Document Type
Article
Date
4-2007
Keywords
tbd
Disciplines
Economics
Description/Abstract
Secondary markets for credit are widely believed to improve efficiency and increase access to credit. In part, this is because of their greater ability to manage risk. However, the degree to which secondary markets expand access to credit is virtually unknown. Using the mortgage market as an example, we begin to fill that gap. Our conceptual model suggests that secondary credit markets have potentially ambiguous effects on interest rates, but unambiguous positive effects on the number of loans issued. We focus our empirical analysis on the latter using 1992-2004 HMDA files for conventional, conforming, home purchase loans in conjunction with Census tract data.
Recommended Citation
Rosenthal, Stuart S. and Gabriel, Stuart A., "Secondary Markets, Risk, and Access to Credit Evidence from the Mortgage Market" (2007). Economics - All Scholarship. 60.
https://surface.syr.edu/ecn/60
Source
Harvested from ssrn.com
Additional Information
This manuscript is from the Social Science Research Network, for more information see http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1087114#185181