working papers/research in progress
"Why Do Lenders Reject Government-Guaranteed Loans?" (with Aurel Hizmo, Dan Ringo, and Eileen van Straelen)
"The Consumption Response to Rising Rents" (with Lisa Dettling)
"The Rise in Mortgage Fees: Evidence from HMDA Data" (with Lauren Lambie-Hanson)
"Do Lenders Pass Through GSE Subsidies to Home Buyers?" (with Ben Keys and Adithya Raajkumar)
academic journal publications
"Paying too much? Borrower Sophistication and Overpayment in the U.S. Mortgage Market" (with Andreas Fuster and Aurel Hizmo)
The Journal of Finance, forthcoming
"How Much Does Racial Bias Affect Mortgage Lending Decisions: Evidence from Data on Human and Algorithmic Decisions" (with Aurel Hizmo and Dan Ringo)
The Journal of Finance, forthcoming
"The Smart Money is in Cash? Financial Literacy and Liquid Savings Among U.S. Families" (with Jaqueline Blair and Lisa Dettling)
Journal of Accounting and Public Policy, 2023
"Moral hazard during the housing boom: Evidence from private mortgage insurance" (with Ben Keys)
Review of Financial Studies, 2022
"Do minorities pay more for mortgages?" (with Aurel Hizmo)
Review of Financial Studies, 2021
"The effect of interest rates on home buying: Evidence from a shock to mortgage insurance premiums" (with Dan Ringo)
Journal of Monetary Economics, 2021
"COVID-19, the CARES Act, and Families' Financial Security" (with Jacqueline Blair, Lisa Dettling, and Kevin Moore)
National Tax Journal, 2020
"Refinancing, Monetary Policy and the Credit Cycle" (with Gene Amromin and Ben Keys)
Annual Reviews of Financial Economics, 2020
"Stress-testing household debt" (with Jesse Bricker, Lisa Dettling, Jimmy Kelliher, and Steve Laufer)
Journal of Credit Risk, 2020
Consumer ruthlessness and mortgage default during the 2007-2009 housing bust" (with Jane Dokko and Hui Shan)
The Journal of Finance, 2017
"Interest rates and equity extraction during the housing boom" (with Ben Keys)
American Economic Review, 2016
"Consumer borrowing after payday loan bans" (with Jacob Goldin and Tatiana Homonoff)
The Journal of Law and Economics, 2016
"The ins and outs of mortgage debt during the housing boom and bust"
Journal of Monetary Economics, 2015
"Payday loan choices and consequences" (with Paige Skiba and Jeremy Tobacman)
Journal of Money, Credit and Banking, 2015
"Payday loans and consumer financial health"
Journal of Banking and Finance, 2014
The Journal of Real Estate Finance and Economics, 2012
"The Community Reinvestment Act and mortgage lending to lower income neighborhoods and borrowers"
The Journal of Law and Economics, 2011
federal reserve notes and articles (selected)
"Do Mortgage Borrowing Experiences Differ by Race and Ethnicity? Evidence from the National Survey or Mortgage Originations" (with Valeria Zeballos Doubinko) 2025
"Are Rising Rents Raising Consumer Debt and Delinquency?" 2023
"Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances" (with Andrew Chang, Lisa Dettling, and Joanne Hsu), 2020
"Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances" (with Jesse Bricker, Andrew Chang, Lisa Dettling, Sarena Goodman, Joanne W. Hsu, Kevin B. Moore, Sarah Reber, Alice Henriques Volz, and Richard A. Windle), 2020
"Money in the Bank? Assessing Families Liquid Wealth using the Survey of Consumer Finances" (with Lisa Dettling), 2018
"Are Rising Home Values Restraining Homebuying for Lower-Income Families?" (with Steve Laufer and Dan Ringo), 2017
"The Decline in Lending to Lower-Income Borrowers by the Biggest Banks" (with Steve Laufer and Dan Ringo), 2017
"Credit Availability and the Decline in Mortgage Lending to Minorities after the Housing Boom" (with Dan Ringo), 2016
"Changing FHA Mortgage Insurance Premiums and the Effects on Lending" (with Dan Ringo), 2016
"Assessing the Community Reinvestment Act's Role in the Financial Crisis" (with Dan Ringo), 2015
"Effects of the Ability to Repay and Qualified Mortgage Rules on the Mortgage Market" (with Dan Ringo), 2015
"Residential Mortgage Lending in 2016:Evidence from the Home Mortgage Disclosure Act Data" (with Steve Laufer and Dan Ringo), 2017
- Tables (includes supplementary monthly originations data) [.xlsx]
- Mortgage applications and originations data by month and county, 1994-2016 [.CSV]
"Residential Mortgage Lending from 2004 to 2015: Evidence from the Home Mortgage Disclosure Act Data," (with Dan Ringo), 2016.
"The 2014 Home Mortgage Disclosure Act Data," (with Jack Popper and Dan Ringo), 2015.
Special topics: Effects of QM and HOEPA rules; growth in non-bank lending.
"The 2013 Home Mortgage Disclosure Act Data," (with Dan Ringo), 2014.
Special topic: Racial gaps in credit scores and in higher-priced lending.
"Mortgage Market Conditions and Borrower Outcomes: Evidence from the 2012 HMDA Data and Matched HMDA-Credit Record Data," (with Glenn Canner), 2012.
"The 2009 HMDA Data: The Mortgage Market in a Time of Low Interest Rates and Economic Distress," (with Robert Avery, Ken Brevoort, and Glenn Canner), 2010.
"Did the CRA cause the Mortgage Market Meltdown?" (with Glenn Canner), Community Dividend, 2009 [Speech and article by Gov. Randall Krozner]