| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16175 |
| 来源ID | Working Paper 16175 |
| The Role of Mortgage Brokers in the Subprime Crisis | |
| Antje Berndt; Burton Hollifield; Patrik Sandås | |
| 发表日期 | 2010-07-08 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Prior to the subprime crisis, mortgage brokers originated about 65% of all subprime mortgages. Yet little is known about their behavior during the runup to the crisis. Using data from New Century Financial Corporation, we find that brokers earned an average revenue of $5,300 per funded loan. We decompose the broker revenues into a cost and a profit component and find evidence consistent with brokers having market power. The profits earned are different for different types of loans and vary with borrower, broker, regulation and neighborhood characteristics. We relate the broker profits to the subsequent performance of the loans and show that brokers earned high profits on loans that turned out to be riskier ex post. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w16175 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573848 |
| 推荐引用方式 GB/T 7714 | Antje Berndt,Burton Hollifield,Patrik Sandås. The Role of Mortgage Brokers in the Subprime Crisis. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16175.pdf（1091KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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