A team at Urban Institute used data to calculate how many more mortgages there would be if not for tight credit standards. This team, which already calculated 4 million were missing between 2009 and 2013, found another 1.2 million missing in 2014.

Credit standards are tighter today for a number of reasons including high costs of servicing delinquent homes and fear of litigation by the Department of Justice. One thing is for certain, this credit tightening is depriving families of the opportunity to build wealth.

Here's how the 5.2 million was calculated:

To develop a specific estimate of the number of missing loans, we combined Home Mortgage Disclosure Act (HMDA) data and CoreLogic servicing data, allowing us to identify the FICO scores on all loan files. We then calculated what mortgage originations would have been if borrowers of all credit levels had the same access to the mortgage market in 2014 as they did in 2001.

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