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JOURNAL OF ACCOUNTING AND FINANCE
The Leverage Cycle in the Mortgage Market
Author(s): Albert Alex Zevelev
Citation: Albert Alex Zevelev, (2018) "The Leverage Cycle in the Mortgage Market", Journal of Accounting and Finance, Vol. 18, ss. 7, pp. 163-182
Article Type: Research paper
Publisher: North American Business Press
Abstract:
The recent boom and bust in house prices coincided with a boom and bust in mortgage leverage. At the
peak of the boom, regions with the greatest rise in house prices also had the greatest rise in leverage.
During the bust, regions with the greatest drop in house prices also had the greatest drop in leverage.
During the peak of the housing boom, most highly leveraged borrowers had second mortgages for the
portion of the loan with LTV >80%. When house prices began to drop, most second mortgages
disappeared.
