Commercial loan valuations crucially depend on accurate loan income, but underwritten income on CMBS loans is commonly overstated when compared to actual property income. Consistent with these differences being purposeful, income overstatement in 2013 to 2019 CMBS deals varies widely and...

ZIP codes with high concentrations of originators who misreported mortgage information experienced a 75% larger relative increase in house prices from 2003 to 2006 and a 90% larger relative decrease from 2007 to 2012 compared to other ZIP codes. Several causality tests show that high fractions...

This article takes stock of ten years of academic research by synthesizing the large literature regarding the various players in RMBS securitization at the center of the U.S. housing and financial crisis. Underwriting banks facilitated wide-scale mortgage fraud by knowingly misreporting key loan...