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Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market
Agarwal, Sumit; Ben-David, Itzhak; Yao, Vincent - National Bureau of Economic Research (NBER) - 2013
Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...
Persistent link: https://www.econbiz.de/10010703331
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Predatory Lending and the Subprime Crisis
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - National Bureau of Economic Research (NBER) - 2013
We measure the effect of an anti-predatory pilot program (Chicago, 2006) on mortgage default rates to test whether predatory lending was a key element in fueling the subprime crisis. Under the program, risky borrowers and/or risky mortgage contracts triggered review sessions by housing...
Persistent link: https://www.econbiz.de/10010886182
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Fettered Consumers and Sophisticated Firms: Evidence from Mexico's Privatized Social Security Market
Duarte, Fabian; Hastings, Justine S. - National Bureau of Economic Research (NBER) - 2012
This paper brings new evidence from the privatized social security system in Mexico, offering insight into investment behavior and the efficacy of government "nudges" in the context of profit maximizing firms. We use administrative data from the social security system surrounding the government...
Persistent link: https://www.econbiz.de/10010950659
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The Effectiveness of Mandatory Mortgage Counseling: Can One Dissuade Borrowers from Choosing Risky Mortgages?
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - National Bureau of Economic Research (NBER) - 2014
and demand for mortgage credit. Our study is based on a legislative pilot carried out by the State of Illinois in a …
Persistent link: https://www.econbiz.de/10010950923
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Consumer Credit: Too Much or Too Little (or Just Right)?
Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2013
The intersection of research and policy on consumer credit often has a Goldilocks feel. Some researchers and … policymakers posit that consumer credit markets produce too much credit. Other researchers and policymakers posit that markets … produce too little credit. I review theories and evidence on inefficient consumer credit supply. For each of eight classes of …
Persistent link: https://www.econbiz.de/10010951083
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Household Debt: Facts, Puzzles, Theories, and Policies
Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2014
macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth …
Persistent link: https://www.econbiz.de/10010951247
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Advertising and Competition in Privatized Social Security: The Case of Mexico
Syverson, Chad; Hastings, Justine S.; Hortaçsu, Ali - National Bureau of Economic Research (NBER) - 2013
This paper examines how advertising impacts competition and equilibrium prices in the context of a privatized pension market. We use detailed administrative data on fund manager choices and worker characteristics at the inception of Mexico's privatized social security system, where fund managers...
Persistent link: https://www.econbiz.de/10010951291
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Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis
Foote, Christopher Lee; Gerardi, Kristopher S.; Willen, … - National Bureau of Economic Research (NBER) - 2012
We present 12 facts about the mortgage crisis. We argue that the facts refute the popular story that the crisis resulted from finance industry insiders deceiving uninformed mortgage borrowers and investors. Instead, we argue that borrowers and investors made decisions that were rational and...
Persistent link: https://www.econbiz.de/10011271486
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Why Does the Law of One Price Fail? An Experiment on Index Mutual Funds
Laibson, David; Madrian, Brigitte C.; Choi, James J. - National Bureau of Economic Research (NBER) - 2006
Experimental subjects allocate $10,000 across four S&P 500 index funds. Subject rewards depend on the chosen portfolio's subsequent return. Because the investments are not actually intermediated by the fund companies, portfolio returns are unbundled from non-portfolio services. The optimal...
Persistent link: https://www.econbiz.de/10005828564
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How Does Simplified Disclosure Affect Individuals' Mutual Fund Choices?
Laibson, David; Madrian, Brigitte C.; Beshears, John; … - National Bureau of Economic Research (NBER) - 2009
We use an experiment to estimate the effect of the SEC's Summary Prospectus, which simplifies mutual fund disclosure. Our subjects chose an equity portfolio and a bond portfolio. Subjects received either statutory prospectuses or Summary Prospectuses. We find no evidence that the Summary...
Persistent link: https://www.econbiz.de/10005830396