Eyes Wide Shut? The Moral Hazard of Mortgage Insurers during the Housing Boom
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In the U.S. mortgage market, private mortgage insurance (PMI) is mandated for high-leverage mortgages purchased by Fannie Mae and Freddie Mac to serve as a private market check on GSE risk-taking. However, we document that PMI firms dramatically expanded insurance on high-risk mortgages at the tail
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美国国家经济研究局创建时间：
2018-07-01
