Home Sweet Home: Financial Development and Homeownership

Ishani Tewari

No 2011-WP-10B, NFI Working Papers from Indiana State University, Scott College of Business, Networks Financial Institute

Abstract: Do improvements in credit markets restrict or broaden economic disparities? Deregulation of intrastate branching, an exogenous shock to U.S. mortgage markets, led to an increase in the overall stock and flow of mortgages. This increase was disproportionately higher for marginal borrowers such as lower income, younger and black households. Technology adoption by banks and lower downpayments explain some of this higher homeownership. Only commercial banks, the specific financial institutions affected by the policy, drive these findings. There was no increase in delinquencies, suggesting that it was not simply heightened competition encouraging banks to expand lending to riskier borrowers.

JEL-codes: G21 (search for similar items in EconPapers)
Pages: 56 pages
Date: 2011-05, Revised 2011-08
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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