This figure shows the fraction of total dollar volume of purchase mortgages in the HMDA data set originated by income quintile. In panel A we form quintiles.

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This figure shows the fraction of total dollar volume of purchase mortgages in the HMDA data set originated by income quintile. In panel A we form quintiles based on the income of each individual buyer (as of 2002 the buyer income cutoff for the bottom quintile is $41k, the second quintile corresponds to $58k, the third quintile corresponds to $78k, and the fourth quintile corresponds to $112K). In panel B we use household income from the IRS as of 2002 (i.e., the ZIP codes in each bin are fixed over time). The cutoff for the bottom quintile corresponds to an average household income in the ZIP code as of 2002 of $34k, the second quintile corresponds to $40k, the third quintile corresponds to $48k, and the fourth quintile corresponds to $61k. The sample includes ZIP codes with nonmissing house price data from Zillow. From: Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class Rev Financ Stud. 2016;29(7):1635-1670. doi:10.1093/rfs/hhw018 Rev Financ Stud | © The Author 2016. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com.

This figure shows the fraction of total dollar volume of purchase mortgages in the LPS data (panel A) and in the Blackbox Logic data (panel B) split by FICO score. A FICO score of 660 corresponds to a widely used cutoff for subprime borrowers, and 720 is near the median FICO score of borrowers in the LPS data (the median is 721 in 2003, 716 in 2004, 718 in 2005, and 715 in 2006). The sample includes ZIP codes with nonmissing house price data from Zillow. From: Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class Rev Financ Stud. 2016;29(7):1635-1670. doi:10.1093/rfs/hhw018 Rev Financ Stud | © The Author 2016. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com.

This figure shows the fraction of the total dollar volume of purchases, cash-out refinances, rate refinances, and second-lien mortgages, as well as the total across all categories in the LPS data set originated in 2006. The “Total” category includes mortgages that are unclassified in the data set. Total origination in billions of dollars in the LPS sample is shown above each bar. The sample includes ZIP codes with nonmissing Zillow house price data. Quintiles are based on household income from the IRS as of 2002, and the cutoffs for each quintile are given in the notes to Figure 1 . From: Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class Rev Financ Stud. 2016;29(7):1635-1670. doi:10.1093/rfs/hhw018 Rev Financ Stud | © The Author 2016. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com.

The figure shows the value-weighted mean DTI of households in the Survey of Consumer Finances. DTI is defined as the ratio of all mortgage-related debt over annual household income. The sample includes households with positive mortgage debt. As of 2004, the cutoff for the bottom quintile corresponds to an annual household income of $25.3k, the second quintile corresponds to $44.3k, the third quintile corresponds to $69.7k, and the fourth quintile corresponds to $112.7k. Mortgage-related debt includes SCF items MRTHEL (Mortgage and Home Equity Loan, Primary Residence) and RESDBT (Other residential debt). From: Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class Rev Financ Stud. 2016;29(7):1635-1670. doi:10.1093/rfs/hhw018 Rev Financ Stud | © The Author 2016. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com.

This figure shows the fraction of total dollar volume of delinquent purchase mortgages by cohort, split by income quintile. A mortgage is defined as being delinquent if payments become more than ninety days past due (i.e., 90 days, 120 days, or more in foreclosure or REO) at any point during the three years after origination. Data are from the 5% sample of the LPS data set, and the sample includes ZIP codes with nonmissing Zillow house price data. In panel A we form quintiles based on average buyer income from HMDA in the ZIP code as of 2002 (as of 2002 the ZIP code average buyer income cutoff for the bottom quintile is $59k, the second quintile corresponds to $69k, the third quintile corresponds to $83k, and the fourth quintile corresponds to $109k). In panel B we use household income from the IRS as of 2002 (i.e., in all panels ZIP codes are fixed as of 2002, and cutoffs are the same as those given in Figure 1 ). From: Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class Rev Financ Stud. 2016;29(7):1635-1670. doi:10.1093/rfs/hhw018 Rev Financ Stud | © The Author 2016. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com.

This figure shows the fraction of total dollar volume of delinquent purchase mortgages by cohort, split by credit scores. A mortgage is defined as being delinquent if payments become more than ninety days past due (i.e., 90 days, 120 days, or more in foreclosure or REO) at any point during the three years after origination. Data in panel A are from the 5% sample of the LPS data set, and data in panel B are from the Blackbox Logic data set. The sample includes ZIP codes with nonmissing Zillow house price data. A FICO score of 660 corresponds to a widely used cutoff for subprime borrowers, and 720 is near the median FICO score of borrowers in the data (the median is 721 in 2003, 716 in 2004, 718 in 2005, and 715 in 2006). From: Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class Rev Financ Stud. 2016;29(7):1635-1670. doi:10.1093/rfs/hhw018 Rev Financ Stud | © The Author 2016. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com.

The figure shows the fraction of the dollar volume of purchase mortgages more than ninety days delinquent at any point during the three years after origination for the 2003 and 2006 origination cohorts. Panels show splits by quartiles of house price appreciation that the ZIP code experienced between 2002 and 2006, as well as by whether the borrower is above or below a credit score of 660 (a common FICO cutoff for subprime borrowers). In each panel fractions sum to 100 (the total amount of delinquent mortgages for each cohort), up to rounding error. Data are from the 5% sample of the LPS data set, and the sample includes ZIP codes with nonmissing Zillow house price data. From: Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class Rev Financ Stud. 2016;29(7):1635-1670. doi:10.1093/rfs/hhw018 Rev Financ Stud | © The Author 2016. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com.

The figure shows the percentage of all transactions in each month for homes that also sold in the past twelve months (a measure of “flipping”). Data are provided by Zillow, and ZIP codes are broken down by house price growth between 2002 and 2006. From: Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class Rev Financ Stud. 2016;29(7):1635-1670. doi:10.1093/rfs/hhw018 Rev Financ Stud | © The Author 2016. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com.