ST. LOUIS, Missouri, June 4 (TNSLrpt) -- The Federal Reserve Bank of St. Louis issued the following white paper (No. 2026-011) on May 29, 2026, by Carlos Garriga and Manu Garcia entitled "Algorithms as Shadow Regulation: Secondary Market Access Overrides Home Buyer Credit Risk."

Here are excerpts:

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Using confidential HMDA data on 30 million purchase applications, we show how automated underwriting distorts credit allocation. We document a sev . . .

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