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What Fuels the Boom Drives the Bust; Regulation and the Mortgage Crisis

Dagher, Jihad; Fu, Ning - International Monetary Fund (IMF) - 2011

We show that the lightly regulated non-bank mortgage originators contributed disproportionately to the recent boom-bust housing cycle. Using comprehensive data on mortgage originations, which we aggregate at the county level, we first establish that the market share of these independent non-bank...

Persistent link: https://www.econbiz.de/10009327868

Complex mortgages

Amromin, Gene; Huang, Jennifer; Sialm, Clemens; Zhong, … - Federal Reserve Bank of Chicago - 2010

Complex mortgages became a popular borrowing instrument during the bullish housing market of the early 2000s but … mortgages) enable households to postpone loan repayment compared to traditional mortgages and hence relax borrowing constraints … contract terms. We document that complex mortgages were chosen by prime borrowers with high income levels seeking to purchase …

Persistent link: https://www.econbiz.de/10008764399

The rise and fall of subprime mortgages

DiMartino, Danielle; Duca, John V. - In: Economic Letter 2 (2007)

credit standards on mortgages, particularly for newer and riskier products. As lenders cut back, housing activity began to …

Persistent link: https://www.econbiz.de/10009274478

Changes in the mortgage market since the crisis

Sengupta, Rajdeep; Noeth, Bryan J. - In: Economic Synopses (2011)

It appears that mortgage origination and securitization is currently “in limbo”: Private securitization has all but disappeared and is being absorbed by government- sponsored enterprises

Persistent link: https://www.econbiz.de/10009292976

Home Sweet Home; Government's Role in Reaching the American Dream

Tsounta, Evridiki - International Monetary Fund (IMF) - 2011

This paper investigates the role of government intervention in achieving the American dream of homeownership. The study analyzes the role of tax deductions in housing finance, including their impact on homeownership and housing consumption. The role of the Government Sponsored Enterprises in...

Persistent link: https://www.econbiz.de/10009293771

Global Housing Cycles

Igan, Deniz; Loungani, Prakash - International Monetary Fund (IMF) - 2012

Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements....

Persistent link: https://www.econbiz.de/10010790415