Pricing Mortgage Originations
用竞争市场和理性预期解释抵押贷款合同及行业结构，认为抵押、首付等非利率条款是控制借贷双方利益冲突的有效机制。
The general structure of observed mortgage loan contracts and the structure of firms in the industry can be explained in terms of competitive markets and rational expectations. It is not necessary to invoke disequilibrium, credit‐rationing theories. Collateralization, covenants, downpayments, and other noninterest rate provisions in loan contracts are efficient mechanisms to control the conflict of interest between the borrower and lender. Finally, there are constraints lenders place on the range of contractual provisions offered because of interdependencies in payoffs across contracts and the costs they face associated with insolvency.