Released in March 2002, this report by the Housing and Urban Development (HUD) explores the subprime mortgage market by examining its lending practices and the role of Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. The report describes potential effects of a larger GSE role in the subprime market and explores the impact of "risk-based pricing and automated underwriting systems" within the mortgage lending environment. Consisting of sixty-eight pages that include an executive summary along with eight sections, this report is downloadable in Adobe Acrobat (.pdf) format.