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A quantitative analysis of the U.S. housing and mortgage markets and the foreclosure crisis
Chatterjee, Satyajit; Eyigungor, Burcu - Federal Reserve Bank of Philadelphia - 2011
The authors construct a quantitative equilibrium model of the housing sector that accounts for the homeownership rate, the average foreclosure rate, and the distribution of home-equity ratios across homeowners prior to the recent boom and bust in the housing market. They analyze the key...
Persistent link: https://www.econbiz.de/10009216226
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Does junior inherit? Refinancing and the blocking power of second mortgages
Bond, Philip; Elul, Ronel; Garyn-Tal, Sharon; Musto, … - Federal Reserve Bank of Philadelphia - 2012
Refinancing a first mortgage puts legal principles in conflict when other, junior, liens also exist. On one hand, the principle that seniority follows time priority leaves the new refinancing mortgage junior to mortgages that were junior to the original, refinanced first mortgage. On the other...
Persistent link: https://www.econbiz.de/10010604291
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FHA lending activity in the past decade: a national overview
Federal Reserve Bank of Philadelphia; Community …; … - 2011
The Federal Housing Administration (FHA), which provides insurance for residential mortgage loans, was established by … housing boom after World War II, FHA loans helped make mortgage credit more widely available to returning veterans. In recent … and a low minimum credit score and requires that lenders who make FHA-insured loans carry out extensive loss mitigation …
Persistent link: https://www.econbiz.de/10010723026
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The quality of FHA lending in Pennsylvania, New Jersey, and Delaware
Federal Reserve Bank of Philadelphia; Community …; … - 2011
), insures mortgage loans made by private lenders. All FHA-insured borrowers pay mortgage insurance as one of the terms of their …
Persistent link: https://www.econbiz.de/10010723027
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Why do markets freeze?
Bond, Philip; Leitner, Yaron - Federal Reserve Bank of Philadelphia - 2009
Consider the sale of mortgages by a loan originator to a buyer. As widely noted, such a transaction is subject to a severe adverse selection problem: the originator has a natural information advantage and will attempt to sell only the worst mortgages. However, a second important feature of this...
Persistent link: https://www.econbiz.de/10008628370
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Reverse mortgage loans: a quantitative analysis
Nakajima, Makoto; Telyukova, Irina A. - Federal Reserve Bank of Philadelphia - 2013
Reverse mortgage loans (RMLs) allow older homeowners to borrow against housing wealth without moving. In spite of …
Persistent link: https://www.econbiz.de/10010667570
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Did bankruptcy reform cause mortgage default rates to rise?
Li, Wenli; White, Michelle J.; Zhu, Ning - Federal Reserve Bank of Philadelphia - 2010
This paper argues that the U.S. bankruptcy reform of 2005 played an important role in the mortgage crisis and the current recession. When debtors file for bankruptcy, credit card debt and other types of debt are discharged - thus loosening debtors' budget constraints. Homeowners in financial...
Persistent link: https://www.econbiz.de/10008498244
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Does junior inherit? Refinancing and the blocking power of second mortgages
Bond, Philip; Elul, Ronel; Garyn-Tal, Sharon; Musto, … - Federal Reserve Bank of Philadelphia - 2012
Refinancing a first mortgage puts legal principles in conflict when other, junior, liens also exist. On one hand, the principle that seniority follows time priority leaves the new refinancing mortgage junior to mortgages that were junior to the original, refinanced first mortgage. On the other...
Persistent link: https://www.econbiz.de/10010600548
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Strategic default on first and second lien mortgages during the financial crisis
Jagtiani, Julapa; Lang, William W. - Federal Reserve Bank of Philadelphia - 2010
Strategic default behavior suggests that the default process is not only a matter of inability to pay. Economic costs and benefits affect the incidence and timing of defaults. As with prior research, the authors find that people default strategically as their home value falls below the mortgage...
Persistent link: https://www.econbiz.de/10008764361
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FHA lending activity in the past decade: a national overview
Federal Reserve Bank of Philadelphia; Community …; … - 2011
The Federal Housing Administration (FHA), which provides insurance for residential mortgage loans, was established by … housing boom after World War II, FHA loans helped make mortgage credit more widely available to returning veterans. In recent … and a low minimum credit score and requires that lenders who make FHA-insured loans carry out extensive loss mitigation …
Persistent link: https://www.econbiz.de/10009131474