Showing papers in "Housing Policy Debate in 2011"
TL;DR: A foundational theory of smart decline that takes as its starting point discussions of ethics, equity, and social justice in the planning and political theory literature, but is well grounded in observations of successful smart decline practice is presented in this paper.
Abstract: Economic decline has led to a new wave of population decline throughout the US, meaning more and more cities are shrinking. Growing interest in using smart decline principles to respond to shrinkage has been met with controversy in cities such as Detroit and Cleveland. This paper advances a foundational theory of smart decline that takes as its starting point discussions of ethics, equity, and social justice in the planning and political theory literature, but is well grounded in observations of successful smart decline practice.
263 citations
TL;DR: In this paper, the authors explore the conceptual underpinnings of successful prevention initiatives and review practice-based evidence from several successful prevention-oriented approaches to homelessness in the United States and Europe.
Abstract: Prevention has long been cited as an important part of any strategy to end homelessness. Nonetheless, effective prevention initiatives have proven difficult to implement in practice. The lack of a prevention-oriented policy framework has resulted in responses to homelessness that focus primarily on assisting those who have already lost their housing and, consequently, to the institutionalization of homelessness. Recent Federal legislation, however, signals an emergent paradigm shift towards prevention-based approaches to homelessness. This paper explores the conceptual underpinnings of successful prevention initiatives and reviews practice-based evidence from several successful prevention-oriented approaches to homelessness in the United States and Europe. We then outline a conceptual framework for a transformation of homeless assistance towards prevention-oriented approaches, with a discussion of relevant issues of program design and practice, data collection standards, and program performance monitoring...
137 citations
TL;DR: This article found that gender inequalities exacerbate racial/ethnic inequalities in the segmentation of high-cost subprime credit, while the National Mortgage Data Repository provides limited circumstantial evidence of disproportionate representation of elderly African American women.
Abstract: For almost 20 years, evidence from journalists' reports, Congressional testimony, and consumer protection litigation suggested that predatory practices in the subprime market were especially harmful for elderly African American women, many of them widows. Much of this evidence has been dismissed as anecdotal, however, and lending research has generally ignored feminist theory – obscuring the relations among race/ethnicity, gender, and age. In this paper, we draw on two complementary datasets to test the hypothesis that subprime inequalities were intensified for African American women. Analysis of Home Mortgage Disclosure Act (HMDA) data confirms that gender inequalities exacerbate racial/ethnic inequalities in the segmentation of high-cost subprime credit, while the National Mortgage Data Repository provides limited circumstantial evidence of disproportionate representation of elderly African American women. Loan terms among subprime borrowers in the NMDR display only modest variations by gender and race/...
54 citations
TL;DR: In this article, the authors explore the theoretical objections to minimum parking requirements and the limited empirical literature, and then use lot-level data and GIS to analyze parking requirements in New York City to determine to what extent they are already effectively sensitive to t...
Abstract: Many cities throughout the United States require developers of new residential construction to provide a minimum number of accompanying off-street parking spaces. However, critics argue that these requirements increase housing costs by bundling an oversupply of parking with new housing and by reducing the number of units developers could otherwise fit on a given lot. Furthermore, the requirements reduce the subsequent direct costs of car ownership by forcing up-front, or subsidizing, consumption of parking spaces, which leads to increases in auto-use and its related externalities. Such critics advocate eliminating or at least reducing the requirements to be more responsive to locational context, particularly proximity to transit. In this article, we explore the theoretical objections to minimum parking requirements and the limited empirical literature. We then use lot-level data and GIS to analyze parking requirements in New York City to determine to what extent they are already effectively sensitive to t...
54 citations
TL;DR: In this article, the authors examined three potential channels through which the LIHTC could affect segregation: where the tax credits are used relative to where other low income households live, who lives in these tax credit developments, and changes in neighborhood racial composition in neighborhoods that receive tax credit projects.
Abstract: This paper addresses a critical but almost unexamined aspect of the Low Income Housing Tax Credit (LIHTC) program – whether its use (and in particular, the siting of developments in high-poverty/high-minority neighborhoods), is associated with increased racial segregation in the metropolitan area. Using data from the Department of Housing and Urban Development (HUD) and the Census, supplemented with data on the racial composition of LIHTC tenants in three states, we examine three potential channels through which the LIHTC could affect segregation: where LIHTC units are built relative to where other low income households live, who lives in these tax credit developments, and changes in neighborhood racial composition in neighborhoods that receive tax credit projects. The evidence on each of these channels suggests that LIHTC projects do not contribute to increased segregation, even those in high poverty neighborhoods. We find that increases in the use of tax credits are associated with declines in racial se...
