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Financial Constraints and Inflated Home Prices during the Real Estate Boom

Citations

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Cited by:

  1. Atif Mian & Amir Sufi, 2017. "Fraudulent Income Overstatement on Mortgage Applications During the Credit Expansion of 2002 to 2005," The Review of Financial Studies, Society for Financial Studies, vol. 30(6), pages 1832-1864.
  2. Sumit Agarwal & Efraim Benmelech & Nittai Bergman & Amit Seru, 2012. "Did the Community Reinvestment Act (CRA) Lead to Risky Lending?," NBER Working Papers 18609, National Bureau of Economic Research, Inc.
  3. Sumit Agarwal & Gene Amromin & Itzhak Ben-David & Douglas D. Evanoff, 2016. "Loan Product Steering in Mortgage Markets," NBER Working Papers 22696, National Bureau of Economic Research, Inc.
  4. Conklin, James N. & Frame, W. Scott & Gerardi, Kristopher & Liu, Haoyang, 2022. "Villains or scapegoats? The role of subprime borrowers in driving the U.S. housing boom," Journal of Financial Intermediation, Elsevier, vol. 51(C).
  5. Kiana Basiri & Babak Mahmoudi, 2021. "Possible income misstatement on mortgage loan applications: Evidence from the Canadian housing market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(3), pages 917-935, September.
  6. James Cloyne & Kilian Huber & Ethan Ilzetzki & Henrik Kleven, 2019. "The Effect of House Prices on Household Borrowing: A New Approach," American Economic Review, American Economic Association, vol. 109(6), pages 2104-2136, June.
  7. Fernando Ferreira & Joseph Gyourko, 2015. "A New Look at the U.S. Foreclosure Crisis: Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012," NBER Working Papers 21261, National Bureau of Economic Research, Inc.
  8. Agarwal, Sumit & Amromin, Gene & Ben-David, Itzhak & Chomsisengphet, Souphala & Evanoff, Douglas D., 2014. "Predatory lending and the subprime crisis," Journal of Financial Economics, Elsevier, vol. 113(1), pages 29-52.
  9. Diaz-Serrano, Luis, 2019. "Inflation of home appraisal values and the access to mortgage loans of credit constrained borrowers," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 412-422.
  10. Mathias Reynaert & James M. Sallee, 2021. "Who Benefits When Firms Game Corrective Policies?," American Economic Journal: Economic Policy, American Economic Association, vol. 13(1), pages 372-412, February.
  11. Elliot Anenberg & Aurel Hizmo & Edward Kung & Raven S. Molloy, 2017. "Measuring Mortgage Credit Availability : A Frontier Estimation Approach," Finance and Economics Discussion Series 2017-101, Board of Governors of the Federal Reserve System (U.S.).
  12. Itzhak Ben‐David, 2019. "High Leverage and Willingness to Pay: Evidence from the Residential Housing Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 47(3), pages 643-684, September.
  13. Olivier Mesly & Hareesh Mavoori & Nicolas Huck, 2023. "The Role of Financial Spinning, Learning, and Predation in Market Failure," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(1), pages 517-543, March.
  14. Benjamin Dennis, 2022. "Climate Change and Financial Policy: A Literature Review," Finance and Economics Discussion Series 2022-048, Board of Governors of the Federal Reserve System (U.S.).
  15. Hamilton Fout & Nuno Mota & Eric Rosenblatt, 2022. "When Appraisers Go Low, Contracts Go Lower: The Impact of Expert Opinions on Transaction Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 65(3), pages 451-491, October.
  16. Andres Jauregui & Alan Tidwell & Vivek Sah, 2019. "Sample Selection Approaches to Estimating and Allocating House Transaction Funding Price Differentials," The Journal of Real Estate Finance and Economics, Springer, vol. 58(3), pages 366-407, April.
  17. Jorge E. Galán & Matías Lamas, 2019. "Beyond the LTV ratio: new macroprudential lessons from Spain," Working Papers 1931, Banco de España.
  18. Ozlem Akin & José Montalvo & Jaume García Villar & José-Luis Peydró & Josep Raya, 2014. "The real estate and credit bubble: evidence from Spain," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 5(2), pages 223-243, August.
