国际清算银行-负担得起的住房，负担不起的信贷？制造业住宅的集中化和高成本贷款（英）

BIS Working Papers No 1255 Affordable housing, unaffordable credit? Concentration and high-cost lending for manufactured homes by Sebastian Doerr and Andreas Fuster Monetary and Economic Department April 2025 JEL classification: G21, G23, L13, R31 Keywords: manufactured homes, mortgage market, competition, household finance, HOEPA BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Affordable housing, unaffordable credit?Concentration and high-cost lending formanufactured homesSebastian DoerrBIS & CEPRAndreas FusterEPFL, SFI & CEPRApril 2025AbstractPolicy makers place high hopes in manufactured homes—the largest source of un-subsidized affordable housing in the US—to alleviate housing supply shortages.This paper shows that high market concentration in the multi-billion-dollar man-ufactured home loan market allows lenders to charge significantly higher interestrates than for site-built homes. Loan-level data indicate that borrowers in coun-ties with higher lender concentration face significantly higher rates. Evidence frombunching at the regulatory HOEPA rate threshold, an instrumental variable analy-sis, and a difference-in-differences analysis around HOEPA’s introduction suggestsa causal link. We further show that integrated lenders, which play an outsizedrole in the manufactured home loan market, charge particularly high rates, andwe provide evidence suggesting that these lenders exploit their market power overborrowers.JEL Codes: G21, G23, L13, R31.Keywords: Manufactured homes, mortgage market, competition, household finance, HOEPA.Sebastian Doerr (sebastian.doerr@bis.org): Bank for International Settlements and CEPR. AndreasFuster (andreas.fuster@epfl.ch): EPFL, Swiss Finance Institute and CEPR. We would like to thank HelenBanga, Matteo Benetton, Neil Bhutta, Brian Melzer, Nicola Pavanini, Jos´e-Luis Peydr´o, ChristopherSalda˜na, seminar participants at University of St. Gallen, Tilburg University, University of WisconsinMadison, Erasmus University Rotterdam, IE Business School, Central Bank of Ireland, as well as at theBoE 5th Workshop on Household Finance and Housing for comments, and Zhixun Chen for excellentresearch assistance. The views expressed here are those of the authors only, and not necessarily those ofthe Bank for International Settlements.1IntroductionFor decades, expanding homeownership has been a prominent goal of public