We show that the lightly regulated non-bank mortgage originators contributed disproportionately to the recent boom …-bust housing cycle. Using comprehensive data on mortgage originations, which we aggregate at the county level, we first establish …

Using detailed information on lobbying and mortgage lending activities, we find that lenders lobbying more on issues … related to mortgage lending (i) had higher loan-to-income ratios, (ii) securitized more intensively, and (iii) had faster … issues unrelated to mortgage lending, (ii) a difference-in-difference approach based on state-level laws, and (iii …

during the financial crisis in the United States. We focus on mortgage lending to minimize the impact of confounding demand … disaggregated data on mortgage applications that we use allows us to study the time variations in banks’ decisions to grant mortgage … credit significantly more than retail-funded banks during the crisis. The demand for mortgage credit, on the other hand …

quantify mortgage lending risk in two distinct mortgage markets. For each application, we show a range of modeling adjustments …