Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/200532 
Year of Publication: 
2018
Series/Report no.: 
Working Paper No. 2018-10
Publisher: 
Federal Reserve Bank of Atlanta, Atlanta, GA
Abstract: 
An expansion in mortgage credit to subprime borrowers is widely believed to have been a principal driver of the 2002-06 U.S. house price boom. Contrary to this belief, we show that the house price and subprime booms occurred in different places. Counties with the largest home price appreciation between 2002 and 2006 had the largest declines in the share of purchase mortgages to subprime borrowers. We also document that the expansion in speculative mortgage products and underwriting fraud was not concentrated among subprime borrowers.
Subjects: 
mortgages
subprime
house prices
credit scores
housing boom
JEL: 
D14
D18
D53
G21
G38
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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