  19. Pedro Gete & Michael Reher, 2018. "Mortgage Supply and Housing Rents," The Review of Financial Studies, Society for Financial Studies, vol. 31(12), pages 4884-4911.
  20. José Garcia Montalvo & Josep M. Raya, 2017. "Constraints on LTV as a macroprudential tool: a precautionary tale," Economics Working Papers 1592, Department of Economics and Business, Universitat Pompeu Fabra.
  21. James N. Conklin & Moussa Diop & Thao Le & Walter D’Lima, 2019. "The Importance of Originator-Servicer Affiliation in Loan Renegotiation," The Journal of Real Estate Finance and Economics, Springer, vol. 59(1), pages 56-89, July.
  22. Luigi Zingales, 2015. "Does Finance Benefit Society?," NBER Working Papers 20894, National Bureau of Economic Research, Inc.
  23. Sumit Agarwal & Itzhak Ben-David & Vincent Yao, 2015. "Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market," Management Science, INFORMS, vol. 61(9), pages 2220-2240, September.
  24. Montalvo, José G. & Piolatto, Amedeo & Raya, Josep, 2020. "Transaction-tax evasion in the housing market," Regional Science and Urban Economics, Elsevier, vol. 81(C).
  25. Calani, Mauricio & Paillacar, Manuel, 2022. "The pass-through of loan-loss-provisioning on mortgage lending: Evidence from a regulatory change," Journal of Banking & Finance, Elsevier, vol. 135(C).
  26. Ronel Elul & Sebastian Tilson, 2015. "Owner occupancy fraud and mortgage performance," Working Papers 15-45, Federal Reserve Bank of Philadelphia.
  27. Fabian Lindner, 2014. "The Interaction of Mortgage Credit and Housing Prices in the US," IMK Working Paper 133-2014, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  28. Andrew Hertzberg, 2018. "A Theory of Disclosure in Speculative Markets," Management Science, INFORMS, vol. 64(12), pages 5787-5806, December.
  29. Rahah Ismail, 2013. "Unraveling the Inflated House Price in the New Housing Supply," ERES eres2013_44, European Real Estate Society (ERES).
  30. Paul Calem & Jeanna Kenney & Lauren Lambie‐Hanson & Leonard Nakamura, 2021. "Appraising home purchase appraisals," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(S1), pages 134-168, March.
  31. Garbarino, Nicola & Guin, Benjamin, 2021. "High water, no marks? Biased lending after extreme weather," Journal of Financial Stability, Elsevier, vol. 54(C).
  32. Olivier Mesly & David W. Shanafelt & Nicolas Huck & François‐Éric Racicot, 2020. "From wheel of fortune to wheel of misfortune: Financial crises, cycles, and consumer predation," Journal of Consumer Affairs, Wiley Blackwell, vol. 54(4), pages 1195-1212, December.
  33. James Conklin & N. Edward Coulson & Moussa Diop & Thao Le, 2020. "Competition and Appraisal Inflation," The Journal of Real Estate Finance and Economics, Springer, vol. 61(1), pages 1-38, June.
  34. Sumit Agarwal & Richard J. Rosen & Vincent W. Yao, 2013. "Why do borrowers make mortgage refinancing mistakes?," Working Paper Series WP-2013-02, Federal Reserve Bank of Chicago.
  35. Ambrose, Brent W. & Diop, Moussa, 2014. "Spillover effects of subprime mortgage originations: The effects of single-family mortgage credit expansion on the multifamily rental market," Journal of Urban Economics, Elsevier, vol. 81(C), pages 114-135.
  36. Sumit Agarwal & Gene Amromin & Itzhak Ben-David & Souphala Chomsisengphet & Douglas Evanoff, 2014. "The Effectiveness of Mandatory Mortgage Counseling: Can One Dissuade Borrowers from Choosing Risky Mortgages?," NBER Working Papers 19920, National Bureau of Economic Research, Inc.
  37. Deeksha Gupta, 2018. "Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices," 2018 Meeting Papers 512, Society for Economic Dynamics.
