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Incentivizing Calculated Risk-Taking : Evidence from an Experiment with Commercial Bank Loan Officers
Cole, Shawn Allen - 2013
We use an experiment with commercial bank loan officers to test how performance based compensation affects risk …
Persistent link: https://www.econbiz.de/10013075422
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Repairing a Mortgage Crisis : Holc Lending and its Impact on Local Housing Markets
Courtemanche, Charles - 2010
The Home Owners' Loan Corporation purchased more than a million delinquent mortgages from private lenders between 1933 and 1936 and refinanced the loans for the borrowers. Its primary goal was to break the cycle of foreclosure, forced property sales and decreases in home values that was...
Persistent link: https://www.econbiz.de/10013139741
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Continuous Workout Mortgages
Shiller, Robert J. - 2011
Continuous Workout Mortgage (CWM) balance and payments are indexed using market-observable house price index in an …) closed form formulas for mortgage payment and mortgage balance of a repayment CWM; (c) a closed form formula for the … actuarially fair mortgage rate of an interest-only CWM. For repayment CWMs we extend our analysis to include two negotiable …
Persistent link: https://www.econbiz.de/10013125584
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Is There Evidence of a Real Estate Collateral Channel Effect on Listed Firm Investment in China?
Wu, Jing - 2013
Previous research on the United States and Japan finds economically large impacts of changing real estate collateral value on firm investment. Working with unique data on land values in 35 major Chinese markets and a panel of firms outside the real estate industry, we estimate investment...
Persistent link: https://www.econbiz.de/10013087438
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Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies
Kuttner, Kenneth N. - 2013
Using data from 57 countries spanning more than three decades, this paper investigates the effectiveness of nine non-interest rate policy tools, including macroprudential measures, in stabilizing house prices and housing credit. In conventional panel regressions, housing credit growth is...
Persistent link: https://www.econbiz.de/10013071797
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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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Can Cheap Credit Explain the Housing Boom?
Glaeser, Edward L. - 2015
-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the …
Persistent link: https://www.econbiz.de/10013038665
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The Housing Market(S) of San Diego
Landvoigt, Tim - 2012
This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a lifecycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by...
Persistent link: https://www.econbiz.de/10013112837
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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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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