externalities (if any) shifted from underwriting to pricing during the mortgage bubble. We also test for any evidence of … as discriminatory redlining. Our findings provide evidence of a shift of the importance of information externalities from … underwriting to pricing decisions, although even in pricing the economic importance of information externalities is small for a …

the advent of risk-based pricing. Consistent with expectations, we find that information externalities have become …

investment risk. Consequently, homeownership should be relatively less likely in places with higher housing investment risk …