Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class

This paper highlights the importance of middle-class and high-FICO borrowers for the mortgage crisis. Contrary to popular belief, which focuses on subprime and poor borrowers, we show that mortgage originations increased for borrowers across all income levels and FICO scores. The relation between mo...

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Bibliographic Details
Published in:The Review of financial studies 2016-07, Vol.29 (7), p.1635-1670
Main Authors: Adelino, Manuel, Schoar, Antoinette, Severino, Felipe
Format: Article
Language:English
Subjects:
2002-2006
Borrowing
Credit scores
Crises
Economic crises
Household income
Loan defaults
Loan originations
Loans
Low income groups
Middle class
Mortgage delinquency
Mortgage loans
Mortgages
Personal debt
Prices
Social classes
Studies
Subprime loans
ZIP codes
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