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Financial Institution Regulations, Redlining and Mortgage Markets

Government regulations of market transactions have increased in recent years. The objectives of these new regulations are at least as noteworthy as their proliferation. Traditional forms of government regulation, such as antitrust and utility regulation, have sought either to reduce market power or to prevent its abuse. By comparison, many recently enacted regulations attempt to deal with various perceived failures of the market to achieve certain social goals.1 Government regulation of financial institutions is no exception. Prior to the 1970s, these institutions were subject to regulations governing entry into markets and mergers as well as numerous restrictions on interest rates that could be paid to depositors or charged to borrowers. Recent major new regulations include: (1)the Equal,~Credit Opportunity Act; (2)the Fair Housing Act; (3) the Home Mortgage Disclosure Act; and (4)the Community Reinvestment Act. All of these new regulations are administered by organizations already established to enforce earlier statutes. But regulatory objectives of recent legislation differ substantially from previous ones. This new generation of legislation governing financial institutions attempts to address a perceived failure of private markets to provide "equal" access to credit. The Equal Credit Opportunity Act attempts to provide individuals with equal access to both consumer and mortgage credit. The Fair Housing, Home Mortgage Disclosure, and Community Reinvestment Acts are intended to improve the availability of mortgage credit to certain individual borrowers, and/or to certain neighborhoods. This paper focuses on those regulations enacted to deal specifically with the perceived social problem of "redlining." These regulations impose and/or suggest limits on criteria that may be used in granting mortgages and hence may limit