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Do borrower rights improve borrower outcomes?: evidence from the foreclosure process
Gerardi, Kristopher; Lambie-Hanson, Lauren; Willen, Paul S. - Federal Reserve Bank of Boston - 2011
The authors evaluate laws designed to protect borrowers from foreclosure. They find that these laws delay but do not … laws. They find that the right-to-cure law lengthens the foreclosure timeline but does not lead to better outcomes for …
Persistent link: https://www.econbiz.de/10009366910
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Why did so many people make so many ex post bad decisions?: the causes of the foreclosure crisis
Foote, Christopher L.; Gerardi, Kristopher S.; Willen, … - Federal Reserve Bank of Boston - 2012
This paper presents 12 facts about the mortgage market. The authors argue that the facts refute the popular story that the crisis resulted from financial industry insiders deceiving uninformed mortgage borrowers and investors. Instead, they argue that borrowers and investors made decisions that...
Persistent link: https://www.econbiz.de/10010551264
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Making sense of the subprime crisis
Gerardi, Kristopher S.; Lehnert, Andreas; Sherlund, Shane M. - Federal Reserve Bank of Boston - 2009
This paper explores the question of whether market participants could have or should have anticipated the large increase in foreclosures that occurred in 2007 and 2008. Most of these foreclosures stem from loans originated in 2005 and 2006, leading many to suspect that lenders originated a large...
Persistent link: https://www.econbiz.de/10004967301
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Negative equity and foreclosure: theory and evidence
Foote, Christopher L.; Gerardi, Kristopher; Willen, Paul S. - Federal Reserve Bank of Boston - 2008
foreclosure. This result is also, contrary to popular belief, completely consistent with economic theory, which predicts that from … the borrower’s perspective, negative equity is a necessary but not a sufficient condition for foreclosure. Our findings … foreclosure. …
Persistent link: https://www.econbiz.de/10005707396
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Reducing foreclosures
Foote, Christopher L.; Gerardi, Kristopher S.; Goette, … - Federal Reserve Bank of Boston - 2009
This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be … show, both theoretically and empirically, that the efficiency of foreclosure for investors is a more plausible explanation …
Persistent link: https://www.econbiz.de/10004998036
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Why don't lenders renegotiate more home mortgages?: redefaults, self-cures, and securitization
Adelino, Manuel; Gerardi, Kristopher; Willen, Paul S. - Federal Reserve Bank of Boston - 2009
We document the fact that servicers have been reluctant to renegotiate mortgages since the foreclosure crisis started …
Persistent link: https://www.econbiz.de/10005065497
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Foreclosure externalities: some new evidence
Gerardi, Kristopher S.; Rosenblatt, Eric; Willen, Paul S.; … - Federal Reserve Bank of Boston - 2012
complete the foreclosure process, and go to zero about a year after the bank sells the property to a new homeowner. The … shows that policies that slow the transition from delinquency to foreclosure likely exacerbate the negative effect of …
Persistent link: https://www.econbiz.de/10011027057