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Mortgage Default, Foreclosure, and Bankruptcy
Li, Wenli; White, Michelle J. - National Bureau of Economic Research (NBER) - 2009
In this paper we examine the relationship between homeowners' bankruptcy decisions and their mortgage default decisions …
Persistent link: https://www.econbiz.de/10008634680
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The Home Front: Rent Control and the Rapid Wartime Increase in Home Ownership
Fetter, Daniel K. - National Bureau of Economic Research (NBER) - 2013
The US home ownership rate rose by 10 percentage points between 1940 and 1945, about half the size of the net change over the 20th century, despite severe restrictions on construction during World War II. I present evidence that wartime rent control -- which covered over 80 percent of the 1940...
Persistent link: https://www.econbiz.de/10010821825
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Positive Externalities of Social Insurance: Unemployment Insurance and Consumer Credit
Hsu, Joanne W.; Matsa, David A.; Melzer, Brian T. - National Bureau of Economic Research (NBER) - 2014
generosity across U.S. states and over time, we find that UI helps the unemployed avoid defaulting on their mortgage debt. We …
Persistent link: https://www.econbiz.de/10010821887
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Reassessing FHA Risk
Caplin, Andrew; Leahy, John; Tracy, Joseph; Aragon, Diego; … - National Bureau of Economic Research (NBER) - 2010
.5 trillion over the next five. Despite clear signs of strain in the FHA's Mutual Mortgage Insurance Fund, a recent actuarial … available from mortgage delinquency; and it ignores potential risks associated with recent down-payment assistant programs …
Persistent link: https://www.econbiz.de/10008624593
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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...
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
Borrowing decisions affect most households, with large stakes and implications for subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer...
Persistent link: https://www.econbiz.de/10010951247
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Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies
Kuttner, Kenneth Neil; Shim, Ilhyock - National Bureau of Economic Research (NBER) - 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/10010721450
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Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets
Courtemanche, Charles; Snowden, Kenneth A. - National Bureau of Economic Research (NBER) - 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/10008548780
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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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The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers
Mayer, Christopher; Piskorski, Tomasz; Tchistyi, Alexei - National Bureau of Economic Research (NBER) - 2010
This paper explores the practice of mortgage refinancing in a dynamic competitive lending model with risky borrowers … prevents the mortgage pools from becoming disproportionately composed of the riskiest borrowers over time. Mortgages with … prepayment penalties allow lenders to lower mortgage rates and extend credit to the least creditworthy, with the largest benefits …
Persistent link: https://www.econbiz.de/10008756452