for a state with an average home equity exemption, the subprime foreclosure rate after BAR rose 11 percent relative to …

mortgages. Bankruptcy and foreclosure similarly may be either substitutes or complements. In fact we show that both … foreclosure rates raise homeowners' probability of foreclosure. We provide estimates of the size of these effects. The paper …

State foreclosure and bankruptcy laws govern the rights of mortgage lenders and borrowers during foreclosure and … laws on the types of mortgages originated. The empirical identification is based on state-level variations in foreclosure … likely to be originated in states with lender-friendly foreclosure laws. Also, higher-risk loans are less likely to be …

outcomes (e.g., foreclosure sale, prepayment, or default cure). Overall, we find that bankruptcy filings delay foreclosures but … foreclosure law greatly influence debtor outcomes from one state to another. Bankruptcy filing is more effective in states with … nonjudicial foreclosure and limited homeowner protections …

the time of ARM reset results in a 2.5 percentage rise in the probability of foreclosure in the following year; and that … each foreclosure filing leads to an additional 0.3-0.6 completed foreclosures within a 0.10 mi radius. I emphasize price …

I develop an equilibrium model of housing and default to jointly analyze the effects of bankruptcy and foreclosure … debt. I show that the interaction between foreclosure and bankruptcy decisions is crucial for explaining the observed cross … bankruptcy rates but increased foreclosure rates, and that the Home Affordable Refinance Program reduced foreclosures during the …