45 citations
TL;DR: In this paper, the connection between subsidized housing and sustainable urban form was explored, and a rich set of parcel and planning data for the city of Chicago was used to correlate sustainability indicators with the locations of both project-and tenant-based affordable housing programs.
Abstract: This article explores the connection between subsidized housing and sustainable urban form. Given the general disconnect between new market-rate housing in sustainable, walkable neighborhoods and affordable housing opportunities, we expect affordable housing to be located in less sustainable locations in terms of proximity to amenities, walkability, street connectivity, density, and diversity of urban form. A rich set of parcel and planning data for the city of Chicago was used to correlate sustainability indicators with the locations of both project- and tenant-based affordable housing programs. Difference-in-means tests and other descriptive statistical analysis suggest that project-based locations (with the exception of Chicago Housing Authority family units) actually score above average, especially in terms of accessibility and walkability, albeit it at the cost of concentrated poverty, racial segregation, and crime. In contrast, vouchers are located in less sustainable locations when it comes to acce...
44 citations
TL;DR: This article examined the patterns and trends in the housing and neighborhood circumstances of children and found that children across the income distribution have experienced dramatic improvements in the physical adequacy of their dwellings and in crowding but significant deterioration in housing affordability.
Abstract: This paper uses national and metropolitan area data from American Housing Surveys over four decades to examine the patterns and trends in the housing and neighborhood circumstances of children. Children across the income distribution have experienced dramatic improvements in the physical adequacy of their dwellings and in crowding but significant deterioration in housing affordability. Poor children are often in greatest jeopardy, with the rate of complaints about crime 25 percent higher in 2005 than in 1975, and the rate of school complaints twice as high in 2005 than 1975. Poor children also experience little payoff from residential mobility in terms of physical dwelling adequacy, crowding, affordability, or adequacy of schools, though moves are associated with fewer complaints about crime. However, it is the near poor – those between 101–200 percent of poverty – and not the poor who appear to be most affected by the tightness or looseness of the housing market.
42 citations
TL;DR: In this article, the authors examined the ability of low-income homebuyers to pay housing related costs after home purchase, including maintenance or repairs costs, and found that after less than two years of ownership, the sustainability of lowincome homeownership was in jeopardy for a sizeable portion of home buyers.
Abstract: Until the recent housing market crisis, the United States was producing first-time, low-income homeowners at an unprecedented rate. In a longitudinal study of low-income renters participating in a multi-site homeownership education program, we examine the ability of low-income homebuyers to pay housing related costs after home purchase, including maintenance or repairs costs. After less than two years of ownership, we find the sustainability of low-income homeownership in jeopardy for sizeable portion of home buyers. About half of the more than 350 new home owners surveyed face unexpected costs, and about a third confront home repairs they cannot afford. More than half carry greater non-housing debt, and about a quarter were 30 days late or more in debt repayment. The findings raise concerns about the long term sustainability of low-income homeownership and emphasize the importance of requiring effective pre-purchase services and effective and ongoing post-purchase counseling.
40 citations
TL;DR: In this paper, a hedonic home price regression calculates the value of these external effects for a large United States area (Sacramento, CA) hit particularly hard by the crisis over the period between January 2008 and June 2009.
Abstract: The United States faced an ongoing foreclosure crisis in the late 2000s. Federal and state governments responded with public policies designed to reduce foreclosures. Such policies are economically appropriate if the cost to implement them is less than the negative private and public external effects of mortgage foreclosure. A hedonic home price regression calculates the value of these external effects for a large United States area (Sacramento, CA) hit particularly hard by the crisis over the period between January 2008 and June 2009. The selling price of an average non-real estate owned homes, due to the presence of real estate owned sales of neighboring homes, fell by $48,827 or 31.9 percent. This estimate of the external neighborhood effect far exceeds similar estimates from previous regression studies using data from before the late 2000s foreclosure crisis and likely justifies public intervention into the curtailment of a regional foreclosure crisis of this magnitude.
31 citations
TL;DR: In this article, the authors build on an expanding literature that attempts to understand the changing organizational and institutional dimensions of contemporary urban governance by utilizing the Cleveland Housing Network as a lens through which salient characteristics of contemporary governance become visible.
