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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/10013155027
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Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization
Adelino, Manuel - 2015
We document the fact that servicers have been reluctant to renegotiate mortgages since the foreclosure crisis started in 2007, having performed payment reducing modifications on only about 3 percent of seriously delinquent loans. We show that this reluctance does not result from securization:...
Persistent link: https://www.econbiz.de/10013039412
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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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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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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/10013029567
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The Dynamics of Adjustable-Rate Subprime Mortgage Default : a Structural Estimation
Fang, Hanming - 2016
We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions … the model using unique data sets that contain information on borrowers' mortgage payment history, their broad balance … the delinquency rates. We find that automatic modification mortgage designs under which the monthly payment or the …
Persistent link: https://www.econbiz.de/10013002568
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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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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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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 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