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A New Look at the U.S. Foreclosure Crisis : Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012
Ferreira, Fernando V. - 2015
mortgage default factors associated with the economic cycle, such as negative equity, completely account for the foreclosure …
Persistent link: https://www.econbiz.de/10013021028
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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2010
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...
Persistent link: https://www.econbiz.de/10013151131
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The Future of the Government Sponsored Enterprises : The Role for Government in the U.S. Mortgage Market
Jaffee, Dwight M. - 2011
governmental mortgage guarantee plans, and greater reliance on private mortgage markets. The analysis also considers the likely … consequences of adopting alternative roles for government in the U.S. housing and mortgage markets. We start by reviewing the … history of the GSEs and their contributions to the operation of U.S. housing and mortgage markets, including the actions that …
Persistent link: https://www.econbiz.de/10013117213
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The Panic of 2007
Gorton, Gary B. - 2010
unique design reflecting the subprime mortgage design. Subprime securitization tranches were often sold to CDOs, which were …
Persistent link: https://www.econbiz.de/10012758346
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The Subprime Panic
Gorton, Gary B. - 2008
Understanding the ongoing credit crisis or panic requires understanding the designs of a number of interlinked securities, special purpose vehicles, and derivatives, all related to subprime mortgages. I describe the relevant securities, derivatives, and vehicles to show: (1) how the chain of...
Persistent link: https://www.econbiz.de/10012769874
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Forbearance by Contract : How Building and Loans Mitigated the Mortgage Crisis of the 1930s
Fleitas, Sebastián - 2015
During the Great Depression, Building and Loans (B&Ls), the leading home lenders, had a structure that mitigated the crisis. Borrowers were owners of the B&L and dissolution of the institution required a two-thirds majority vote. Using panel data from New Jersey in the 1930s, we find that this...
Persistent link: https://www.econbiz.de/10013010293
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The Role of Mortgage Brokers in the Subprime Crisis
Berndt, Antje - 2013
Prior to the subprime crisis, mortgage brokers originated about 65% of all subprime mortgages. Yet little is known …
Persistent link: https://www.econbiz.de/10013094548
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Reducing Foreclosures : No Easy Answers
Foote, Christopher L. - 2010
mortgage and the lender's subsequent choice whether to renegotiate or "modify" the loan. The theoretical model and econometric … analysis illustrate that "unaffordable" loans, defined as those with high mortgage payments relative to income at origination …
Persistent link: https://www.econbiz.de/10013152511
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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/10012863685
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Houses as Atms? Mortgage Refinancing and Macroeconomic Uncertainty
Chen, Hui - 2016
leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default …
Persistent link: https://www.econbiz.de/10013007166