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An IV Hazard Model of Loan Default with an Application to Subprime Mortgage Cohorts
Palmer, Christopher J. - National Bureau of Economic Research - 2023
asymptotically normal. Applying my estimator to the subprime mortgage crisis, I quantify what caused the foreclosure rate to triple … standards, with a 10% decline in home prices increasing subprime mortgage default rates by 50% …
Persistent link: https://www.econbiz.de/10014447321
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Credit Supply and the Housing Boom
Justiniano, Alejandro - 2015
constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical … fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing boom to …
Persistent link: https://www.econbiz.de/10012457792
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The Political Economy of the U.S. Mortgage Default Crisis
Mian, Atif - 2008
during the crisis. Representatives from districts experiencing an increase in mortgage default rates are significantly more … likely to vote in favor of the AHRFPA. They are precise in responding only to mortgage related constituent defaults, and are …
Persistent link: https://www.econbiz.de/10012464179
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How Do Foreclosures Exacerbate Housing Downturns?
Guren, Adam M. - 2019
This paper uses a structural model to show that foreclosures played a crucial role in exacerbating the recent housing bust and to analyze foreclosure mitigation policy. We consider a dynamic search model in which foreclosures freeze the market for non-foreclosures and reduce price and sales...
Persistent link: https://www.econbiz.de/10012480160
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Housing Wealth Effects : The Long View
Guren, Adam M. - 2018
We provide new, time-varying estimates of the housing wealth effect back to the 1980s. We exploit systematic differences in city-level exposure to regional house price cycles to instrument for house prices. Our main findings are that: 1) Large housing wealth effects are not new: we estimate...
Persistent link: https://www.econbiz.de/10012452991
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Betting the House
Jordà, Òscar - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10012457895
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Mortgage Default, Foreclosure, and Bankruptcy
Li, Wenli - 2009
In this paper we examine the relationship between homeowners' bankruptcy decisions and their mortgage default decisions …
Persistent link: https://www.econbiz.de/10012463177
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The Subprime Crisis and House Price Appreciation
Goetzmann, William N. - 2009
substantiates both supply and demand effects of past price trends in housing markets, particularly with respect to subprime mortgage …
Persistent link: https://www.econbiz.de/10012463316
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Dynamics of Housing Debt in the Recent Boom and Great Recession
Adelino, Manuel - 2017
This paper documents a number of key facts about the evolution of mortgage debt, homeownership, debt burden and … subsequent delinquency during the recent housing boom and Great Recession. We show that the mortgage expansion was shared across … mortgage expansion was especially pronounced in areas with increased house prices, and the speed at which houses turned over …
Persistent link: https://www.econbiz.de/10012455179
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The Vulnerability of Minority Homeowners in the Housing Boom and Bust
Bayer, Patrick - 2013
This paper examines mortgage outcomes for a large, representative sample of individual home purchases and refinances …
Persistent link: https://www.econbiz.de/10012459643