We apply unique loan level data from New Century Financial Corporation, a major subprime lender, to assess whether attributes of Congressional Representatives were associated with access to and pricing of subprime mortgage credit. Research findings indicate higher likelihoods of subprime loan...

Recent studies have documents substantially depressed levels of homeownership among African-American households. While prior analysis have focused largely on racial disparities in household financial characteristics, few studies have assessed the potential role of location choice and locational...

This paper applies Census microdata from 1980 and 1990 to assess the determinants of housing tenure choice among racial and ethnic groups in the Los Angeles metropolitan area. Like previous research, our results indicate that endowment differences (income, education, and immigrant status)...

Despite recent volatility and constraints in secondary market funding, analysts have ascribed substantial value creation to the securitization of commercial mortgages. Such value creation likely emanates from enhancements to originator liquidity, tranching of claims on cash-flows, gains from...

This paper investigates the risk-return relationship in determination of housing asset pricing. In so doing, the paper evaluates behavioral hypotheses advanced by Case and Shiller (1988, 2002, 2009) in studies of boom and post-boom housing markets. The paper specifies and tests a housing asset...

Over the years 2000 to 2013, the Los Angeles real estate market featured a boom, a bust, and then another boom. We use this variation to test how the hedonic valuation of school quality varies over the business cycle. Following Black (1999), we exploit a regression discontinuity design at...