The political economy of the subprime mortgage credit expansion

Quarterly Journal of Political Science

Volumn 8, Issue 4, 2013, Pages 373-408

  Mian, Atif ^a   Sufi, Amir ^b   Trebbi, Francesco ^c  

^a PRINCETON UNIVERSITY   (United States)

^b UNIVERSITY OF CHICAGO   (United States)

^c UNIVERSITY OF BRITISH COLUMBIA   (Canada)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84898945843     PISSN: 15540626     EISSN: 15540634     Source Type: Journal    
DOI: 10.1561/100.00012036     Document Type: Article

References (45)

1. Ansolabehere, S., James M. Snyder, and M. Tripathi. 2002. "Are PAC Contributions and Lobbying Linked? New Evidence from the 1995 Lobby Disclosure Act." Business and Politics 4(August): 2, 131-155.
2. Austen-Smith, D. 1995. "Campaign Contributions and Access." The American PoliticalScience Review 89(3): 566-581.
3. Barrett, W. 2008. "How Andrew Cuomo Gave Birth to the Crisis at Fannie Mae and Freddie Mac." Village Voice August 5.
4. Berglof, E. and H. Rosenthal. 2003. "The Political Origin of Finance: The Case of Federal Bankruptcy Law in the United States." Mimeo, Princeton University.
5. Bernstein, R. A. 1989. Elections, Representation, and Congressional Voting Behavior: The Myth of Constituency Control. Englewood Cliffs, NJ: Prentice-Hall.
6. Bombardini, M. and F. Trebbi. 2011. "Votes or Money? Theory and Evidence From the U.S. Congress." Journal of Public Economics 95(7-8): 587-611.
7. Bombardini, M. and F. Trebbi. 2012. "Competition and Political Organization: Together or Alone in Lobbying for Trade Policy?" Journal of International Economics 87(1): 18-26.
8. Calomiris, C. 2009. "Banking Crises and the Rules of the Game." National Bureau of Economic Research WP #15403.
9. Calomiris, C. and P. Wallison. 2008. "Blame Fannie Mae and Congress for theCredit Mess." Wall Street Journal, September 23, available at: http://online.wsj.com/ article/SB122212948811465427.html
10. Center for Responsible Lending. 2005. "Letting Predatory Lending Back Out of Its Cage: Officials Warn About Federal Bill," September 7, available at: http:// www.responsiblelending.org/media-center/press-releases/ archives/letting-predatorylending- back-out-of-its-cage.html
11. Common Cause. 2008. "Ask Yourself Why Mortgage Foreclosure Rates Are So High?" available at: http://www.commoncause.org/atf/cf/%7BFB3C17E2- CDD1-4DF6- 92BE-BD4429893665%7D/SUBPRIME%20LENDING%20REPORT%20FINAL.PDF
12. Congleton, R. 2009. "On the Political Economy of the Financial Crisis and Bailout of 2008-2009." Public Choice 140: 287-317.
13. Dougan, S. W. R., and M. C. Munger. 1989. "The Rationality of Ideology." Journal of Law and Economics 32: 119-142.
14. Epstein, D., S. O'Halloran, and G. McAllister. 2010. "Delegation and the Regulation of Finance in the United States Since 1950." Mimeo, Columbia University.
15. Hall, R. and Frank W. Wayman. 1990. "Buying Time: Moneyed Interests and the Mobilization of Bias in Congressional Committees." The American Political Science Review 84(3): 797-820.
16. Farrell, G. 2008. "Oxley Hits Back at Ideologues." Financial Times, September 9, available at http://www.ft.com/cms/s/0/8780c35e-7e91-11dd- b1af-000077b07658.html.
17. Fenno, R. 1978. Home Style: House Members in Their Districts. Little, Brown.
18. Gallagher, M. P. 2005. "N.J. Calls Federal Anti-Predatory Lending BillWeak." New Jersey Law Journal September 12.
19. Gigot, P. 2008, "The Fannie Mae Gang." Wall Street Journal, July 23, p. A17.
20. Grier, K., M. Munger, and B. Roberts. 1994. "The Determinants of Industry Political Activity, 1978-1986." The American Political Science Review 88(4): 911-926.
