Conklin, James; Frame, W. Scott; Gerardi, Kristopher S.; … - 2020
–2006 U.S. house price boom. By contrast, this paper documents a robust, negative correlation between the growth in the share … of purchase mortgages to subprime borrowers and house price appreciation at the county-level during this time. Using two … different instrumental variables approaches, we also establish causal evidence that house price appreciation lowered the share …