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UNIVERSITY PARK, Pa. A recent article, appearing in the Journal of Urban Economics, authored by Penn State faculty member Brent Ambrose, Smeal Professor of Risk Management in the Smeal College of Business, and former doctoral student Moussa Diop examines the effects of subprime mortgage lending on the multifamily renting market. They found that subprime lending had a significant effect on rental defaults, which affected rental rates and property valuations. Diop, now an assistant professor of real estate and urban land economics at the Wisconsin School of Business, began his research with Ambrose in the second year of his doctoral studies. "Brent always has a lot of great research ideas," said Diop. "We all know that real estate markets are integrated, but when people were talking about the subprime mortgage crisis, they were only looking at housing, not at what was happening to the rental market. Nobody had told that story yet." In examining the role that subprime mortgage lending played in the global financial crisis in 2007 and 2008, Ambrose and Diop noted a gap in understanding the impact of mortgage credit expansion on the rental market.