historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We …We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following … the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their …

historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We …We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following … the end of the Federal Reserve's expansionary cycle in June 2003, mortgage rates failed to rise according to their …

An expansion in mortgage credit to subprime borrowers is widely believed to have been a principal driver of the 2002 … purchase mortgages to subprime borrowers. We also document that the expansion in speculative mortgage products and underwriting …-06 U.S. house price boom. Contrary to this belief, we show that the house price and subprime booms occurred in different …

reveals that many of the same components underlying the history of banking evolution are at work today. The recent subprime … mortgage crisis had its origins, like many earlier banking crises, in a boom-bust economic cycle. Grossman finds that important …

reveals that many of the same components underlying the history of banking evolution are at work today. The recent subprime … mortgage crisis had its origins, like many earlier banking crises, in a boom-bust economic cycle. Grossman finds that important …