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- September 2021
- Article
Did Technology Contribute to the Housing Boom? Evidence from MERS
By: Stefan Lewellen and Emily Williams
We examine the effects of the Mortgage Electronic Registration System, or MERS, on mortgage origination volumes and foreclosure rates prior to the Great Recession. MERS was introduced in the late 1990s and significantly reduced the cost and time associated with... View Details
Keywords: Credit Supply; Housing Boom; Financial Innovation; Nonbank Lenders; Mortgages; Credit; Expansion; Information Technology; Outcome or Result
Lewellen, Stefan, and Emily Williams. "Did Technology Contribute to the Housing Boom? Evidence from MERS." Journal of Financial Economics 141, no. 3 (September 2021): 1244–1261.
Bank Capital and the Growth of Private Credit
We show that business development companies (BDCs)—closed-end funds that provide a significant share of nonbank loans to middle market firms—are very well capitalized according to bank capital frameworks. They have median risk-based capital ratios of about 36% and,... View Details