LaCour-Little, Michael; Calhoun, Charles A.; Yu, Wei - In: Journal of Housing Economics 20 (2011) 2, pp. 81-100
We examine the use of simultaneous close junior lien lending ("piggybacks") over the course of the recent housing bubble and subsequent mortgage market collapse. Using both state-level and Zip code-level data over the period 2001-2008, we find that the fraction of piggyback originations is...