Contains the data on mortgage application in Boston from 1990 (Munnell et al., 1996). We obtain the data from the companion website of Stock and Watson (2011). The file contains the following variables:
indicator for mortgage application denied
monthly debt to income ratio
indicator for black applicant
monthly housing expenses to income ratio
loan to assessed property value ratio (not used in analysis)
consumer credit score with 6 categories (1 if no "slow" payments or delinquencies, 2 if one or two "slow" payments or delinquencies, 3 if more than two "slow" payments or delinguencies, 4 if insufficient credit history for determination, 5 if delinquent credit history with payment 60 days overdue, and 6 if delinquent credit history with payments 90 days overdue.)
mortgage credit score with 4 categories (1 if no late mortgage payments, 2 if no mortgage payment history, 3 if one or two late mortage payments, and 4 if more than two late mortgages payments)
indicator for any public record of credit problems (bankruptcy, charge-offs, collection actions)
indicator for applicant applied for mortgage insurance and was denied
indicator for self-employed applicant
indicator for single applicant
indicator for high school graduated applicant
1989 Massachusetts unemployment rate in the applicant's history (not used in analysis) condo indicator for unit is a condominium (not used in analysis)
indicator for medium loan to property value ratio [.80, .95]
indicator for high loan to property value ratio >.95
Munnell, Alicia, Geoffrey Tootell, Lynn Browne, and James McEneaney, "Mortgage Lending in Boston: Interpreting HMDA Data", The American Economic Review, 1996.
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