Concentration in mortgage markets: GSE exposure and risk-taking in uncertain times

R Elul, D Gupta, DK Musto - 2020 - papers.ssrn.com
When home prices threaten to decline, large mortgage investors can benefit from fostering
new lending that boosts demand. We ask whether this benefit contributed to the growth in …

Regulating Mortgage Leverage: Fire Sales, Foreclosure Spirals, and Pecuniary Externalities

AA Zevelev - Journal of Real Estate Research, 2023 - Taylor & Francis
This paper introduces a dynamic general equilibrium model to study how the distribution of
leverage and foreclosure affect house prices. In the model, exogenous income shocks drive …