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 …

the Great Recession can be explained by reductions in the supply of mortgage credit. I construct a mortgage credit supply … instrument at the county level, the weighted average (by prerecession mortgage market shares) of liquidity-driven lender shocks … during the recession. The reduction in mortgage supply explains about 15 percent of the employment decline. The job losses …

-COFI mortgage"). This mortgage has fixed monthly payments equal to payments for traditional fixed-rate mortgages and does not … require a down payment. Also, unlike traditional fixed-rate mortgages, Fixed-COFI mortgages do not bundle mortgage financing …-COFI mortgage. Homeowners with "affordable" Fixed-COFI mortgages are rebated the "wedges" between the traditional fixed …

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 …