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The growth predicted by this benefit is on top of the acquisition growth caused by the exit of private-label securitizers. We conclude that the GSEs actively targeted their acquisitions to counter home-price declines.<\/jats:p>\n                  <jats:p>This paper was accepted by Camelia Kuhnen, finance.<\/jats:p>\n                  <jats:p>Supplemental Material: The data files are available at https:\/\/doi.org\/10.1287\/mnsc.2024.05912 .<\/jats:p>","DOI":"10.1287\/mnsc.2024.05912","type":"journal-article","created":{"date-parts":[[2025,4,7]],"date-time":"2025-04-07T10:32:59Z","timestamp":1744021979000},"page":"9784-9811","source":"Crossref","is-referenced-by-count":0,"title":["Concentration in Mortgage Markets: Government Sponsored Enterprise Exposure and Risk-Taking in Uncertain Times"],"prefix":"10.1287","volume":"71","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-8933-8563","authenticated-orcid":false,"given":"Ronel","family":"Elul","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of Philadelphia, Philadelphia, Pennsylvania 19106"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-9291-8182","authenticated-orcid":false,"given":"Deeksha","family":"Gupta","sequence":"additional","affiliation":[{"name":"Johns Hopkins University, Baltimore, Maryland 21218"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-3894-9102","authenticated-orcid":false,"given":"David","family":"Musto","sequence":"additional","affiliation":[{"name":"University of Pennsylvania, Philadelphia, Pennsylvania 19104"}]}],"member":"109","reference":[{"volume-title":"Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance","year":"2011","author":"Acharya VV","key":"B1"},{"key":"B2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2013.08.002"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhw018"},{"key":"B5","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhab060"},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2014.08.008"},{"key":"B8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.01.005"},{"key":"B9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2018.03.011"},{"key":"B10","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhy033"},{"key":"B11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.2381"},{"key":"B12","doi-asserted-by":"publisher","DOI":"10.1561\/104.00000037"},{"key":"B13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2022.07.002"},{"key":"B14","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2011.00491.x"},{"key":"B15","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2016.06.003"},{"key":"B16","doi-asserted-by":"publisher","DOI":"10.1007\/s10693-015-0220-3"},{"key":"B17","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12494"},{"key":"B20","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhaa088"},{"key":"B21","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhx083"},{"key":"B24","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhw013"},{"key":"B25","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2020.06.014"},{"key":"B26","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12821"},{"key":"B27","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhab027"},{"key":"B28","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20151052"},{"key":"B29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2013.09.001"},{"key":"B30","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.1.307"},{"key":"B31","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2014.09.009"},{"key":"B32","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1449"},{"key":"B33","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2012.09.002"},{"key":"B34","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhq106"},{"key":"B35","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.3.1253"},{"key":"B37","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.6.1486"},{"key":"B39","first-page":"163","volume":"18","author":"Zevelev AA","year":"2018","journal-title":"J. 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