Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications

By Christopher L. Foote, Lara Loewenstein, and Paul S. Willen

The reallocation of mortgage debt to low-income or marginally qualified borrowers plays a central role in many explanations of the early 2000s housing boom. This paper analyzes the mortgage boom with particular attention to how the debt was allocated with respect to income.

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