Аңдатпа
We show that the distribution of combined loan-to-value ratios (CLTVs) for purchase mortgages in the U.S. has been remarkably stable over the last 25 years.But there was a dramatic shift during the housing boom of the 2000s in the provision of high-CLTV loans through private sources, which replaced almost one-for-one the share of high-CLTV loans directly guaranteed by the government, via FHA and VA.Post 2008, FHA/VA loans increased back to 30% of all purchase mortgages.This substitution between government and privately backed high-CLTV loans holds within ZIP codes, properties and borrower types over the full sample period.We also show that the increase in private high-CLTV lending follows local house price increases rather than preceding them.These findings suggest that the housing boom was not accompanied by a shift towards more high-CLTV loans, and instead favor models that rely on changes in collateral values or broad changes in house price expectations.