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-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the …
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other mortgage characteristics, including sub-prime, securitization and leverage. Where IOs were popular, their use does not …
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of recent U.S. house price appreciation and subsequent mortgage defaults. We identify the effect of shifts in the supply … of mortgage credit by exploiting within-county variation across zip codes that differed in latent demand for mortgages in … which we refer to as "disintermediation." The increase in disintermediation-driven mortgage supply to high latent demand zip …
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