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 …

) explicit modelling of repayment and interest-only CWMs; (b) closed form formulae for mortgage payment and mortgage balance of a … repayment CWM; (c) a closed form formula for the actuarially fair mortgage rate of an interest-only CWM. For repayment CWMs we …

and mortgage credit cycle based on relevant literature and, second, to present cases of two countries - Korea and the U ….S. - in terms of evolution of, and recent milestone events in, residential mortgage lending sector in each country, observed … patterns housing price and mortgage credit cycles, and key causal relationships found from data analyses. Our results show that …