Making sense of the subprime crisis

Brookings Papers on Economic Activity

Volumn , Issue 2, 2008, Pages 69-145

  Gerardi, Kristopher ^a   Sherlund, Shane M ^b   Lehnert, Andreas ^b   Willen, Paul ^c  

^a FEDERAL RESERVE BANK OF ATLANTA   (United States)

^b FEDERAL RESERVE BOARD   (United States)

^c FEDERAL RESERVE BANK OF BOSTON   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 69249241347     PISSN: 00072303     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Conference Paper

References (33)

1. Avery, Robert B., Kenneth P. Brevoort, and Glenn B. Canner. 2006. "Higher- Priced Home Lending and the 2005 HMDA Data." Federal Reserve Bulletin 92: A123-A166.
2. -. 2007. "The 2006 HMDA Data." Federal Reserve Bulletin 93: A73-A109.
3. -. 2008. "The 2007 HMDA Data." Federal Reserve Bulletin 94: A107-A146.
4. Avery, Robert B., Glenn B. Canner, and Robert E. Cook. 2005. "New Information Reported under HMDA and Its Application in Fair Lending Enforcement." Federal Reserve Bulletin 91: 344-394
5. Calomiris, Charles. 2008. "The Subprime Turmoil: What's Old, What's New, and What's Next." Working paper. Columbia University.
6. Case, Karl, and Robert Shiller. 1987. "Prices of Single Family Homes since 1970: New Indexes for Four Cities." Working Paper 2393. Cambridge, Mass.: National Bureau of Economic Research.
7. Coleman, Major D., IV, Michael LaCour-Little, and Kerry D. Vandell. 2008. "Subprime Lending and the Housing Bubble: Tail Wags Dog?" Working paper. California State University at Fullerton and University of California, Irvine.
8. Danis, Michelle A., and Anthony N. Pennington-Cross. 2005. "The Delinquency of Subprime Mortgages." Working Paper 2005-022A. Federal Reserve Bank of St. Louis.
9. Davis, Morris A., Andreas Lehnert, and Robert F. Martin. 2008. "The Rent-Price Ratio for the Aggregate Stock of Owner-Occupied Housing." Review of Income and Wealth 54, no.2: 279-284
10. Demyanyk, Yuliya, and Otto van Hemert. 2007. "Understanding the Subprime Mortgage Crisis." Supervisory Policy Analysis Working Papers 2007-2105 Federal Reserve Bank of St. Louis.
11. Deng, Yongheng, and Stuart Gabriel. 2006. "Risk-Based Pricing and the Enhancement of Mortgage Credit Availability among Underserved and Higher Credit-Risk Populations." Journal of Money, Credit, and Banking 38, no.6: 1431-1460
12. Deng, Yongheng, John Quigley, and Robert van Order. 2000. "Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options." Econometrica 68, no.2: 275-307.
13. Doms, Marla, Fred Furlong, and John Krainer. 2007. "Subprime Mortgage Delinquency Rates." Working Paper 2007-2033 Federal Reserve Bank of San Francisco.
14. Foote, Christopher, Kristopher Gerardi, and Paul Willen. 2008a. "Negative Equity and Foreclosure: Theory and Evidence." Journal of Urban Economics 64, no.2: 234-245
15. Foote, Christopher L., Kristopher Gerardi, Lorenz Goette, and Paul S. Willen. 2008b. "Subprime Facts: What (We Think) We Know about the Subprime Crisis and What We Don't." Public Policy Discussion Paper 08-102 Federal Reserve Bank of Boston.
16. Gallin, Joshua. 2006. "The Long-Run Relationship between House Prices and Income: Evidence from Local Housing Markets." Real Estate Economics 34, no.3: 417-438
17. -. 2008. "The Long-Run Relationship between House Prices and Rents." Real Estate Economics 36, no.4: 635-658
18. Gerardi, Kristopher, Adam Shapiro, and Paul Willen. 2007. "Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures." Working Paper 07-15. Federal Reserve Bank of Boston.
19. Haubrich, Joseph, and Deborah Lucas. 2006. "Who Holds the Toxic Waste? An Investigation of CMO Holdings." Working paper. Federal Reserve Bank of Cleveland and Northwestern University.
20. Himmelberg, Charles, Christopher Mayer, and Todd Sinai. 2005. "Assessing High House Prices: Bubbles, Fundamentals and Misperceptions." Journal of Economic Perspectives 19, no.4: 67-92.
21. Keys, Benjamin J., Tanmoy K. Mukherjee, Amit Seru, and Vikrant Vig. 2008. "Did Securitization Lead to Lax Screening? Evidence from Subprime Loans." Working paper. University of Michigan, Sorin Capital Management, University of Chicago, and London Business School.
22. Lucas, Deborah, and Robert L. McDonald. 2006. "An Options-Based Approach to Evaluating the Risk of Fannie Mae and Freddie Mac." Journal of Monetary Economics 53, no.1: 155-176
23. Mayer, Christopher J., and Karen Pence. 2008. "Subprime Mortgages: What, Where, and To Whom?" Working Paper 14083. Cambridge, Mass.: National Bureau of Economic Research (June).
24. Mayer, Christopher, Karen Pence, and Shane M. Sherlund. Forthcoming. "The Rise in Mortgage Defaults: Facts and Myths." Journal of Economic Perspectives.
25. McCarthy, Jonathan, and Richard W. Peach. 2004. "Are Home Prices the Next 'Bubble'?" FRBNY Economic Policy Review 10, no. 3: 1-17.
26. Mester, Loretta. 1997. "What's the Point of Credit Scoring?" Federal Reserve Bank of Philadelphia Business Review, September/October, pp. 3-16.
27. Musto, David, and Nicholas Souleles. 2006. "A Portfolio View of Consumer Credit." Journal of Monetary Economics 53, no.1: 59-84.
28. Pavlov, Andrey D., and Susan M. Wachter. 2006. "Underpriced Lending and Real Estate Markets." Working paper. University of Pennsylvania.
29. Pennington-Cross, Anthony, and Giang Ho. 2006. "The Termination of Subprime Hybrid and Fixed Rate Mortgages." Working Paper 2006-042A. Federal Reserve Bank of St. Louis.
30. Sanders, Anthony, Souphala Chomsisengphet, Sumit Agarwal, and Brent Ambrose. 2008. "Housing Prices and Alternative Mortgage Concentrations." Working paper. Ohio State University, Federal Reserve Bank of Chicago, Office of the Comptroller of the Currency, and Pennsylvania State University.
31. Sherlund, Shane. 2008. "The Past, Present, and Future of Subprime Mortgages." Finance and Economics Discussion Series 2008-2063 Washington: Federal Reserve Board.
32. Wheaton, William C., and Nai J. Lee. 2008. "Do Housing Sales Drive Housing Prices or the Converse?" MIT Department of Economics Working Paper 08-101 Massachusetts Institute of Technology.
33. Wheaton, William C., and Gleb Nechayev. 2008. "The 1998-2005 Housing 'Bubble' and the Current 'Correction': What's Different This Time?" Journal of Real Estate Research 30, no.1: 1-26.