We construct a new measure of mortgage credit availability that describes the maximum amount obtainable by a borrower … of given characteristics. We estimate this "loan frontier" using mortgage originations data from 2001 to 2014 and show … that it reflects a binding borrowing constraint. Our estimates reveal that the expansion of mortgage credit during the …

risk in the mortgage market raises the default rate and spreads to the rest of the economy, creating a recession. In our … model two shocks are well suited to replicate the subprime crisis and the Great Recession: the mortgage risk shock and the …. This policy is successful in stabilizing the mortgage market and makes all agents better off. …

If mortgage borrowers default strategically, their future house price expectations should affect their present mortgage …

risks arising from stressed mortgage markets to financial and economic stability. Having disaggregated information on the …

We study the exposure of mortgage borrowers in Switzerland to interest rate, income and house price risks and examine … analysis is based on a unique data set of household mortgage applications from September 2012 until January 2014. Our … assessment of risk exposure among mortgage borrowers in Switzerland is highly sensitive to the underlying assumptions on mortgage …

a bank-level cap on mortgage credit growth to investors while the second policy placed a bank-level cap on the share of … interest-only mortgage lending. We show that the first policy caused a sharp and large drop in credit growth to investors …

Although the close empirical relationship between the evolution of mortgage lending and housing prices is well … relationship that we identify as a mortgage loan demand equation, indicate that housing prices do not adjust to disequilibria in … the market for housing loans. This suggests that in the long run the causation does not run from mortgage lending to …