Collateral Damage : Refinancing Constraints and Regional Recessions

In the current structure of the U.S. residential mortgage market, a decrease in property values may make it very difficult for homeowners to refinance their mortgages to take advantage of declining interest rates. In this paper, we show that this form of collateral constraint has greatly reduced refinancing in states with depressed property markets. We outline the interaction between regional recessions and refinancing constraints

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Year of publication:	[1997]
Authors:	Caplin, Andrew
Other Persons:	Freeman, Charles (contributor) ; Tracy, Joseph S. (contributor)
Publisher:	[1997]: [S.l.] : SSRN
Description of contents:	Abstract [papers.ssrn.com]

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Extent:	1 Online-Ressource
Type of publication:	Book / Working Paper
Notes:	In: Journal of Money, Credit and Banking, Vol. 29, No. 4, Part 1, November 1997 Volltext nicht verfügbar
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012792043