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The Politics of Mortgage Finance: Implementing FIRREA's Reforms

Three reforms intended to expand access to credit in underserved communities were included in the savings and loan bailout bill of 1989 (FIRREA): the Community Reinvestment Act was strengthened, Home Mortgage Disclosure Act reporting requirements were expanded, and the Federal Home Loan Banks were required to establish a subsidy program for affordable housing. This paper examines three political battles fought over the implementation of these reforms: the efforts of finance industry interests to pressure for legislative and regulatory rehef, which stimulated opposition from consumer advocates; the response of the regulatory agencies to their new mandate; and the extent to which FIRREA's priority goal—restoring safety and soundness—contributed to the credit crunch in the multifamily housing sector between 1990 and 1993.

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