Chinloy, Peter; Macdonald, Nancy - In: The Journal of Real Estate Finance and Economics 30 (2004) 2, pp. 153-165
Without a subprime market, some borrowers by virtue of poor credit history, unstable income, and other characteristics are unable to qualify for a mortgage. With a subprime market, there is a more complete credit supply schedule with the market pricing for poorer credit quality in the mortgage...