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This Article quantifies the dramatic tightening of mortgage credit that has occurred in the post-crisis period. It then describes the policy actions to loosen the credit box taken to date by both the government sponsored enterprises (GSEs) and their regulator, the Federal Housing Finance Agency (FHFA), as well as those taken by the Federal Housing Administration (FHA), concluding the FHA still has some important actions it has yet to undertake. Finally, the consequences of tight credit are discussed: namely, a lower home ownership rate, particularly among minorities, leaving many unable to access what has historically been the single most powerful vehicle to build wealth.


File nameDate UploadedVisibilityFile size
6 Sep 2022
727 kB



  • Subject
    • Administrative Law

    • Banking and Finance Law

    • Civil Rights and Discrimination

    • Housing Law

    • Property Law and Real Estate

  • Journal title
    • Boston College Journal of Law & Social Justice

  • Volume
    • 37

  • Issue
    • 2

  • Pagination
    • 235

  • Date submitted

    6 September 2022