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Distribution Analysis Of 2006 Subprime Rate Loans
In 2006, the HmdA data reported 7,191,015 conventional,
1st lien, 1 to 4 family, owner occupied, home purchase and
refinance loans where the race of the borrower was known.
Of these, a HmdA spread was reported on 1,971,809 or
27.42%. The overall average spread on the loans was 5.18%
or 218 basis points above the 3 percent 1st lien threshold
for reporting. The frequency and magnitude of higher cost
subprime rate loans varied widely by race as shown in Table
2 and graphically in Figure 5 below:
TABLE 2: 2006 “LOANS” WITH A HMDA SPREAD BY RACE
FIGURE 5: 2006 FREQUENCY AND MAGNITUDE OF LOANS WITH A HMDA SPREAD BY RACE
Page 12 of 27 The Demographic Impact of the
Subprime Mortgage Meltdown