This Article argues for a new regulatory approach that could both increase market efficiency and protect informational privacy in the modern information economy. It explores that approach - information intermediation, or infomediation - in the context of the current debates about re-engineering...

The Great Recession resulted in bank failures that exceeded the savings and loan (S&L) crisis in terms of percentage of institutions and the volume of assets of banks that failed. While much of the literature focuses “subprime” mortgages and its role in this financial crisis, we focus on the...

I develop a structural model of mortgage demand and lender competition to study how leverage regulation affects the equilibrium in the UK mortgage market. Using variation in risk-weighted capital requirements across lenders and across mortgages with differential loan-to-values, I show that a...

Following the 2008 financial crisis, mortgage credit tightened and banks lost significant mortgage market share to nonbank lenders, including to fintech firms recently. Have fintech firms expanded credit access, or are their customers similar to those of traditional lenders? Unlike in small...

Following the 2008 financial crisis, mortgage credit tightened and banks lost significant mortgage market share to nonbank lenders, including to fintech firms recently. Have fintech firms expanded credit access, or are their customers similar to those of traditional lenders? Unlike in small...

We develop new measures to detect income falsification on mortgage applications during the housing bubble. We find that regulators failed to prevent income falsification. Additionally, regulatory requirements imposed on Fannie Mae and Freddie Mac (the “GSEs”) to promote lending in...

After exogenous shocks caused by natural disasters, the surge in demand for mortgages to rebuild damaged property is satisfied by FinTech lenders more than by traditional and shadow banks. Although both FinTech and traditional bank lenders increase mortgage availability, FinTech lenders are more...

Bank deregulation in the form of the repeal of the Glass-Steagall Act facilitated the entry of non-bank lenders into the market for syndicated loans during the pre-2008 credit boom. Institutional investors disproportionately purchase tranches of loans originated by universal banks able to...

This paper proposes a novel measure of financial fragility for shadow bank mortgage lenders and investigates its implications on credit supply and financial stability. The overall financial fragility of the shadow bank sector has been consistently increasing in recent years, reaching its highest...