Abstract: In this paper we build on an expanding literature that attempts to understand the changing organizational and institutional dimensions of contemporary urban governance. We do so by utilizing the Cleveland Housing Network as a lens through which salient characteristics of contemporary governance become visible. Doing so enables us to highlight the distinctive challenges of the multi-institutional nature of contemporary governance arrangements and “heterarchic” governance in particular. These challenges situate mediating organizations as central components of governance arrangements. Finally, by focusing on the distinctive characteristics of the organization's leaders, we demonstrate that mediating organizations are usefully thought of as institutionalized forms of the “social skill” of institutional entrepreneurs.
24 citations
TL;DR: In this paper, the authors evaluate the impact of Heading Home Hennepin's Housing First programs for long-term homeless individuals with work-limiting disabilities and find that housing-first placement is associated with a substantial decrease in public shelter use, an increase in public health insurance coverage, and a decrease in arrests and incarceration.
Abstract: This paper evaluates the impact of Heading Home Hennepin’s Housing First programs for long-term homeless individuals with work-limiting disabilities. These programs combine subsidized housing and extensive case management services to help program participants maintain stable housing. Using a matched comparison of housing-first participants and nonparticipants residing in public shelters, this study finds that housing-first placement is associated with a substantial decrease in public shelter use, an increase in public health insurance coverage, and a decrease in arrests and incarceration. Most of the decline in arrests is due to decreases in arrests for livability and drug-related charges and not for violent or property crime.
TL;DR: The Housing Choice Voucher Program (HCV) as mentioned in this paper has become the primary strategy for providing safe, decent, and affordable housing for low-income households in the USA.
Abstract: Over the last decade, the Housing Choice Voucher Program has grown to become the USA's primary strategy for providing safe, decent, and affordable housing. Annually serving more than 2 million low-income households, the program is designed to help low-income households afford private market rental housing. The program also allows for the “portability” of vouchers nationally between housing authority jurisdictions. Both features aim to mitigate the effects of concentrated poverty. Research on the Moving to Opportunity Program and the Gautreaux consent decree have produced data confirming that residential mobility can at times lead to positive opportunities for assisted households. This past research has been conducted on specific programs occurring outside of the general Housing Choice Voucher Program framework and has focused on household-level outcomes, paying little attention to the ways in which program administration may affect outcomes for voucher households. This article aims to understand voucher p...
TL;DR: In this article, a case study of the inter-organizational network that formed to produce four housing projects in Cleveland's EcoVillage designed to integrate social equity and ecological stewardship as the basis for neighborhood redevelopment is presented.
Abstract: This article presents a case study of the inter-organizational network that formed to produce four housing projects in Cleveland's EcoVillage designed to integrate social equity and ecological stewardship as the basis for neighborhood redevelopment. Our paper builds on concepts of community development and housing production through inter-organizational networks spanning nonprofit, public, and private organizations that developed and supported four “green” and affordable housing projects. We are interested in understanding how development of the housing projects changed and connected traditional neighborhood development and ecologically-oriented organizations and how their interaction changed the practice of housing production and environmental and sustainability advocacy locally and regionally. The results of the study reveal that the marriage of green and affordable housing in Cleveland, despite some challenges, was viewed as important and beneficial by the organizations involved, and resulted in a rang...
TL;DR: The Park Avenue HOPE VI Revitalization Project as mentioned in this paper was designed to create both low-income and market-rate housing in an urban environment along with recreation and business opportunities.
Abstract: In 2002, the Denver Housing Authority1 received a HOPE VI grant from HUD in the amount of 20 million dollars to raze and rehabilitate three “severally distressed” public housing communities. Named the Park Avenue HOPE VI Revitalization Project, the purpose was to create both low-income and market-rate housing in an urban environment along with recreation and business opportunities. An evaluation of the community impact of the project has yielded favorable results. Employing a quasi-experimental research design, analyses of the data collected revealed impressive outcomes in three areas. These include a decrease in overall as well as violent crime, increased home-buying activity, and increased property values within a quarter-mile radius of the Park Avenue HOPE VI site. Adding to the many evaluations of HOPE VI projects nationally, this article offers community-level results to further our understanding of federal housing policy and its effects on urban centers. 1Data and support for the study were provided...
TL;DR: In this paper, the authors investigate the dynamics of spatial inequality in gross housing wealth in the UK and find that there is evidence of cycles in housing wealth inequality but no evidence of an upward trend.
