NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class

Manuel Adelino, Antoinette Schoar, Felipe Severino

NBER Working Paper No. 20848
Issued in January 2015, Revised in June 2015

---- Acknowledgements ----

We thank Nittai Bergman, Markus Brunnermeier, Ing-Haw Cheng, Matthieu Gomez, Raj Iyer, Amir Kermani, Andrew Lo, Sendhil Mullainathan, Debarshi Nanda, Jonathan Parker, Adriano Rampini, David Robinson, Steve Ross, Amit Seru, Andrei Shleifer, Jeremy Stein, Jialan Wang and seminar participants at Berkeley, Cass, Brandeis, CFPB Research Forum, Dartmouth, Duke, Harvard Business School, Maryland, McGill, MIT, NBER Corporate Finance, Princeton, UNC and Imperial College London for thoughtful comments. This paper was previously circulated under the title “Changes in Buyer Composition and the Expansion of Credit during the Boom.” The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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