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 …

We examine the behavior of mortgage borrowers over several economic cycles using an
unprecedented dataset of origination and monthly performance records for over 120 million …

We systematically review the recent empirical literature to investigate whether and how
securitization influences bank behaviour and its implication on financial stability. We find …

We study the effects of securitization on renegotiation of distressed residential mortgages
over the current financial crisis. Unlike prior studies, we employ unique data that directly …

Following a natural disaster, the rate of economic growth recovers faster in less competitive
banking markets. A 10% reduction in competition increases the rate of economic growth by …

We propose a model of trade in over‐the‐counter (OTC) markets in which each dealer with
private information can engage in bilateral transactions with other dealers, as determined by …

Abstract Between 2003 and 2006, the Federal Reserve raised rates by 4.25%. Yet it was
precisely during this period that the housing boom accelerated, fueled by rapid growth in …

Yes, it did. We use exogenous variation in banks' incentives to conform to the standards of
the Community Reinvestment Act (CRA) around regulatory exam dates to trace out the effect …

We derive the first closed‐form optimal refinancing rule: refinance when the current
mortgage interest rate falls below the original rate by at least In this formula W (.) is (the …

ABSTRACT I empirically analyze credit market outcomes when competing lenders are
differentially informed about the expected return from making a loan. I study the residential …