Abstract: This paper investigates the dynamics of spatial inequality in gross housing wealth in the UK. Our results challenge recent research findings in the UK that suggest inexorable rises in housing wealth inequality. We argue that such findings are illusory, arising in part from the use of final period price levels to categorize areas into low and high house price locations. We use Monte Carlo simulations to illustrate the bias that final period categorization introduces and we then estimate how gross housing wealth inequality changes over time using a battery of measures. All our results indicate that there is evidence of cycles in housing wealth inequality but no evidence of an upward trend. Most surprisingly, the cycles in inequality are found to be of very large amplitude and this may have important effects on consumption, work incentives and business formation. We also find that the entire distribution of house values has shifted which is likely to imply a growing gulf in housing wealth between owners and ...
TL;DR: In this article, the authors study intrametropolitan residential mobility in the greater Columbus, Ohio, metropolitan area, focusing on older suburban areas and conclude that natural evolution explains older suburban movers' outward movement, but there are signs that the flight from blight explanations may become more important in the future.
Abstract: Despite signs of decline, older inner suburban areas have not drawn much attention as declining central cities in the United States. In this paper, we study intrametropolitan residential mobility in the greater Columbus, Ohio, metropolitan area, focusing on older suburban areas. We organize our discussion around possible explanations for the decline of older suburbs associated with suburbanization, utilizing natural evolution and flight from blight theories. We found that there is a sequence of outward movement toward newer suburbs from older suburbs, and the households who moved to outer areas often cited the desire for a newer house. These results indicate that policies to help remodel older homes and/or construct new homes to replace older ones can be an initial step for those older suburbs to retain households. We conclude that natural evolution explains older suburban movers' outward movement, but there are signs that the flight from blight explanations may become more important in the future.
TL;DR: In recent years, the present condition and uncertain future of America's shrinking cities have become a matter of considerable public interest and the idea that cities should plan strategies around these conditions has been explored as mentioned in this paper.
Abstract: In recent years, the present condition and uncertain future of America's shrinking cities have become a matter of considerable public interest and the idea that cities should plan strategies around...
TL;DR: In this paper, Talen and Koschinsky demonstrate that Chicago's walkable, dense, mixed-use neighborhoods score poorly on measures of health, accessibility, safety, and social interaction.
Abstract: Talen and Koschinsky demonstrate that Chicago's walkable, dense, mixed-use neighborhoods score poorly on measures of health, accessibility, safety, and social interaction. This comment raises and discusses several questions: How good a frame is ``sustainable'' for describing the urban form the authors measure? What are the connections between ``sustainable urban form'' (SUF) and good outcomes for assisted tenants in Chicago? Do SUF neighborhoods provide better conditions for assisted housing tenants? How does the scale at which we investigate this question influence the answer? More broadly, how do we expect SUF to work for assisted housing tenants and other low-income people? Finally, to what extent is SUF a necessary and sufficient condition for ensuring long-term income diversity through investment in affordable housing? The answers to all these questions are still open, making this is a promising time for more fine grained research supporting efforts to bring greater social justice to the city.
TL;DR: In this paper, the authors examined how local public administrators, nonprofit providers, and elected officials in the suburbs of Erie County, NY perceive impediments to fair housing and found that key stakeholders emphasize specific issues and groups when discussing impediments.
Abstract: This article examines how local public administrators, nonprofit providers, and elected officials in the suburbs of Erie County, NY perceive impediments to fair housing. This article is based on research conducted from 2007–2008 for the Analysis of Impediments for Fair Housing Choice in Erie County, NY. The research involved an examination of trends related to fair housing and housing discrimination complaints between 2000 and 2006. It also involved a series of focus group interviews with local public administrators, nonprofit providers, and elected officials. The results from this research indicate that key stakeholders emphasize specific issues and groups when discussing impediments to fair housing. These predispositions result in uneven policy implementation. In particular, there is a tendency to emphasize impediments encountered by the elderly while paying less attention to those impacting minorities, families, the disabled, and the poor. The article concludes with our recommendations to promote a mor...
TL;DR: In this article, the authors compared the homeownership outcomes of individual development account (IDA) homebuyers with other low-income home buyers in 16 states with IDA funds between 1999 and 2007.
