| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27499 |
| 来源ID | Working Paper 27499 |
| The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market | |
| Manuel Adelino; William B. McCartney; Antoinette Schoar | |
| 发表日期 | 2020-07-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show that the distribution of combined loan-to-value ratios (CLTVs) for purchase mortgages in the U.S. has been remarkably stable over the last 25 years. But there was a dramatic shift during the housing boom of the 2000s in the provision of high- CLTV loans through private sources, which replaced almost one-for-one the share of high-CLTV loans directly guaranteed by the government, via FHA and VA. Post 2008, FHA/VA loans increased back to 30% of all purchase mortgages. This substitution between government and privately backed high-CLTV loans holds within ZIP codes, properties and borrower types over the full sample period. We also show that the increase in private high-CLTV lending follows local house price increases rather than preceding them. These findings suggest that the housing boom was not accompanied by a shift towards more high-CLTV loans, and instead favor models that rely on changes in collateral values or broad changes in house price expectations. |
| 主题 | Macroeconomics ; Financial Economics ; Financial Institutions ; Corporate Finance ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w27499 |
| 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/585173 |
| 推荐引用方式 GB/T 7714 | Manuel Adelino,William B. McCartney,Antoinette Schoar. The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market. 2020. |
| 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 | ||
| w27499.pdf（1336KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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