Did Affordable Housing Legislation Contribute to the Subprime Securities Boom?
利用断点回归方法，研究经济适用房政策是否影响了次级抵押贷款证券化市场，发现贷款机构并未因政策门槛而增加次级贷款发放或调整定价。
We use a regression discontinuity approach and present new institutional evidence to investigate whether affordable housing policies influenced the market for securitized subprime mortgages. We use merged loan‐level data on nonprime mortgages with individual‐ and neighborhood‐level data for California and Florida. We find no evidence that lenders increased subprime originations or altered loan pricing around the discrete eligibility cutoffs for the Government‐Sponsored Enterprises' (GSEs) affordable housing goals or the Community Reinvestment Act. Although we find evidence that the GSEs bought significant quantities of subprime securities, our results indicate that these purchases were not directly related to affordable housing mandates.