We construct a new measure of mortgage credit availability that describes the maximum amount obtainable by a borrower … of given characteristics. We estimate this "loan frontier" using mortgage originations data from 2001 to 2014 and show … that it reflects a binding borrowing constraint. Our estimates reveal that the expansion of mortgage credit during the …

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 … flat premium structure, which necessarily resulted in safer mortgages cross-subsidizing riskier ones, produced substantial …

Mortgage subsidies affect homeownership costs by reducing effective mortgage rates and increasing house prices. I show … analytically the role of mortgage subsidies in determining house price changes, economic incidence, and efficiency costs using a …-form sufficient statistics, which I use to measure the effects from eliminating mortgage deductions. My main results characterize the …

in a large government mortgage program. The Federal Housing Administration (FHA) insures most mortgages to lower …-downpayment, lower credit score borrowers, including a majority of first-time homebuyers. The FHA charges borrowers an annual mortgage …