The Role of Home Equity Lending in the Recent Mortgage Crisis
研究了2000-2008年房屋净值贷款快速增长如何加剧了抵押贷款危机中的违约风险，发现贷款增长与高房价贬值及首次抵押贷款违约相关，且信用额度增长与非自住物业购买增加有关，加剧了市场下行时的违约率。
Home equity lending grew rapidly from 2000 to 2008 with balances more than tripling. In this article, we examine the role this phenomenon may have played in increasing aggregate default risk during the mortgage crisis. We also document a relationship between growth in home equity lending and high house price depreciation and first mortgage default during the downturn of 2006–2009. Line of credit growth is shown to be associated with large increases in nonowner‐occupied property purchases, suggesting that home equity lines of credit were tapped to fund such investments, exacerbating default rates during the market downturn.