The Government‐Sponsored Enterprises and the Mortgage Crisis: The Role of the Affordable Housing Goals
利用断点回归分析，研究可负担住房目标中的未充分服务地区目标对房利美和房地美购买抵押贷款数量的影响，发现该目标在次贷繁荣期对高风险借款人信贷供给的影响很小。
I use regression discontinuity analysis to measure the effect of one of the Affordable Housing Goals, the Underserved Areas Goal (UAG), on the number of whole single‐family mortgages purchased by Fannie Mae and Freddie Mac (GSEs) in undeserved census tracts for 1996–2002. Focusing additionally on tracts that became UAG‐eligible in 2005–2006, I measure the effect of the UAG during peak years for the subprime market. The results suggest a small UAG effect and challenge the view that the goals caused the GSEs to supply substantially more credit to high‐risk borrowers than they otherwise would have supplied during the subprime boom.