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Agencies are Cutting Access to Mortgage Data for Low-Income Borrowers
Tuesday, May 5, 2020
Two Urban Institute (UI) analysts have raised an alarm about changes to
federal regulations that threaten to limit access to important data about the
mortgage market and credit availability for low and moderate-income borrowers
and communities. Most of the changes are coming through rulemaking at the
Consumer Financial Protection Agency (CFPB) and relate to the Home Mortgage Disclosure
Act (HMDA). Researchers Ellen Seidman and Lauri Goodman said the loss of access to
important data has been quiet and steady. However, three current rulemakings,
one final, one proposed, and one at an early stage, promise to exacerbate the
situation and affect both the public and policymakers. They add that the
possibility the COVID-19 pandemic could trigger another credit crisis makes this
especially troubling.
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