Gerardi, Kristopher S.; Willen, Paul S. - 2009
This paper analyzes the impact of the subprime mortgage crisis on urban neighborhoods in Massachusetts. We explore the …-level, transaction data from Massachusetts Registry of Deeds offices. With these data, we show that much of the subprime lending in the … exceptionally unstable in the face of rapid price declines. The evidence in Massachusetts suggests that subprime lending did not, as …