  38. Slava Mikhed & Sahil Raina & Barry Scholnick & Man Zhang, 2022. "Debtor Fraud in Consumer Debt Renegotiation," Working Papers 22-35, Federal Reserve Bank of Philadelphia.
  39. Umit G. Gurun & Gregor Matvos & Amit Seru, 2016. "Advertising Expensive Mortgages," Journal of Finance, American Finance Association, vol. 71(5), pages 2371-2416, October.
  40. Luis A. Lopez, 2024. "Is there a Principal-Agency Problem with Real Estate Agents in Rental Markets?," The Journal of Real Estate Finance and Economics, Springer, vol. 69(1), pages 29-69, July.
  41. José María Liberti & Mitchell A Petersen, 2019. "Information: Hard and Soft," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 8(1), pages 1-41.
  42. Greene, Daniel, 2016. "The wealth of private firm owners following reverse mergers," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 56-75.
  43. Chris Cunningham & Kristopher Gerardi & Lily Shen, 2021. "The Double Trigger for Mortgage Default: Evidence from the Fracking Boom," Management Science, INFORMS, vol. 67(6), pages 3943-3964, June.
  44. Itzhak Ben-David & Sumit Agarwal & Gene Amromin & Souphala Chomsisengphet & Douglas D. Evanoff, 2011. "Does Mandatory Loan Review Affect Mortgage Contract Choice and Performance?," NFI Working Papers 2011-WP-12, Indiana State University, Scott College of Business, Networks Financial Institute.
  45. Griffin, John M. & Kruger, Samuel & Maturana, Gonzalo, 2021. "What drove the 2003–2006 house price boom and subsequent collapse? Disentangling competing explanations," Journal of Financial Economics, Elsevier, vol. 141(3), pages 1007-1035.
  46. Timothy A. Wunder, 2016. "Setting a Principal to Interest Cap on the Issuance of Home Mortgages: a Proposed Change to Mortgage Underwriting Rules Designed to Control Housing Price Inflation," World Economic Review, World Economics Association, vol. 2016(6), pages 1-86, February.
  47. Paul E. Carrillo & William M. Doerner & William D. Larson, 2023. "House Price Markups and Mortgage Defaults," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(4), pages 747-782, June.
  48. Yang, Ling, 2022. "An information quality-based explanation for loan loss allowance inadequacy during the 2008 financial crisis," Journal of Accounting and Economics, Elsevier, vol. 73(1).
  49. Olivier Mesly & David W. Shanafelt & Nicolas Huck, 2021. "Dysfunctional Markets: A Spray of Prey Perspective," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(3), pages 797-819, July.
  50. Adam D. Nowak & Bradley S. Price & Patrick S. Smith, 2021. "Real Estate Dictionaries Across Space and Time," The Journal of Real Estate Finance and Economics, Springer, vol. 62(1), pages 139-163, January.
  51. Tomasz Piskorski & Amit Seru & James Witkin, 2015. "Asset Quality Misrepresentation by Financial Intermediaries: Evidence from the RMBS Market," Journal of Finance, American Finance Association, vol. 70(6), pages 2635-2678, December.
  52. Díaz Serrano, Lluís, 2015. "Banks, Lies and Bricks: The Determinants of Home Value Inflation in Spain during the Housing Boom," Working Papers 2072/247804, Universitat Rovira i Virgili, Department of Economics.
  53. Tomasz Piskorski & Amit Seru, 2018. "Mortgage Market Design: Lessons from the Great Recession," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 49(1 (Spring), pages 429-513.
  54. Sumit Agarwal & Richard J. Rosen & Vincent Yao, 2016. "Why Do Borrowers Make Mortgage Refinancing Mistakes?," Management Science, INFORMS, vol. 62(12), pages 3494-3509, December.
  55. Agarwal, Sumit & Ambrose, Brent W. & Yao, Vincent W., 2020. "Can regulation de-bias appraisers?," Journal of Financial Intermediation, Elsevier, vol. 44(C).
  56. Meng, Charlotte C., 2023. "The price paid: Heuristic thinking and biased reference points in the housing market," Journal of Urban Economics, Elsevier, vol. 134(C).
