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 …

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 …