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Gifts, down payments, and housing affordability

Mayer, Christopher J.; Engelhardt, Gary V. - Federal Reserve Bank of Boston - 1994

Recent evidence shows that homeownership rates among young households have declined substantially since the mid 1980s. Although factors such as late household formation and the increasing user cost of housing are contributing factors, reduced affordability is also a concern. Aggregate data...

Persistent link: https://www.econbiz.de/10005379734

Can studies of application denials and mortgage defaults uncover taste-based discrimination?

Tootell, Geoffrey M. B. - Federal Reserve Bank of Boston - 1996

Several articles in the popular press have asserted that a simple comparison of average mortgage default rates for white and minority applicants is necessary and sufficient to uncover discrimination in mortgage lending. The fallacy of this assertion has been examined in Peterson (1981), Tootell...

Persistent link: https://www.econbiz.de/10005379797

Mortgage lending in Boston: interpreting HMDA data

Munnell, Alicia H. - Federal Reserve Bank of Boston - 1992

The results of this study indicate that minority applicants, on average, do have greater debt burdens, higher loan-to-value ratios, and weaker credit histories and they are less likely to buy single-family homes than white applicants, and that these disadvantages do account for a large portion...

Persistent link: https://www.econbiz.de/10005379802

Discrimination, redlining, and private mortgage insurance

Tootell, Geoffrey M.B. - Federal Reserve Bank of Boston - 1995

The existence of discrimination and/or redlining in mortgage lending has been debated intensively for years. Traditionally, the lender's role in credit availability has been scrutinized. Yet other institutions, specifically mortgage insurers, often help determine whether a mortgage is granted; if...

Persistent link: https://www.econbiz.de/10005713299

Reverse mortgages and the liquidity of housing wealth

Mayer, Christopher J.; Simons, Katerina - Federal Reserve Bank of Boston - 1993

The article is organized as follows: Section I briefly describes the features of various types of reverse mortgages … the Survey of Income and Program Participation (SIPP). Section IV analyzes the potential demand for reverse mortgages on … in developing an established market for reverse mortgages, including legal and regulatory barriers, as well as issues of …

Persistent link: https://www.econbiz.de/10005713326

State foreclosure prevention efforts: mediation and financial assistance

Clifford, Robert - Federal Reserve Bank of Boston - 2011

Housing foreclosure activity in the United States and New England increased dramatically at the beginning of the … major foreclosure prevention policies: foreclosure mediation programs and financial assistance programs. This report reviews … these two foreclosure prevention programs in the New England region. It explores how they are funded, weighs their benefits …

Persistent link: https://www.econbiz.de/10009358564

Do borrower rights improve borrower outcomes?: evidence from the foreclosure process

Gerardi, Kristopher; Lambie-Hanson, Lauren; Willen, Paul S. - Federal Reserve Bank of Boston - 2011

The authors evaluate laws designed to protect borrowers from foreclosure. They find that these laws delay but do not … laws. They find that the right-to-cure law lengthens the foreclosure timeline but does not lead to better outcomes for …

Persistent link: https://www.econbiz.de/10009366910

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

Remarks at the Federal Reserve Conference on REO and Vacant Property Strategies for Neighborhood Stabilization.

Rosengren, Eric S. - Federal Reserve Bank of Boston - 2010

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the Federal Reserve Conference on REO and Vacant Property Strategies for Neighborhood Stabilization, Washington, D.C., September 2, 2010

Persistent link: https://www.econbiz.de/10010726531

Negative equity and foreclosure: theory and evidence

Foote, Christopher L.; Gerardi, Kristopher; Willen, Paul S. - Federal Reserve Bank of Boston - 2008

foreclosure. This result is also, contrary to popular belief, completely consistent with economic theory, which predicts that from … the borrower’s perspective, negative equity is a necessary but not a sufficient condition for foreclosure. Our findings … foreclosure. …

Persistent link: https://www.econbiz.de/10005707396