it's within msa. clearly downward sloping. the delinquency's and the current crises, these are measure at the end of 2008, are concentrated disproportionately in low income tracks. both of which are applied to both of these two goals. now let's look at loan growth. this is the loan growth, the same experiment looking between by track between 2001-three, same pattern. downward sloping. so for peter wallison, that's enough. in fact, this is hard wallison. speeches that the gse and cra goals cause of the crisis. but let me look at the next slide. this might give him a little path. this is the percentage of loans by track sold to the gses. notice it doesn't slope downward. the same track, same horizontal axis. upward sloping. middle income and higher income loans are more likely to be sold to the gses, not less likely. and this holds when you do it more than just a simple graph here. look at the next graph. these are loans, loans that were originated icier a cover to vendors in their assessment every. the same group that carolina

they're within the same msa. you're looking at loan delinquency, people in the track at 2008.osition of the lenders that served about trapped during the middle part of the decade? -- tract. they were disproportionately served by independent mortgage banks not covered by the cra. they have higher delinquencies. those served by cra-lenders in their assessment areas have lower delinquencies. we control for lots and lots of things in that experiment. at the end of that paper, the final line says, are evidence was in direct and that was really needed was direct evidence on these particular clause. it turns out, robin and caroline -- what they have done is provide direct evidence on exactly the same issue. let me talk -- if you take one away from this conference, this is an incredibly important paper. it is the first direct evidence on the gse goals. this paper does the right thing. it takes the actual loans generated and sold -- it puts the file together, an incredibly rich data sets. he looks at the performance of those loans. in particular, the key group that he looks that are th