A Fistful of Dollars

A Fistful of Dollars

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Using detailed information on lobbying and mortgage lending activities, we find that lenders lobbying more on issues related to mortgage lending (i) had higher loan-to-income ratios, (ii) securitized more intensively, and (iii) had faster growing portfolios. Ex-post, delinquency rates are higher in areas where lobbyist'' lending grew faster and they experienced negative abnormal stock returns during key crisis events. The findings are robust to (i) falsification tests using lobbying on issues unrelated to mortgage lending, (ii) a difference-in-difference approach based on state-level laws, and (iii) instrumental variables strategies. These results show that lobbying lenders engage in riskier lending.Using a separate page for each code. provide information as requested. Attach additional ... 51325, 51332. 51400 and 51554; Data Security Breach, aquot; General issues covering data breach, use of social security numbers, and file freezing. 1?

Title:A Fistful of Dollars
Author: Deniz Igan, Mr. Thierry Tressel, Prachi Mishra
Publisher:International Monetary Fund - 2009-12-01

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