Abstract Technology-based (“FinTech”) lenders increased their market share of US
mortgage lending from 2% to 8% from 2010 to 2016. Using loan-level data on mortgage …

We assess the complicated reality of monetary policy transmission through mortgage
markets by synthesizing the existing literature on the role of refinancing in policy …

This paper examines the role of refinancing channel and the mortgage market structure for
the transmission of monetary policy to consumption. First, I document heterogeneous …

I investigate how the structure of the mortgage market influences macroeconomic dynamics,
using a general equilibrium framework with prepayable debt and a limit on the ratio of …

A central question surrounding the current subprime crisis is whether the securitization
process reduced the incentives of financial intermediaries to carefully screen borrowers. We …

Financial intermediation has changed dramatically over the past 30 years, due in large part
to technological change. The paper first describes the role of the financial system in a …

Black and Hispanic homeowners pay significantly higher mortgage interest rates than white
and Asian homeowners. We show that the main reason is that white and Asian borrowers …

The first hints of trouble in the mortgage market surfaced in mid-2005, and conditions
subsequently began to deteriorate rapidly. Mortgage defaults and delinquencies are …

In this survey we provide an overview of the subprime mortgage securitization process and
the seven key informational frictions which arise. We discuss how market participants work …

Why is productivity higher in cities? Does urbanization cause growth or does growth cause
urbanization? Do countries achieve rapid growth or high incomes without urbanization …