We document a concentration effect in the production of green assets, using data on multifamily mortgages bought by Fannie Mae since 2016. Lenders with a larger share of a given Metropolitan Statistical Area originate more green loans in that location. Green mortgages in concentrated markets...

Have post-crisis reforms purged mortgage markets of adverse selection? I show that loans synthetically sold by Fannie Mae through Credit Risk Transfers are ex post riskier, controlling for observable quality, than those they keep on balance. Transfers that go unreported on public data are...