significant positive relation between tangibility and leverage, which is strongest for real estate collateral (land & building …

mortgages as commodities and exotic financing products changed the position and role of mortgage loan collateral. As new and … unregulated mortgage servicing and debt collection practices were increasingly insulated from mortgage ownership, collateral as a … securing factor became remote and overlooked by mortgagees. Meanwhile, the collateral matters greatly to those proximately …

finding with a model featuring a collateral constraint that translates income volatility to housing return volatility …. Collateral constraints are tighter for lower-income areas, causing higher housing return volatility. We validate this mechanism …, and using state-level non-recourse status to instrument for collateral constraints. Consistent with our model, housing …