When a sweeping set of mortgage regulations took effect in January, many predicted a credit crunch. Millions of potential homeowners, particularly low-income borrowers, blacks and Hispanics, would be shut out of the mortgage market, unable to qualify for a home loan, industry representatives and others warned.

Those predictions never materialized. To be sure, lending is down across the board for a variety of factors ranging from the weak economy to student loan debt, anemic income growth to borrowers trapped in underwater mortgages.

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