ACCESS TO MORTGAGE CREDIT AND HOUSING PRICE DYNAMICS

Credit Supply and the Price of Housing

We show that since 1994, branching deregulations in the U.S have signi…cantly a¤ected the supply of mortgage credit, and ultimately house prices. With deregulation, the number and volume of originated mortgage loans increase, while denial rates fall. But the deregulation has no e¤ect on a placebo sample, formed of Independent Mortgage Companies that should not be a¤ected by the regulatory chang...

Relationships Between the Mortgage Instrument, the Demand for Housing and Mortgage Credit: A Review of empirical Studies and Discussions

The examples given in the introduction to this monograph provide persuasive arguments that the combination of inflation and the traditional mortgage instrument imposes burdens on households and thrift stitutions, burdens which are likely to have impacts in the housing market and ultimately on the construction sector. We are interested in whether or not the existing literature, summarizing empir...

Mortgage Choices and Housing Speculation

We describe a rational expectations model in which speculative bubbles in house prices can emerge. Within this model both speculators and their lenders use interestonly mortgages (IOs) rather than traditional mortgages when there is a bubble. Absent a bubble, there is no tendency for IOs to be used. These insights are used to assess the extent to which house prices in US cities were driven by s...

Credit Availability and Economic Decisions: Some Evidence from the Mortgage and Housing Markets

Rural Women’s Access to Credit: Market Imperfections and Intrahousehold Dynamics

— Credit rationing studies carried out at the household level and based on responses from male heads of households present an incomplete and biased assessment of who is likely to be constrained, why they are constrained, and what is the extent of the constraints. They ignore possibly conflictive intrahousehold dynamics and assume that imperfections in rural financial markets are gender-neutral....