To the Editor:

Your report (Dec. 6) on our study of 1994 mortgage lending to lower- income homebuyers and the distributions of the associated credit risk of those loans provided an accurate account of that work. Fannie Mae's subsequent comment (Dec. 12) argues that the conclusions are misleading and inaccurate. We strongly disagree.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.