全球智库信息集成服务系统(G2TT): Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w20848
来源ID	Working Paper 20848
	Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class
	Manuel Adelino; Antoinette Schoar; Felipe Severino
发表日期	2015-01-19
出版年	2015
语种	英语
摘要	We provide new facts on the debt dynamics leading up to the financial crisis of 2007. Earlier research suggests that distortions in the supply of mortgage credit, evidenced by a decoupling of credit flow from income growth, may have caused the rise in house prices and the subsequent housing market collapse. This paper shows that the increase in mortgage originations was shared across the whole distribution of borrowers, and that middle- and high-income borrowers made up the majority of originations even at the peak of the boom. Compared to prior years, middle- and high-income borrowers (not the poor), as well as those with medium and high credit scores, made up a much larger share of delinquencies in the crisis relative to earlier years. We show that the relation between individual mortgage size and income growth during the housing boom was always strongly positive, also in line with previous periods (and independent of how income is measured). These results are most consistent with an expectations based view of the financial crisis in which both homebuyers and lenders were buying into increasing housing values and defaulted once prices dropped.
主题	Financial Economics ; Financial Institutions ; Regional and Urban Economics
URL	https://www.nber.org/papers/w20848
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/578523
推荐引用方式 GB/T 7714	Manuel Adelino,Antoinette Schoar,Felipe Severino. Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class. 2015.