Abstract: This study is the first to compare the homeownership outcomes of Individual Development Account (IDA) homebuyers with other low-income homebuyers. The IDA homebuyers purchased homes in 16 states with IDA funds between 1999 and 2007. We compare both loan terms and foreclosure outcomes for the IDA homebuyer sample to comparison groups of other low-income homebuyers who purchased homes in the same counties and during the same time period. We find that IDA homebuyers were more likely to receive government-insured loans and less likely to receive high interest rate or subprime loans than other low-income homebuyers. Further, we find that cumulative foreclosure rates for IDA homebuyers were one-half to one-third the rate for other low-income homebuyers in the same communities. Overall, the findings suggest that low-income IDA program participants have fared better in the foreclosure crisis than other low-income homebuyers.
TL;DR: In recent years, evidence and awareness of critical relationships among the built environment, energy use, and climate change have increased among planners, architects, and policymakers as mentioned in this paper, and the importance of these relationships has been emphasized.
Abstract: In recent years, evidence and awareness of critical relationships among the built environment, energy use, and climate change have increased among planners, architects, and policymakers. In state a...
TL;DR: In this article, the authors examined the extent to which current affordable rental housing programs and policies violate fair housing standards and exacerbate socio-economic inequality, and found that race and ethnicity have a greater impact than socioeconomic status on which type of housing a family occupies.
Abstract: Using New York City as a case study, this article examines the extent to which current affordable rental housing programs and policies violate fair housing standards and exacerbate socio-economic inequality. New York City Housing and Vacancy Survey data are analyzed with Theil's entropy and information indices and logistic regression to pinpoint the sources of racial and ethnic segregation and inequality in specific types of rental housing. This study offers three major findings. First, despite increasing neighborhood diversity, Blacks and Latinos are significantly segregated from Whites, Asians, and other racial and ethnic groups in certain types of affordable housing. Second, race and ethnicity have a greater impact than socio-economic status on which type of housing a family occupies. Third, differences in employment, income, and poverty indicate that affordable housing located within mixed-income, multiple-family dwellings offers significant advantages over cluster developments such as public housing,...
TL;DR: In this article, the authors explore the extent to which housing subsidized in Chicago under a variety of programs is located in ''sustainable'' neighborhoods, neighborhoods that promote access, connectivity, safety, and diversity.
Abstract: Until now, the literature on sustainability and housing has paid little attention to low-income or to subsidized housing. In examining the sustainability of subsidized housing in Chicago, Talen and Koschinsky make an important contribution to the literature. Drawing on several data sets, they explore the extent to which housing subsidized in Chicago under a variety of programs is located in ``sustainable'' neighborhoods, neighborhoods that promote access, connectivity, safety, and diversity. Like many pathbreaking studies, Talen and Koschinsky's work raises many questions. I will focus on three. First, had the study focused on the greater metropolitan area rather than the city of Chicago, subsidized housing would appear significantly more sustainable. Second, while the limited geographic scope of the city probably caused subsidized housing to appear less sustainable than it is, some of the criteria used to define sustainability may not be valid or appropriate in some urban settings. As a result the study ...
TL;DR: This paper found that the Good Faith Estimate (GFE) slightly overestimates total closing costs by $359, or 3.9 percent of the mean initial estimate, and broker fees for brokered loans were underestimated by 11.7 percent on the GFE.
Abstract: Prior to 2010 regulatory changes, lenders faced few penalties for disclosing inaccurate mortgage closing costs to borrowers during the mortgage application process. Given this policy context, lenders might have intentionally understated closing costs in order to lure unsuspecting borrowers into mortgages with greater true costs than initially disclosed. Further, lenders might have been more likely to understate closing costs for borrowers perceived to be less financially capable. The extent to which lenders’ estimates actually deviate from final closing costs has not been extensively studied. Based on an analysis of 600 loan applications from the National Mortgage Data Repository, the Good Faith Estimate (GFE) slightly overestimates total closing costs by $359, or by 3.9 percent of the mean initial estimate. Broker fees for brokered loans, however, were underestimated by 11.7 percent on the GFE. It does not appear that borrower demographics predict differences between initial GFE estimates and actual clos...
TL;DR: Housing Policy Debate provides a venue for original research on housing policy, to promote relevant and timely discussion of issues surrounding housing, and to identify the most cited (i.e. popular) articles published in the journal since 1990 as well as to review the topics of the articles that have generated the most interest.
