appraisals, increasing mortgage denial rates or pricing. Empirical tests found support for this theory in mortgage underwriting … leading to the recent mortgage bubble: the widespread securitization which allowed banks to shift loan risk to investors and …

This chapter considers the structure of mortgage finance in the United States and its role in shaping patterns of … homeownership, the nature of the housing stock, and the organization of residential activity. We start by providing some background … on the design features of mortgage contracts that distinguish them from other loans and that have important implications …

appraisals, making the mortgage loan riskier, less attractive to lenders, and consequently more likely to be denied or charged a …, and are based on US data from the 1990s. The mortgage bubble of the early 2000s offers a unique framework for revisiting … externalities (if any) shifted from underwriting to pricing during the mortgage bubble. We also test for any evidence of …