The reallocation of mortgage debt to low-income or marginally qualified borrowers plays a central role in many … explanations of the early 2000s housing boom. We show that such a reallocation never occurred, as the distribution of mortgage debt … with respect to income changed little even as the aggregate stock of debt grew rapidly. Moreover, because mortgage debt …

, mortgage credit constraints and a price-to-price feedback loop affects house price volatility. Considering 247 Metropolitan …

lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical …, and the fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing …

This paper provides evidence for the propagation of idiosyncratic mortgage supply shocks to the macroeconomy. Based on … micro-level data from the Home Mortgage Disclosure Act for the 1990-2016 period, our results suggest that lender …-specific mortgage supply shocks affect aggregate mortgage, house price, and employment dynamics at the regional level. The larger the …

This paper provides evidence for the propagation of idiosyncratic mortgage supply shocks to the macroeconomy. Based on … micro-level data from the Home Mortgage Disclosure Act for the 1990-2016 period, our results suggest that lender …-specific mortgage supply shocks affect aggregate mortgage, house price, and employment dynamics at the regional level. The larger the …