This article reviews the dramatic growth of nonbank mortgage lending after the Global
Financial Crisis, especially to borrowers with lower credit scores, and the related importance …

Shadow bank market share in residential mortgage origination nearly doubled from 2007 to
2015, with particularly dramatic growth among online “fintech” lenders. We study how two …

We ask how much leverage banks would choose in the absence of safety nets tied to
insured deposits. Using uniquely assembled data on capital structure decisions of shadow …

We empirically document two adjustment margins that are usually absent from the
predominant “bank balance sheet lending” view of financial intermediation. For the shadow …

Mortgage-backed securities are bonds with cash flows tied to the principal and interest
payments on a pool of underlying mortgages. Mortgage securitization has a long history (eg …

We study how intermediaries–mortgage servicers–shaped the implementation of mortgage
forbearance during the COVID-19 pandemic and use servicer-level variation to trace out the …

We study the impact of the Basel III liquidity coverage ratio (LCR) on interbank interest rates
in an otherwise-standard model of monetary policy implementation. When banks face the …

What is the contribution of demographic changes to house prices? We answer this question
by analyzing various channels through which changes related to demographics may affect …

Over the past two decades, shadow banks have significantly expanded their share of
residential mortgage lending, even surpassing pre-financial crisis levels. This surge is often …

We find that banks subject to the Liquidity Coverage Ratio (LCR banks) create less liquidity
per dollar of assets in the post-LCR period than non-LCR banks by, in part, lending less …