Regressive Mortgage Credit Redistribution in the Post-Crisis Era

• 成果类型: Article
• 署名作者: D'Acunto, Francesco; Rossi, Alberto G.
• 署名单位: Boston College; Georgetown University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhab008
• 发表日期: 2022
• 页码: 482
• 关键词: consequences; default; demand

摘要

We document four secular trends about U.S. mortgage origination by traditional and FinTech lenders after the 2008-2009 financial crisis. First, since 2011, the overall number, size, and approval rate of small and medium-sized loans have been decreasing over time, relative to large loans. Second, the largest lenders redistribute their lending the most. Third, this loan-size redistribution of credit increases in the size of the lender. Fourth, the effects are stronger for mortgages further away from the conforming loan limit(s) in both directions. We argue that the supply of credit drives these secular trends, and we assess several potential economic mechanisms.