Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications

The reallocation of mortgage debt to low-income or marginally qualified borrowers plays a central role in many explanations of the early 2000s housing boom. We show that such a reallocation never occurred, as the distribution of mortgage debt with respect to income changed little even as the

将抵押贷款债务重新分配给低收入群体或边际合格借款人，在诸多针对21世纪初房地产市场繁荣的解释中占据核心地位。我们的研究表明，此类债务重新分配从未发生：即便（原文此处未完结），抵押贷款债务相对于收入的分布状况几乎没有发生变化。