AER (version 1.2-13)

HMDA: Home Mortgage Disclosure Act Data

Description

Cross-section data on the Home Mortgage Disclosure Act (HMDA).

Usage

data("HMDA")

Format

A data frame containing 2,380 observations on 14 variables.

deny

Factor. Was the mortgage denied?

pirat

Payments to income ratio.

hirat

Housing expense to income ratio.

lvrat

Loan to value ratio.

chist

Factor. Credit history: consumer payments.

mhist

Factor. Credit history: mortgage payments.

phist

Factor. Public bad credit record?

unemp

1989 Massachusetts unemployment rate in applicant's industry.

selfemp

Factor. Is the individual self-employed?

insurance

Factor. Was the individual denied mortgage insurance?

condomin

Factor. Is the unit a condominium?

afam

Factor. Is the individual African-American?

single

Factor. Is the individual single?

hschool

Factor. Does the individual have a high-school diploma?

Details

Only includes variables used by Stock and Watson (2007), some of which had to be generated from the raw data.

References

Munnell, A. H., Tootell, G. M. B., Browne, L. E. and McEneaney, J. (1996). Mortgage Lending in Boston: Interpreting HMDA Data. American Economic Review, 86, 25--53.

Stock, J. H. and Watson, M. W. (2007). Introduction to Econometrics, 2nd ed. Boston: Addison Wesley.

See Also

StockWatson2007

Examples

data("HMDA")

## Stock and Watson (2007)
## Equations 11.1, 11.3, 11.7, 11.8 and 11.10, pp. 387--395
fm1 <- lm(I(as.numeric(deny) - 1) ~ pirat, data = HMDA)
fm2 <- lm(I(as.numeric(deny) - 1) ~ pirat + afam, data = HMDA)
fm3 <- glm(deny ~ pirat, family = binomial(link = "probit"), data = HMDA)
fm4 <- glm(deny ~ pirat + afam, family = binomial(link = "probit"), data = HMDA)
fm5 <- glm(deny ~ pirat + afam, family = binomial(link = "logit"), data = HMDA)

## More examples can be found in:
## help("StockWatson2007")