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Housing and the Financial Crisis$
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Edward L. Glaeser and Todd Sinai

Print publication date: 2013

Print ISBN-13: 9780226030586

Published to Chicago Scholarship Online: January 2014

DOI: 10.7208/chicago/9780226030616.001.0001

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Mortgage Financing in the Housing Boom and Bust

Mortgage Financing in the Housing Boom and Bust

(p.143) 4 Mortgage Financing in the Housing Boom and Bust
Housing and the Financial Crisis

Benjamin J. Keys

Tomasz Piskorski

Amit Seru

Vikrant Vig

University of Chicago Press

This chapter traces the rapid evolution of mortgage financing from boom to bust and explores two crucial questions surrounding the market's rise and fall. First, why did the lending boom occur in the size and form that it did? Second, why has the foreclosure crisis been both cataclysmic and heterogeneous across geography and loan types? The chapter is organized as follows. Section 4.2 presents a broad set of descriptive statistics and facts regarding the rise and fall of the subprime mortgage market. Section 4.3 addresses the question of why there was a lending boom of this sort. Section 4.4 discusses the “prolonged” foreclosure crisis that prompted a number of policy responses by the government. The chapter concludes with broad perspective on the future of mortgage finance and lessons learned from the last tumultuous decade.

Keywords:   mortgages, housing market, lending boom, foreclosure crisis, subprime mortgage market, mortgage finance

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