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Juvenile delinquent mortgages: Bad credit or bad economy?
Haughwout, Andrew; Peach, Richard; Tracy, Joseph - 2008
We study early default, defined as serious delinquency or foreclosure in the first year, among nonprime mortgages from the 2001 to 2007 vintages. After documenting a dramatic rise in such defaults and discussing their correlates, we examine two primary explanations: changes in underwriting...
Persistent link: https://www.econbiz.de/10010283552
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Seismic effects of the bankruptcy reform
Morgan, Donald P.; Iverson, Benjamin; Botsch, Matthew - 2009
We argue that the 2005 bankruptcy abuse reform (BAR) contributed to the surge in subprime foreclosures that followed its passage. Before BAR, over-indebted mortgagors could free up income to pay the mortgage by filing bankruptcy and having their unsecured debts discharged. BAR blocks that...
Persistent link: https://www.econbiz.de/10010283566
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Auto credit and the 2005 Bankruptcy Reform: The impact of eliminating cramdowns
Chakrabarti, Rajashri; Pattison, Nathaniel - 2016
Auto lenders were perhaps the biggest winners of the 2005 Bankruptcy Reform. Cars depreciate quickly, so borrowers often owe more than their car is worth. Prior to the Reform, these borrowers could reduce the principal on their auto loan to the market value of the car through a "cramdown" in...
Persistent link: https://www.econbiz.de/10011796440
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Reducing moral hazard at the expense of market discipline: The effectiveness of double liability before and during the Great Depression
Anderson, Haelim Park; Barth, Daniel; Choi, Dong Beom - 2018
that demonstrates two competing effects of double liability: a direct effect that constrains bank risk taking as a result … of increased skin in the game, and an indirect effect that promotes risk taking owing to weaker monitoring by better … banks and national banks in New York and New Jersey. We find no evidence that double liability reduced bank risk prior to …
Persistent link: https://www.econbiz.de/10012144712
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Information management in times of crisis
Anderson, Haelim Park; Copeland, Adam - 2019
How does information management and control affect bank stability? Following a national bank holiday in 1933, New York state bank regulators suspended the publication of balance sheets of state-charter banks for two years, whereas the national-charter bank regulator did not. We use this...
Persistent link: https://www.econbiz.de/10012144750
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Determinants of college major choice: Identification using an information experiment
Wiswall, Matthew; Zafar, Basit - 2011
This paper studies the determinants of college major choice using a unique information experiment embedded in a survey. We first ask respondents their self-beliefs - beliefs about their own expected earnings and other major-specific outcomes conditional on various majors, their population...
Persistent link: https://www.econbiz.de/10010287092
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Auctions implemented by the Federal Reserve Bank of New York during the great recession
Armantier, Olivier; Sporn, John - 2013
During the Great Recession, the Federal Reserve implemented several novel programs to address adverse conditions in financial markets. Three of these temporary programs relied on an auction mechanism: the Term Auction Facility, the Term Securities Lending Facility, and the disposition of the...
Persistent link: https://www.econbiz.de/10010333622
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The Treasury Market Practices Group: Creation and early initiatives
Garbade, Kenneth D.; Keane, Frank M. - 2017
impinge on market liquidity and that risk damaging the reputation of the market. …
Persistent link: https://www.econbiz.de/10011942767
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Beyond thirty: Treasury issuance of long-term bonds from 1953 to 1965
Garbade, Kenneth D. - 2017
Ever since the emergence of regular and predictable issuance of coupon-bearing Treasury debt in the 1970s, thirty years has marked the outer boundary of Treasury bond maturities. However, longer-term bonds were not unknown in earlier years. Seven such bonds, including one with a forty-year term,...
Persistent link: https://www.econbiz.de/10011796449
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Defaults and losses on commercial real estate bonds
Wiggers, Tyler; Ashcraft, Adam B. - 2012
We employ a unique data set of public commercial real estate (CRE) bonds issued during the Great Depression era (1920-32) to determine their frequency of default and total loss given default. Default rates on these bonds far exceeded those originated in subsequent periods, driven in part by the...
Persistent link: https://www.econbiz.de/10010287031