mortgage tax from being levied on borrowers to being levied on banks; (ii) some areas, for historical reasons, were exempt from … smaller number of lending relationships, not working for the lender, or facing less banks in their zip-code, thereby …-full tax pass-through, the tax shift increases banks' risk-taking. More affected banks reduce costly mortgage insurance in case …

MBS purchase activity; and [iii] increased their leverage during QE3. Our findings are consistent with unconventional …

high (nominal) yield to borrowers that will frequently be able to repay •Extreme leverage •Providing grossly inadequate …-inflate – producing severe crises. Fraud can also cause markets to fail, rather than “clear.” …

at the market. The schemes of practically interest-free mortgages introduced by banks and developers against the backdrop …

unsatisfied demand, there emerged joint schemes of banks and real estate developers in the form of almost interest-free mortgage …

consistently increasing in recent years, reaching its highest value of the past decade in 2021. Financially fragile shadow banks … and lower their underwriting standards more than other shadow banks. Meanwhile, fragile shadow banks' credit supply is …

picked up. In Q1-Q3, 2020, banks increased substantially mortgage lending volumes, having surpassed the high outturns seen in …

consequences for the financial sector worldwide. More over securitization techniques enabled single banks to reduce their …