Finance and Economics Discussion Series: 2008-29 Screen Reader version ♣
Subprime Mortgages:
What, Where, and to Whom?
By
Chris Mayer
(Visiting Scholar, Federal Reserve Board; Columbia Business School; & NBER)
Karen Pence
(Federal Reserve Board)
| YEAR | LP TOTAL | LP REFI | LP PURCHASE |
|---|---|---|---|
| 1998 | 295346 | 212971 | 82375 |
| 1999 | 425756 | 298952 | 126804 |
| 2000 | 377568 | 247289 | 130279 |
| 2001 | 457125 | 313128 | 143997 |
| 2002 | 692891 | 486888 | 206003 |
| 2003 | 1156638 | 804802 | 351836 |
| 2004 | 1754526 | 1119314 | 635212 |
| 2005 | 2057559 | 1204104 | 853455 |
| 2006 | 1574125 | 904697 | 669428 |
| Total | 8791534 | 5592145 | 3199389 |
| YEAR | HUD TOTAL | HUD REFI | HUD PURCHASE | HUD SECURITIZED |
|---|---|---|---|---|
| 1998 | 670913 | 533444 | 137469 | 480377 |
| 1999 | 704589 | 536395 | 168194 | 392889 |
| 2000 | 639597 | 426406 | 213191 | 322596 |
| 2001 | 759781 | 558324 | 201457 | 429657 |
| 2002 | 1007698 | 715160 | 292538 | 677287 |
| 2003 | 1621686 | 1160632 | 461054 | 1204038 |
| 2004 | 2070631 | 1353115 | 717516 | 1539828 |
| 2005 | 2154212 | 1197396 | 956816 | 1694772 |
| 2006 | ||||
| Total | 9629107 | 6480872 | 3148235 | 6741444 |
| YEAR | LP/HMDA TOTAL | LP/HMDA REFI | LP/HMDA PURCHASE |
|---|---|---|---|
| 1998 | 0.0350449152918456 | 0.0412369197751372 | 0.0252446238528061 |
| 1999 | 0.0625982977913809 | 0.0908018176643663 | 0.0361363585844797 |
| 2000 | 0.0709666396572111 | 0.134412705038771 | 0.0374302021068297 |
| 2001 | 0.046149373039882 | 0.049702423232813 | 0.039940587138863 |
| 2002 | 0.0571198713454843 | 0.0580528528869397 | 0.055029606031157 |
| 2003 | 0.0702956361312075 | 0.0650679460312532 | 0.0861230925062707 |
| 2004 | 0.160086358672802 | 0.176336845952558 | 0.137721847883542 |
| 2005 | 0.182974495731859 | 0.197725109642569 | 0.165549977877012 |
| 2006 | 0.159195586081464 | 0.174770524786607 | 0.142083566008258 |
| Total | 0.0964702853522177 | 0.101737815857072 | 0.0884644812117126 |
| YEAR | HUD/HMDA TOTAL | HUD/HMDA REFI | HUD/HMDA PURCHASE | HUD/SECURITIZED |
|---|---|---|---|---|
| 1998 | 0.0796086259952665 | 0.103289121206776 | 0.0421287186212007 | 0.080485057947325 |
| 1999 | 0.103594716322333 | 0.162921274940719 | 0.0479316007046938 | 0.0871368328323213 |
| 2000 | 0.120216887619802 | 0.231770858812006 | 0.061251485023351 | 0.0955152573155498 |
| 2001 | 0.0767042205033954 | 0.0886220834580016 | 0.055878322904185 | 0.0649917674402071 |
| 2002 | 0.0830716232641236 | 0.0852702844814902 | 0.0781457109320864 | 0.0793607383303319 |
| 2003 | 0.0985593149931727 | 0.0938366708061679 | 0.112857684524569 | 0.0965814068531009 |
| 2004 | 0.188928392594366 | 0.213169880222258 | 0.155566376904101 | 0.19323870104993 |
| 2005 | 0.191569648500733 | 0.196623593464994 | 0.185599554320229 | 0.204506481193552 |
| 2006 | ||||
| Total | 0.118520769897147 | 0.13016477506928 | 0.100089196088776 | 0.116791030845544 |
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