Abstract: One purpose of a journal is to have influence on thought and scholarship for a particular topic or discipline. Housing Policy Debate provides a venue for original research on housing policy, to promote relevant and timely discussion of issues surrounding housing. As we close out our first 20 years and look to the next 20 years of housing policy, it is helpful to look at the impact Housing Policy Debate has had within the research community and how we can increase the value of our research towards the end of better informing policy-makers. The network of housing-related research is extensive and one way to assess our reach is through citation analysis. Citation analysis measures the frequency that researchers and scholars cite an article within other published work. The citation analysis literature goes into great depth about the coverage and completeness of bibliographic databases such as Web of Science, Scopus, and Google Scholar – as well as metrics for author citations that include frequency, overall recognition, and immediacy of citation. The rapid increase in electronic availability of scholarly books and journals as well as research reports and policy documents coincides with the rise of indexing and bibliometrics on the internet. We can only expect these trends to continue for competitive scholarly outlets now that popularity and prestige metrics are readily available. With this in mind, I thought it would be useful to examine the citation statistics for all of the articles that have appeared in Housing Policy Debate. The nearly 600 articles appearing in Housing Policy Debate have been cited over 15,000 times, averaging approximately 25 citations per article. This equates to about 680 citations per year resulting in an H-index of 59. Another objective was to identify the most cited (i.e. popular) articles published in the journal since 1990 as well as to review the topics of the articles that have generated the most interest. The following is the list of the ten most cited articles:
TL;DR: In this article, the authors explore the appropriate measurements for "net tangible benefit" using simulated cash-out refinances as well as a unique dataset of subprime loans containing information not typically accessible to researchers.
Abstract: Cash-out refinance transactions present unique challenges for borrowers as they involves a myriad of moving financial variables, making it difficult to evaluate the costs and benefits of the loans. While many states have passed legislation to protect borrowers from loan flipping by “net tangible benefit” requirements, no standard financial analysis has been utilized to effectively weigh the costs and benefits of these transactions. In this paper, we explore the appropriate measurements for “net tangible benefit” using simulated cash-out refinances as well as a unique dataset of subprime loans containing information not typically accessible to researchers. Our findings illustrate the complexity and potential pitfalls of these transactions, and suggest that a formal cost-benefit analysis for cash-out refinances should be considered as part of the larger mortgage reform currently underway.
TL;DR: This paper examined the refinancing decisions of a sample of low-income borrowers with 30-year fixed-rate purchase mortgages with Community Advantage Program (CAP) and found that while the majority of refinancing CAP borrowers secured lower-cost prime loans, a minority refinanced into adjustable-rate mortgages and into products with above-prime interest rates.
Abstract: Refinancing transitions can alter both the long-term cost and the sustainability of a homeownership tenure. However, because few datasets allow researchers to follow homeowners from one mortgage to the next, little research exists regarding the extent and nature of refinancing transitions. This article uses uniquely rich data from the Community Advantage Program (CAP) to examine the refinancing decisions of a sample of low-income borrowers with 30-year fixed-rate purchase mortgages. While the majority of refinancing CAP borrowers secured lower-cost prime loans, a minority refinanced into adjustable-rate mortgages and into products with above-prime interest rates. The empirical analysis documents the refinancing transitions made by CAP borrowers and explores the role of equity extraction in the refinancing decision. Refinancing motivated by a desire to secure a lower interest rate is shown to be substantively distinct from refinancing that includes equity extraction. This difference carries over into borro...
TL;DR: This article found evidence that closing costs increased since 1972 and fee types proliferated, lending credence to complaints of baiting and switching, and pointed out the need for detailed data collection, routine monitoring of whether RESPA is meeting its legislative intent.
Abstract: Congress passed the Real Estate Settlement Procedures Act (RESPA) in 1974 based upon documented instances of kickbacks between settlement service providers, unearned fees, and expensive and unnecessary closing costs paid by buyers and sellers of residential real estate. It opted for a disclosure strategy accompanied by few substantive prohibitions. Over the last 37 years, only a handful of studies attempted to measure the success of the mortgage loan disclosures. This article uses a uniquely rich database to examine this question. We find evidence that closing costs increased since 1972 and fee types proliferated. The early cost estimate underestimated the final closing costs and projected cash to borrowers in a majority of cases, lending credence to complaints of baiting and switching. These observations call into question the efficacy of the RESPA disclosure scheme. Further, they point to the need for detailed data collection, routine monitoring of whether RESPA is meeting its legislative intent, and ri...