Download or read book Mortgage Lenders and the Geographic Concentration of Foreclosures written by Stephen L. Ross and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We use HMDA rate spread loans to identify lenders involved in riskier lending prior to the foreclosure crisis. We develop a shift-share measure of changes in high rate spread share lender representation in housing submarkets across origination years. While half the cross-sectional correlation between foreclosure and high rate spread lender share is explained by borrower observables, we find robust and stable estimates of the within housing submarket relationship between foreclosure and predicted changes in market share. Estimates are not explained by local housing price variation, rather evidence suggests servicer behavior in response to rising local foreclosure rates as a mechanism.