We examine stated income loans originated by Bear Stearns affiliates during the recent housing market run-up and market collapse. After showing the extent to which these loans have higher default rates than do fully documented loans after controlling for other risk factors, we develop a measure...

Securitization has been widely assigned blame for contributing to the recent mortgage market meltdown and ensuing financial crisis. In this paper, we employ the OCC Home Equity database to develop estimates of default and prepayment probabilities for home equity lines of credit originated during...

We identify two data-related errors in the work of Ouazad and Kahn (OK, RFS 2021). Correcting either of these errors or both entirely reverses the original result, in OK’s code and in our independent implementation. The two corrections we implement are to use the correct FHFA conventional loan...