Calem, Paul S.; Gillen, Kevin; Wachter, Susan - In: The Journal of Real Estate Finance and Economics 29 (2004) 4, pp. 393-410
Subprime lending in the residential mortgage market, characterized by relatively high credit risk and interest rates or fees, has developed over the past decade into a prominent segment of the market (Temkin, 2000). Recent research indicates that there is geographical concentration of subprime...