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Alternative Lending Channels and the Crisis in U.S. Housing Markets
被引:10
|作者:
Berkovec, Jim
[1
]
Chang, Yan
[1
]
McManus, Douglas A.
[1
]
机构:
[1] Freddie Mac, Mclean, VA 22102 USA
关键词:
PRICES;
BUBBLE;
D O I:
10.1111/j.1540-6229.2012.00352.x
中图分类号:
F8 [财政、金融];
学科分类号:
0202 ;
摘要:
To what degree has the development of alternative mortgage funding channels promoted the recent boom and bust in U.S. housing markets? Past research examined whether Alt-A and subprime market shares are correlated with the housing bubble. This article expands the analysis to include the share of specific alternative lending terms and finds that the shares of interest-only and negative amortization loans are important factors in explaining the housing bubble. This result suggests that research on the housing market bubble should focus on the impacts of loan contract terms rather than loan channel.
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页码:S8 / S31
页数:24
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