  57. Griffin, John M. & Kruger, Samuel & Maturana, Gonzalo, 2019. "Do labor markets discipline? Evidence from RMBS bankers," Journal of Financial Economics, Elsevier, vol. 133(3), pages 726-750.
  58. Manuel Adelino & Antoinette Schoar & Felipe Severino, 2015. "Loan Originations and Defaults in the Mortgage Crisis: Further Evidence," NBER Working Papers 21320, National Bureau of Economic Research, Inc.
  59. José María Liberti & Mitchell A. Petersen, 2018. "Information: Hard and Soft," NBER Working Papers 25075, National Bureau of Economic Research, Inc.
  60. Marius Ascheberg & Robert A. Jarrow & Holger Kraft & Yildiray Yildirim, 2014. "Government Policies, Residential Mortgage Defaults and the Boom and Bust Cycle of Housing Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 42(3), pages 627-661, September.
  61. Agarwal, Sumit & Ben-David, Itzhak, 2018. "Loan prospecting and the loss of soft information," Journal of Financial Economics, Elsevier, vol. 129(3), pages 608-628.
  62. Mikhed, Vyacheslav & Raina, Sahil & Scholnick, Barry & Zhang, Man, 2024. "Debtor income manipulation in consumer credit contracts," Journal of Financial Economics, Elsevier, vol. 157(C).
  63. Huck, Nicolas & Mavoori, Hareesh & Mesly, Olivier, 2020. "The rationality of irrationality in times of financial crises," Economic Modelling, Elsevier, vol. 89(C), pages 337-350.
  64. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
  65. repec:bin:bpeajo:v:49:y:2019:i:2018-01:p:429-513 is not listed on IDEAS
  66. Sumit Agarwal & Brent W. Ambrose & Yildiray Yildirim, 2015. "The Subprime Virus," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(4), pages 891-915, November.
  67. Samuel Kruger & Gonzalo Maturana, 2021. "Collateral Misreporting in the Residential Mortgage-Backed Security Market," Management Science, INFORMS, vol. 67(5), pages 2729-2750, May.
  68. Turnbull, Geoffrey K. & van der Vlist, Arno J., 2022. "The price of ignorance: Foreclosures, uninformed buyers and house prices," Journal of Housing Economics, Elsevier, vol. 57(C).
  69. Bin Wei & Feng Zhao, 2022. "Racial Disparities in Mortgage Lending: New Evidence Based on Processing Time," FRB Atlanta Working Paper 2022-1, Federal Reserve Bank of Atlanta.
  70. Cem Demiroglu & Christopher James, 2018. "Indicators of Collateral Misreporting," Management Science, INFORMS, vol. 64(4), pages 1747-1760, April.
  71. Yuming Fu & Wenlan Qian & Bernard Yeung, 2016. "Speculative Investors and Transactions Tax: Evidence from the Housing Market," Management Science, INFORMS, vol. 62(11), pages 3254-3270, November.
  72. Eriksen, Michael D. & Fout, Hamilton B. & Palim, Mark & Rosenblatt, Eric, 2019. "The influence of contract prices and relationships on appraisal bias," Journal of Urban Economics, Elsevier, vol. 111(C), pages 132-143.
  73. Cocker Liu & Adam Nowak & Patrick Smith, 2017. "Some Remarks on Real Estate Pricing," Working Papers 17-20, Department of Economics, West Virginia University.
  74. Manuel Adelino & Antoinette Schoar & Felipe Severino, 2015. "Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class," NBER Working Papers 20848, National Bureau of Economic Research, Inc.
  75. W. Scott Frame & Kristopher Gerardi & Erik J. Mayer & Billy Xu & Lawrence Zhao, 2024. "Government Litigation Risk and the Decline in Low-Income Mortgage Lending," FRB Atlanta Working Paper 2024-6, Federal Reserve Bank of Atlanta.
  76. Michael D. Eriksen & Hamilton B. Fout & Mark Palim & Eric Rosenblatt, 2020. "Contract Price Confirmation Bias: Evidence from Repeat Appraisals," The Journal of Real Estate Finance and Economics, Springer, vol. 60(1), pages 77-98, February.
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