| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21320 |
| 来源ID | Working Paper 21320 |
| Loan Originations and Defaults in the Mortgage Crisis: Further Evidence | |
| Manuel Adelino; Antoinette Schoar; Felipe Severino | |
| 发表日期 | 2015-07-13 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper addresses two critiques by Mian and Sufi (2015a, 2015b) that were released in response to the results documented in Adelino, Schoar and Severino (2015). We confirm that none of the results in our previous paper are affected by the issues put forward in these critiques; in particular income overstatement does not drive any of our results. Our analysis shows that the origination of purchase mortgages increased across the whole income distribution during the 2002-2006 housing boom, and did not flow disproportionately to low-income borrowers. In addition, middle- and high-income, as well as middle- and high-credit-score borrowers (not the poor), represent a larger fraction of delinquencies in the crisis relative to earlier periods. The results are inconsistent with the idea that distortions in the origination of credit caused the housing boom and the crisis and are more consistent with an expectations-based view where both home buyers and lenders were buying into increasing housing values and defaulted once prices dropped. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Financial Economics ; Financial Institutions ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w21320 |
| 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/578995 |
| 推荐引用方式 GB/T 7714 | Manuel Adelino,Antoinette Schoar,Felipe Severino. Loan Originations and Defaults in the Mortgage Crisis: Further Evidence. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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