Furlong, Frederick Thomas; Takhtamanova, Yelena F.; … - Federal Reserve Bank of San Francisco - 2014
mix of borrowers, the evidence indicates that, while low risk-rated borrowers were affected on the margin more by house … price appreciation, on balance those borrowers tended be at least as responsive to fundamentals as high risk-rated borrowers …-rated borrowers in the housing boom appears to have been related to borrower credit risk metrics. Given the evidence related to loan …