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... this section from 1997 to 2006 to give some sense of how the market has evolved. Our main analysis will, however, only include years of data since 2000. Our analysis uses more than two million loans =-=(2,942,934)-=- across years. As mentioned earlier, 13 It is not clear for whom the manipulation is easy. If for instance it is easier for the good quality borrowers, then it would bias us against finding any increa...

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... the credit threshold of 620 as compared to below it. Next, we estimate differential delinquencies for loans securitized by different types of lenders and present the results in Column (2) and Column =-=(4)-=- of the two panels. Specifically, we use equation (2) for estimating the probabilities of delinquency separately for two types of lenders. Our results suggest that loans securitized by both banks and ...

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...ly for two types of lenders to quantify discontinuities in number of loans. We estimate the regressions after pooling data from 2001 to 2006 and use time fixed effects. As is shown in Columns (1) and =-=(3)-=-, we find an increase in the number of low documentation loans – i.e., the coefficient on the indicator (T ) is significant. Both banks and independents experience about a 90% increase in number of lo...