In the wake of the Great Recession, the implosion of bank balance sheets and tightened credit policy that followed took down not only the economy but also, for many households, the prospect of owning a single-family home and achieving the lifestyle that comes with it. Although tightening credit boxes and more stringent underwriting standards are typical in post-recessionary mortgage markets, the extent to which credit has been restricted and the duration to which lack of access has persisted is vastly under-appreciated.

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