was similar to the denial rates for whites. FFIEC explained that HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws because it does not indicate such factors as borrower's credit history, debt-to-income ratio and the loan-to-value ratio. More information  
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