2005 and competition among mortgage lenders. The mortgage lending business, especially with the rise of the originate …-to-distribute model, had competitors with very different non-mortgage activities and regulation. I show that in local markets, when banks … increased their share of mortgages relative to lenders such as mortgage brokers, home prices started increasing at a faster pace …

and 2007 nonprime vintages becomes more understandable. -- Housing ; mortgage default ; subprime mortgages …