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Why Did U.S. Banks Invest in Highly-Rated Securitization Tranches?
Erel, Isil - 2011
We estimate holdings of highly-rated tranches of mortgage securitizations of American deposit-taking banks ahead of the …-rated tranches were economically trivial for the typical bank, but banks with greater holdings performed more poorly during the …-rated tranches are not higher for banks with large trading books in regressions that control for bank size. The ratio of highly …
Persistent link: https://www.econbiz.de/10013121733
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Mortgage Market Credit Conditions and U.S. Presidential Elections
Antoniades, Alexis - 2018
Voters punish incumbent Presidential candidates for contractions in the local (county-level) supply of mortgage credit … during market-wide contractions of credit, but they do not reward them for expansions in mortgage credit supply in boom times …. Our primary focus is the Presidential election of 2008, which followed an unprecedented swing from very generous mortgage …
Persistent link: https://www.econbiz.de/10012922978
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Regional Redistribution Through the U.S. Mortgage Market
Hurst, Erik - 2015
depends on how they affect local interest rates. In the United States, most borrowing occurs through the mortgage market and … variation in predictable default risk, GSE mortgage rates for otherwise identical loans do not vary spatially. In contrast, the …
Persistent link: https://www.econbiz.de/10013026795
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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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The Effects of the Saving and Banking Glut on the U.S. Economy
Justiniano, Alejandro - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10013072878
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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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Leverage and House-Price Dynamics in U.S. Cities
Lamont, Owen A.; Stein, Jeremy C. - 2021
In this paper, we use city-level data to analyze the relationship between homeowner borrowing patterns and house-price dynamics. Our principal finding is that in cities where homeowners are more leveraged--i.e., have higher loan-to-value ratios--house prices react more sensitively to...
Persistent link: https://www.econbiz.de/10013233018
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The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market
Adelino, Manuel; McCartney, W. Ben; Schoar, Antoinette - 2022
We show that the distribution of combined loan-to-value ratios (CLTVs) for purchase mortgages in the U.S. has been remarkably stable over the last 25 years. But there was a dramatic shift during the housing boom of the 2000s in the provision of high- CLTV loans through private sources, which...
Persistent link: https://www.econbiz.de/10013300131
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House Prices, Home Equity and Entrepreneurship : Evidence from U.S. Census Micro Data
Kerr, Sari Pekkala - 2015
We use Census micro data to shed new light on how growth in house prices boosts US entrepreneurship. At the height of the 2007 real estate boom, 5% of self-employed individuals and 12% of employer-businesses used home equity to partly or wholly finance a new business. Despite this frequency,...
Persistent link: https://www.econbiz.de/10013017499
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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