contemporary discussions of the mortgage market to see what market participants thought would happen, the authors find that …

2005 and competition among mortgage lenders. The mortgage lending business, especially with the rise of the originate …-to-distribute model, had competitors with very different non-mortgage activities and regulation. I show that in local markets, when banks … increased their share of mortgages relative to lenders such as mortgage brokers, home prices started increasing at a faster pace …

sich in den USA der Markt für Subprime-Kredite innerhalb weniger Jahre verfreifacht. Als schließlich die Zinsen angestiegen …