mortgage market; spillovers into broader credit market; the liquidity crisis epitomized by the fallout of Northern Rock, Bear … mortgage crisis ; credit crisis ; liquidity crisis ; market risk ; credit risk ; default risk ; counterparty risk …

and life savings as a result of the subprime mortgage debacle. A disproportionate number of these individuals are African …

An expansion in mortgage credit to subprime borrowers is widely believed to have been a principal driver of the 2002 … purchase mortgages to subprime borrowers. We also document that the expansion in speculative mortgage products and underwriting …