The U.S. mortgage market links homeowners with savers all over the world. In this paper, we ask how much of the flow of money from savers to borrowers goes to the intermediaries that facilitate these transactions. Based on a new methodology and a new administrative data set, we find that the...

We show how price leadership bans, imposed as part of the European Commission's State aid control on all main mortgage providers except the largest bank, shifted the Dutch mortgage market from a competitive to a collusive price leadership equilibrium. In May 2009, mortgage rates in the...

We show how price leadership bans, imposed as part of the European Commission's State aid control on all main mortgage providers except the largest bank, shifted the Dutch mortgage market from a competitive to a collusive price leadership equilibrium. In May 2009, mortgage rates in the...

The U.S. mortgage market links homeowners with savers all over the world. In this paper, we ask how much of the flow of money from savers to borrowers actually goes to the intermediaries that facilitate these transactions. Based on a new methodology and a new administrative dataset, we find that...

The U.S. mortgage market links homeowners with savers all over the world. In this paper, we ask how much of the flow of money from savers to borrowers goes to the intermediaries that facilitate these transactions. Based on a new methodology and a new administrative data set, we find that the...

This paper studies the impact of the global financial crisis (GFC) on home mortgage pricing strategies and the credit supply of Australian financial institutions (FIs). It first employs the traditional error correction model to investigate the pass-through of monetary shocks by Australian FIs....

This paper uses high frequent product-level data to study the pricing and sales of home mortgages in Australia, focusing on the impact of the Global Financial Crisis (GFC). The study finds responses to a monetary shock vary substantially across financial institutions and big banks lead in price...

We examine the effects of the Mortgage Electronic Registration System, or MERS, on mortgage origination volumes and foreclosure rates prior to the Great Recession. MERS was introduced in the late 1990s and significantly reduced the cost and time associated with secondary mortgage sales. Using...

In 2007, as American housing markets started to decline, the government-sponsored enterprises (GSEs) dramatically increased their acquisitions of low-FICO and high loan-to-value (LTV) mortgages. By 2008, the agencies had reversed course decreasing their high-risk acquisitions. I develop a theory...

This paper studies the effects of mortgage subsidies and imperfect competition in the U.S. mortgage market. I exploit novel quasi-experimental variation in interest rates generated by the discontinuities in pricing rules and find evidence of advantageous selection. I develop and estimate a rich...