Econ Papers Daily / 期刊论文
经济适用住房，难以负担的信贷？预制房屋的集中度与高成本贷款
Affordable Housing, Unaffordable Credit? Concentration and High-Cost Lending for Manufactured Homes
摘要
This paper shows that high market concentration in the U.S. manufactured home loan market allows lenders to charge markedly higher interest rates than in the mortgage market for site-built homes. Borrowers in counties with higher lender concentration face significantly higher rates, and evidence from bunching at a regulatory rate threshold, an instrumental variable analysis, and a difference-in-differences analysis suggests a causal link. Integrated lenders, which play an outsized role in this market, charge particularly high rates, and we provide evidence suggesting that these lenders exploit their market power over borrowers. We discuss factors that may explain limited lender entry.
中文摘要
本文表明，美国预制房屋贷款市场的高度市场集中使贷款机构能够收取明显高于现场建造房屋抵押贷款市场的利率。贷款机构集中度较高的县，借款人面临的利率显著更高；来自监管利率阈值处的聚集证据、工具变量分析以及双重差分分析均表明二者存在因果联系。在该市场中发挥超大作用的综合型贷款机构收取的利率尤其高，我们提供的证据表明这些贷款机构利用了其对借款人的市场势力。我们讨论了可能解释贷款机构进入有限的因素。