Lending competition, regulation, and nontraditional mortgages
研究了在大衰退前，贷款竞争和监管如何影响借款人使用非传统抵押贷款的可能性，发现竞争促进了早期增长，而反掠夺性贷款法在竞争激烈的市场中更有效。
Abstract We examine the factors that determine the likelihood of borrowers using nontraditional mortgages (NTMs) prior to the Great Recession. Borrower choice depends on borrower characteristics such as income, levels of asset holdings, credit score, and age, and on market factors such as house price appreciation as shown in the literature. We add to the literature by showing that lending competition was significantly associated with the early growth of NTMs while growth of nonbank lending was associated with a later‐stage expansion of NTMs. We also find that state‐level antipredatory lending laws were more effective in restraining the origination of NTMs in markets with higher levels of lending competition.