We provide new evidence that credit supply shifts contributed to the U.S. subprime mortgage boom and bust. We collect … original data on both government and private mortgage insurance premiums from 1999-2016, and document that prior to 2008 …

have higher mortgage delinquency and charge-off rates and significantly higher probabilities of failure during the last … stronger capital buffers. Our results suggest that there is scope for improved measures of mortgage loan risk that could be …