The Impact of Credit Risk Mispricing on Mortgage Lending during the Subprime Boom

We provide new evidence that mispriced mortgage insurance shifted credit supply and contributed to the mortgage boom and bust of the early 2000s. Original data on private mortgage insurance premiums from 1999 to 2016 reveal that before 2008, premiums did not vary across loans with widely different i...

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Veröffentlicht in:	Journal of money, credit and banking credit and banking, 2024-08, Vol.56 (5), p.1021-1052
Hauptverfasser:	KAHN, JAMES A., KAY, BENJAMIN S.
Format:	Artikel
Sprache:	eng
Schlagworte:	Credit risk default risk financial crisis housing finance Insurance Loans mortgage insurance Optimism Premiums Pricing policies Subsidies
Online-Zugang:	Volltext
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