Regressive Mortgage Credit Redistribution in the Post-Crisis Era
记录了2008-2009年金融危机后美国传统与金融科技贷款机构在抵押贷款发放中的四个长期趋势，发现中小型贷款的数量、规模和批准率相对大型贷款持续下降，且大型贷款机构的再分配效应更强，对远离合规贷款限额的抵押贷款影响更显著。
Abstract We document four secular trends about U.S. mortgage origination by traditional and FinTech lenders after the 2008-2009 financial crisis. First, since 2011, the overall number, size, and approval rate of small and medium-sized loans have been decreasing over time, relative to large loans. Second, the largest lenders redistribute their lending the most. Third, this loan-size redistribution of credit increases in the size of the lender. Fourth, the effects are stronger for mortgages further away from the conforming loan limit(s) in both directions. We argue that the supply of credit drives these secular trends, and we assess several potential economic mechanisms.