The political economy of the subprime mortgage credit expansion
By: Atif Mian, Amir Sufi, Francesco Trebbi
Contributors: Trebbi, Francesco; National Bureau of Economic Research
Series: NBER working paper series -- working paper 16107; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16107.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] /
Description: "We examine how special interests, measured by campaign contributions from the mortgage industry, and constituent interests, measured by the share of subprime borrowers in a congressional district, may have influenced U.S.  government policy toward the housing sector during the subprime mortgage credit expansion from 2002 to 2007.  Beginning in 2002, mortgage industry campaign contributions increasingly targeted U.S.  representatives from districts with a large fraction of subprime borrowers.  During the expansion years, mortgage industry campaign contributions and the share of subprime borrowers in a congressional district increasingly predicted congressional voting behavior on housing related legislation.  The evidence suggests that both subprime mortgage lenders and subprime mortgage borrowers influenced government policy toward housing finance during the subprime mortgage credit expansion"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 7/13/2010.

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