21. Igan, D. and P. Mishra. 2011. "Three's a Company: Wall Street, Capitol Hill, and K Street." IMF Working Paper, June.
22. Igan, D., P. Mishra, and T. Tressel. 2009. "A Fistful of Dollars: Lobbying and the Financial Crisis." NBER Macroeconomics Annual.
23. Kalt, J. P. and M. A. Zupan. 1984. "Capture and Ideology in the Economic Theory of Politics." The American Economic Review 74: 279-300.
24. Kalt, J. P. and M. A. Zupan. 1990. "The Apparent Ideological Behavior of Legislators: Testing for Principal-Agent Slack in Political Institutions." Journal of Law and Economics 33(1): pp. 103-131.
25. Kau, J. B. and P. H. Rubin 1979. "Self-interest, Ideology, and Logrolling in Congressional Voting." Journal of Law and Economics 22: 365-384.
26. Kau, J. B. and P. H. Rubin. 1993. "Ideology, Voting and Shirking." Public Choice 76: 151-172.
27. Keys, B., T. Mukherjee, A. Seru, and V. Vig. 2010. "Did Securitization Lead to Lax Screening? Evidence from Subprime Loans." Quarterly Journal of Economics 125: 307- 362.
28. Kroszner, R. and P. Strahan. 1999. "What Drives Deregulation? Economics and Politics of the Relaxation of Bank Branching Restrictions." Quarterly Journal of Economics 114: 1437-1467.
29. Leonnig, C. 2008. "How HUD Mortgage Policy Fed the Crisis." Washington Post June 10: A01.
30. McCarty, N., K. Poole, and H. Rosenthal. 2012. Political Bubbles, Mimeo Princeton University.
31. McCarty, N., K. Poole, T. Romer, and H. Rosenthal. 2010. "Political Fortunes: On Finance and its Regulation." Dedalus (fall).
32. Mian, A. R. and A. Sufi. 2009. "The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis." Quarterly Journal of Economics 124: 1449-1496.
33. Mian, A. R., A. Sufi, and F. Trebbi. 2010. "The Political Economy of the U.S. Mortgage Default Crisis." American Economic Review 100(5): 1967-1998.
34. Nunez, S. and H. Rosenthal. 2004. "Bankruptcy Reform in Congress: Creditors, Committees, Ideology, and Floor Voting in the Legislative Process." Journal of Law, Economics and Organization 20: 527-557.
35. Peltzman, S. 1984. "Constituent Interest and Congressional Voting." Journal of Law and Economics 27: 181-210.
36. Peltzman, S. 1985. "An Economic Interpretation of the History of Congressional Voting in the Twentieth Century." American Economic Review 75: 656-675.
37. Philippon, T. and A. Reshef. 2008. "Wages and Human Capital in the U.S. Financial Industry: 1909-2006." National Bureau of Economic Research WP #14644.
38. Piskorski, T., A. Seru, and V. Vig. 2008. "Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis." Working Paper, Chicago Booth.
39. Poole, K. T. and H. Rosenthal. 1997. Congress: A Political-Economic History of Roll Call Voting. Oxford: Oxford University Press.
40. Poole, K. T. and H. Rosenthal. 2007. Ideology and Congress. Piscataway, NJ: Transaction Press.
41. Romer, T. and B. R. Weingast. 1991. "Political Foundations of the Thrift Debacle." In Politics and Economics in the Eighties, A. Alesina and G. Carliner, (eds.), Chicago, IL: University of Chicago Press.
42. Shenn, J. 2005. "Subprime Bill: Industry Split Goes Public." American Banker May 23.
43. Stewart, C. III and J. Woon. 2008. "Congressional Committee Assignments, 103rd to 110th Congresses, 1993-2007: House." MIT Mimeo.
44. Stratmann, T. 2005. "Some Talk: Money in Politics. A (Partial) Review of the Literature". Public Choice 124: 135-156.
45. Wright, J. 1990. "Contributions, Lobbying, and Committee Voting in the U.S. House of Representatives." The American Political Science Review 84(2): 417-438.