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1、JournalofHousingEconomics20(2011)81–100ContentslistsavailableatScienceDirectJournalofHousingEconomicsjournalhomepage:www.elsevier.com/locate/jhecWhatroledidpiggybacklendingplayinthehousingbubbleandmortgagecollapse?a,⇑bcMichaelLaCour-Little,CharlesA.Calhoun,Wei
2、YuaCollegeofBusinessandEconomics,CaliforniaStateUniversityatFullerton,Fullerton,CA92834-6848,USAbCalhounConsultingLLC,Annandale,VA22003,USAcCollegeofBusinessAdministration,CaliforniaStatePolytechnicUniversity,Pomona,CA91768,USAarticleinfoabstractArticlehistory
3、:Weexaminetheuseofsimultaneousclosejuniorlienlending(‘‘piggybacks’’)overtheReceived29April2010courseoftherecenthousingbubbleandsubsequentmortgagemarketcollapse.UsingbothAvailableonline20February2011state-levelandZipcode-leveldataovertheperiod2001–2008,wefindtha
4、tthefractionofpiggybackoriginationsisrelatedtohigherforeclosureanddefaultratesinsubsequentJELClassification:years,andthisrelationisstrongestfornon-owner-occupiedproperties.Thepattern,how-G01ever,appearstobelimitedtotheuseofsubprimepiggybacks,ratherthanamoregene
5、ralG21phenomenon.Usingatopology-basedhousingsupplyelasticitymeasureasaninstrumentR31forhousepricegrowth,wefurtherconfirmthatthestrongassociationofsubprimepiggy-Keywords:backoriginationwithworseloanperformancewasnotdrivenbytheendogeneityofhouseMortgagepriceappre
6、ciation.ForeclosureÓ2011PublishedbyElsevierInc.HousingPiggybacklending1.Introductionseconds,arejuniorlienmortgageloanstakenoutconcur-rentlywiththefirstmortgagetofinancethehomepur-Thecurrentfinancialcrisishaditsoriginsin2006aschase.Thesearegenerallyusedbyhomebuyer
7、stohousepricesbegantofallandthemortgagemarketexpe-financemorethan80%ofthehousevaluewithoutpayingriencedasharpincreaseinsubprimemortgagedefaultsprivatemortgageinsurance,atleastifthefirstlienisandforeclosures.Numerouspapershavestudiedthefac-GSE-financed.Piggybackle
8、ndingplayedanimportantroletorsthatcontributedtotheunprecedentedincreaseinde-inhomesales,especiallyfrom2004to2006,andwasfaultandforeclosurerates.Irrationalexpectationsinvolvedinabou
