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Your house or your credit card, which would you choose?: personal delinquency tradeoffs and precautionary liquidity motives

Cohen-Cole, Ethan; Morse, Jonathan - Federal Reserve Bank of Boston - 2009

This paper finds strong evidence that many individuals choose to pay credit card bills even at the cost of mortgage delinquencies and foreclosures. While the popular press and some recent literature have suggested that this choice may emerge from steep declines in housing prices, we find...

Persistent link: https://www.econbiz.de/10008627102

Housing and debt over the life cycle and over the business cycle

Iacoviello, Matteo; Pavan, Marina - Federal Reserve Bank of Boston - 2009

This paper describes an equilibrium life-cycle model of housing where nonconvex adjustment costs lead households to adjust their housing choice infrequently and by large amounts when they do so. In the cross-sectional dimension, the model matches the wealth distribution; the age profiles of...

Persistent link: https://www.econbiz.de/10008623378

Further investigations into the origin of credit score cutoff rules

Bubb, Ryan; Kaufman, Alex - Federal Reserve Bank of Boston - 2011

inappropriate pooling of loans sold to private-label securitizers with loans sold to the government sponsored enterprises (GSEs). In … approach or conclusions. We examine samples that do not pool together loans sold to these two types of purchasers—a sample of … loans bought by the GSEs, a sample of loans originated in 2008–2009 after the private-label market collapsed, and a sample …

Persistent link: https://www.econbiz.de/10009366945

Securitization and moral hazard: evidence from credit score cutoff rules

Bubb, Ryan; Kaufman, Alex - Federal Reserve Bank of Boston - 2011

securitization rule-of-thumb theory but consistent with the origination rule-of-thumb theory. There are jumps in the number of loans …

Persistent link: https://www.econbiz.de/10009321067

The mortgage meltdown: implications for credit availability.

Rosengren, Eric S. - Federal Reserve Bank of Boston - 2008

Discussion by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the U.S. Monetary Policy Forum, New York, NY, February 29, 2008

Persistent link: https://www.econbiz.de/10010726551

Housing and the economy: perspectives and possibilities.

Rosengren, Eric S. - Federal Reserve Bank of Boston - 2009

Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Massachusetts Mortgage Bankers Association 2009 Annual Dinner, January 8, 2009

Persistent link: https://www.econbiz.de/10010726558

Monetary policy and the mortgage market

Rosengren, Eric S. - Federal Reserve Bank of Boston - 2012

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at The Spread between Primary and Secondary Mortgage Rates: Recent Trends and Prospects workshop, New York, New York, December 3, 2012.

Persistent link: https://www.econbiz.de/10010726581

Home-mortgage lending trends in New England in 2010

Muñoz, Ana Patricia - Federal Reserve Bank of Boston - 2012

, income, and the race and ethnicity of borrowers. In this report we focus on home-purchase and refinance loans in New England. …

Persistent link: https://www.econbiz.de/10011026996

Foreclosure externalities: some new evidence

Gerardi, Kristopher S.; Rosenblatt, Eric; Willen, Paul S.; … - Federal Reserve Bank of Boston - 2012

In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties...

Persistent link: https://www.econbiz.de/10011027057

Why did so many people make so many ex post bad decisions?: the causes of the foreclosure crisis

Foote, Christopher L.; Gerardi, Kristopher S.; Willen, … - Federal Reserve Bank of Boston - 2012

This paper presents 12 facts about the mortgage market. The authors argue that the facts refute the popular story that the crisis resulted from financial industry insiders deceiving uninformed mortgage borrowers and investors. Instead, they argue that borrowers and investors made decisions that...

Persistent link: https://www.econbiz.de/10010551264