Concentration in Mortgage Markets: Government Sponsored Enterprise Exposure and Risk-Taking in Uncertain Times
研究了2007年上半年政府赞助企业（GSEs）在房价下跌风险下增加高风险抵押贷款收购的动机，发现其旨在通过刺激需求来应对房价下跌，并解释了地区差异。
When home prices threaten to decline, large mortgage investors can benefit from fostering new lending that boosts demand. We ask whether this benefit contributed to the growth in acquisitions of risky mortgages by the Government Sponsored Enterprises (GSEs) in the first half of 2007. We find that it helps explain the variation of this growth across regions, as well as regional house price and credit changes. The growth predicted by this benefit is on top of the acquisition growth caused by the exit of private-label securitizers. We conclude that the GSEs actively targeted their acquisitions to counter home-price declines. This paper was accepted by Camelia Kuhnen, finance. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2024.05912 .