This paper presents evidence on the impact of the housing bubble, flood of high risk mortgage lending, and subsequent meltdown in homeownership. We point to agency and information problems in the mortgage origination and securitization market; incomplete risk transfer; and underassessment of...

The impact of borrowing constraints on homeownership has been well established in the literature. Wealth is most likely to restrict homeownership followed by credit and income. Using recent movers from the 1979 National Longitudinal Survey of Youth and borrowing constraint definitions commonly...

This paper discusses findings relative to the impact of borrowing constraints on homeownership in the U.S. in the aftermath of the 2008 financial crisis. While homeownership declines and tightened credit are evident, the role the tightening of credit has had on the probability of individual...

Existing data sources show divergent estimates of the number of homes purchased by first-time homebuyers as a share of all home purchases. In this paper, we use a new data set to construct a time series of the share of first-time homebuyers. This series, based on the Federal Reserve Bank of New...

Rapidly changing credit and housing market conditions of the past fifteen years have markedly impacted home ownership rates. Home ownership rates in the United States have increased steadily and significantly from 1995 to 2004, from 64 percent to 69 percent. No additional increase in home...

We analyze the relationship between underwriting standards and low-income homeownership rates using the 1979 National Longitudinal Survey of Youth. The survey respondents are a nationally representative sample of Americans mostly 40-48 years of age as of the most recent wave of the survey in...

This paper estimates, for 7 cities, a model of prime versus subprime allocation of loans in 1997 and 2002 based on both individual loan and neighborhood attributes. The paper is directly interested in the effect of neighborhood racial and ethnic composition on the likelihood of receiving a...

In this study, we test for the role of credit quality as a factor in limiting access to homeownership. While micro-level household data on wealth and income are available for assessing income- and wealth-based constraints to homeownership, lack of data on household credit ratings has precluded...

Subprime lending has grown over the past decade into a highly visible part of the United States' mortgage market. Previous studies have shown that a relatively large share of subprime lending occurs in census tracts with high concentrations of low-income and minority households, generating the...

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...