House of Debt¶
Mian, A., & Sufi, A. (2014). House of Debt. University of Chicago Press.
Cited by¶
3 citations across 3 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Fungibility
- The 2008 mortgage crisis was in part a collapse of constructed fungibility in mortgage-backed securities, where the rated-tranche equivalence class turned out to mask heterogeneous credit risk.
This sourceAnalyzes the 2008 crisis as a collapse of constructed fungibility in mortgage-backed securities, where rated-tranche equivalence classes masked heterogeneous credit risk.
- The 2008 mortgage crisis was in part a collapse of constructed fungibility in mortgage-backed securities, where the rated-tranche equivalence class turned out to mask heterogeneous credit risk.
Domain-specific¶
- Balance-Sheet Recession
- US household debt had climbed above 130% of disposable income by 2007; when house prices fell roughly a third from their 2006 peak, millions of mortgaged households held liabilities exceeding home values
Supported in partVerified against the work's full text
“by increasing [households]' debt burdens compared to their income. This forces [households] to cut back on”
- US household debt had climbed above 130% of disposable income by 2007; when house prices fell roughly a third from their 2006 peak, millions of mortgaged households held liabilities exceeding home values
- Collateral Squeeze
- Repo and short-term wholesale funding — dealer-bank money-market funding collapses as mortgage-backed and corporate-bond collateral loses pledgeability, forcing fire-sales of those same assets (2007–09, March 2020). Margin lending and prime brokerage — concentrated leveraged positions meet simultaneous cross-counterparty margin calls with no exit that does not move the market against the seller (LTCM 1998, Archegos 2021). Mortgage finance — falling house prices cut homeowner equity, tightening LTV-based refinancing and driving foreclosure cascades that depress prices further (the Mian–Sufi household-debt mechanism).
This sourceThe household-debt account in which levered homeowners' losses in the house-price collapse drove mass foreclosures and spending cuts.
Supported in partVerified against the source
- Repo and short-term wholesale funding — dealer-bank money-market funding collapses as mortgage-backed and corporate-bond collateral loses pledgeability, forcing fire-sales of those same assets (2007–09, March 2020). Margin lending and prime brokerage — concentrated leveraged positions meet simultaneous cross-counterparty margin calls with no exit that does not move the market against the seller (LTCM 1998, Archegos 2021). Mortgage finance — falling house prices cut homeowner equity, tightening LTV-based refinancing and driving foreclosure cascades that depress prices further (the Mian–Sufi household-debt mechanism).
Verification¶
Does it exist? Not checked yet. This entry carries no identifier to resolve. It was extracted from the citation as written in the article, normalized, and deduplicated against the rest of the registry.
Does it back the claim? Read against the text for 2 of 3 citations: 2 supported in part. Each verdict is shown under its citation below, with what in the work backs the sentence.
Support is checked per citation rather than per work — the same source can be cited soundly in one article and wrongly in another. Per-citation recording began recently, so a citation with no recorded check is a gap in the record rather than evidence it went unchecked.
See how references were verified.
Registry ID ref:3398e63c06e8 · see in the full table