The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis

By Atif R. Mian, Amir Sufi. 2009

835 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/728f308a08a79ea656a33e794dc2b3541a215f9d

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Citations in the corpus

Liquidity Constraints and Consumer Bankruptcy: Evidence from Tax Rebates (2014, positive): “16 The variable captures the share of adults in the ZIP code whose FICO credit score was 660 or lower in 1996 (Mian & Sufi, 2009). be associated with larger rebate effects.”
Quantifying Sentiment with News Media across Local Housing Markets (2018, positive): “Mian and Sufi (2009), for example, find evidence that the increasing supply of credit from lenders led to the expansion of leverage taken out by subprime borrowers.”
Why Does Fast Loan Growth Predict Poor Performance for Banks (2018, neutral): “An important additional distinction of our paper compared to Demyanyk and van Hemert (2011) and Mian and Sufi (2009) is that our analysis deals with loans that are retained on a bank’s books and thus cannot be explained by misaligned incentives relative to an originate to distribute securitization…”
Securitization and Mortgage Default (2011, positive): “One strand of the literature, most notably Mian and Sufi (2009), compares local-level securitization rates with default rates.5 They find that those regions in which subprime securitization expanded most rapidly were also those in which default rates subsequently increased the most.”
What’s in an education? Implications of CEO education for bank performance (2016, positive): “…business and in its place growing investments in real estate and mortgages, as a result of the real estate boom and developments in financial innovation that saw banks readily adopt the originate-to-distribute model (Brunnermeier, 2009; Mian and Sufi, 2009; Loutskina and Strahan, 2009).”
Are All Ratings Created Equal? The Impact of Issuer Size on the Pricing of Mortgage-Backed Securities (2012, neutral): “Prior work examines lending practices as a potential cause for the run-up in house prices (e.g., Mian and Sufi (2009), Keys et al. (2010), Loutskina and Strahan (2010)).”
Foreclosures, House Prices, and the Real Economy (2014, neutral): “See Section VI. 6 long-run socially efficient levels.”
Rating Shopping or Catering? An Examination of the Response to Competitive Pressure for CDO Credit Ratings (2013, positive): “…that mortgage-backed securities (MBS) collateral included in CDOs underperformed other MBS. Lax standards (Keys, Mukherjee, Seru, and Vig (2010) and Mian and Sufi (2009)) or misrepresentation (Piskorski, Seru, and Witkin (2013) and Griffin and Maturana (2013)) in the mortgage origination process…”
Wall Street and the housing bubble (2014, positive): “…towards lax screening of subprime borrowers (Agarwal and Ben-David, 2012; Berndt and Gupta, 2009; Demyanyk and Van Hemert, 2011; Jiang, Nelson and Vytlacil, 2011; Keys et al., 2009, 2010, 2012; Mian and Sufi, 2009; Piskorski, Seru and Witkin, 2013; Purnanandam, 2011; Rajan, Seru and Vig, 2012).”
Household Balance Sheets, Consumption, and the Economic Slump* (2013, neutral): “Mian and Sufi (2009) describe the zip code level Equifax data in detail.”
Tourism and Economic Development: Evidence from Mexico’s Coastline (2019, positive): “In answering these questions, the paper also makes a methodological contribution to the growing empirical literature that exploits within-country variation to estimate the effects of policy shocks across regions (e.g. Autor et al. (2013), Mian & Sufi (2009), Topalova (2010)).”
Capital Market-Driven Corporate Finance (2009, positive): “Keys et al. (2009), Piskorski et al. (2008), and Mian & Sufi (2009) find that the source of capital—in this case, the securitized loan market—changed the extent of and the nature of screening, renegotiation , and volume of loans.”
House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis (2011, positive): “The results in Table VI and Figure 4 together with the results in Mian and Sufi (2009) motivate the following within-MSA instrumental variables specification: (4) 0206 , 0206 (5) 0206 , , , Equation (5) represents the first stage in which house price growth from 2002 to 2006 is instrumented with…”