Remarks at the University at Buffalo, Buffalo, New York.

We use data from credit reports and deed records to better understand the extent to which second liens contributed to the housing crisis by allowing buyers to purchase homes with small down-payments. At the top of the housing market, second liens were quite prevalent: As many as 45 percent of...

Remarks at the National Association for Business Economics Annual Meeting, New York City.

Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.