In this paper we identify the relationship of the pricing of residential mortgage lending products to their market share during the run up to the financial crisis of 2007. We then use this relationship to decompose the total impact of nontraditional mortgage products on house price declines...

Introduction: In praise of homeownership -- Housing finance before the New Deal -- The New Deal mortgage -- The rise of securitization -- The boom and the bubble -- The bubble bursts -- Timing the bubble -- Demand or supply? -- Theories of the bubble -- The securitization daisy chain --...