| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16110 |
| DP16110 How Resilient Is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic | |
| Aurel Hizmo; Lauren Lambie-Hanson; James Vickery; Paul Willen | |
| 发表日期 | 2021-05-05 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study the evolution of US mortgage credit supply during the COVID-19 pandemic. Although the mortgage market experienced a historic boom in 2020, we show there was also a large and sustained increase in intermediation markups that limited the pass-through of low rates to borrowers. Markups typically rise during periods of peak demand, but this historical relationship explains only part of the large increase during the pandemic. We present evidence that pandemic-related labor market frictions and operational bottlenecks contributed to unusually inelastic credit supply, and that technology-based lenders, likely less constrained by these frictions, gained market share. Rising forbearance and default risk did not significantly affect rates on "plain-vanilla" conforming mortgages, but it did lead to higher spreads on mortgages without government guarantees and loans to the riskiest borrowers. Mortgage-backed securities purchases by the Federal Reserve also supported the flow of credit in the conforming segment. |
| 主题 | Financial Economics |
| 关键词 | Mortgage Credit Financial intermediation Fintech Covid-19 |
| URL | https://cepr.org/publications/dp16110-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545087 |
| 推荐引用方式 GB/T 7714 | Aurel Hizmo,Lauren Lambie-Hanson,James Vickery,et al. DP16110 How Resilient Is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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