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Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013

U.S. households' debt skyrocketed between 2000 and 2007, but has since been falling. This leveraging and deleveraging cycle cannot be accounted for by the liberalization and subsequent tightening of mortgage credit standards that occurred during the period. We base this conclusion on a...

Persistent link: https://www.econbiz.de/10010333598

Import competition and household debt

Barrot, Jean-Noël; Loualiche, Erik; Plosser, Matthew; … - 2017

We analyze the effect of import competition on household balance sheets from 2000 to 2007 using individual data on consumer finances. We exploit variation in exposure to foreign competition using industry-level shipping costs and initial differences in regions' industry specialization. We show...

Persistent link: https://www.econbiz.de/10011942766

How do mortgage refinances affect debt, default, and spending? Evidence from HARP

Abel, Joshua; Fuster, Andreas - 2018

borrowers' default rates on mortgages and nonmortgage debts by about 40 percent and 25 percent, respectively. Refinancing also …

Persistent link: https://www.econbiz.de/10011942786

Subprime mortgage pricing: The impact of race, ethnicity, and gender on the cost of borrowing

Haughwout, Andrew; Mayer, Christopher; Tracy, Joseph - 2009

information on subprime borrowers with information on the mortgages they took out. In a sample of more than 75,000 adjustable …-rate mortgages, we find no evidence of adverse pricing by race, ethnicity, or gender in either the initial rate or the reset margin …, and the data do not indicate whether borrowers might have qualified for less expensive conforming mortgages. …

Persistent link: https://www.econbiz.de/10010283533

The homeownership gap

Haughwout, Andrew; Peach, Richard; Tracy, Joseph - 2009

After rising for a decade, the U.S. homeownership rate peaked at 69 percent in the third quarter of 2006. Over the next two and a half years, as home prices fell in many parts of the country and the unemployment rate rose sharply, the homeownership rate declined by 1.7 percentage points. An...

Persistent link: https://www.econbiz.de/10010287021

MBS ratings and the mortgage credit boom

Ashcraft, Adam; Goldsmith-Pinkham, Paul; Vickery, James - 2010

underperformance (high mortgage defaults and losses and large rating downgrades) among deals with observably higher risk mortgages …

Persistent link: https://www.econbiz.de/10010287069

Real estate investors, the leverage cycle, and the housing market crisis

Haughwout, Andrew; Lee, Donghoon; Tracy, Joseph; van … - 2011

We explore a mostly undocumented but important dimension of the housing market crisis: the role played by real estate investors. Using unique credit-report data, we document large increases in the share of purchases, and subsequently delinquencies, by real estate investors. In states that...

Persistent link: https://www.econbiz.de/10010287182

The financial crisis at the kitchen table: Trends in household debt and credit

Brown, Meta; Haughwout, Andrew; Lee, Donghoon; van der … - 2010

The Federal Reserve Bank of New York (FRBNY) Consumer Credit Panel, created from a sample of U.S. consumer credit reports, is an ongoing panel of quarterly data on individual and household debt. The panel shows a substantial run-up in total consumer indebtedness between the first quarter of 1999...

Persistent link: https://www.econbiz.de/10010287186

Tracking and stress-testing U.S. household leverage

Fuster, Andreas; Guttman-Kenney, Benedict; Haughwout, Andrew - 2016

Borrowers' housing equity is an important component of their wealth and a critical determinant of their vulnerability to shocks. In this paper, we create a unique data set that allows us to provide a comprehensive look at the ratio of housing debt to housing values - what we refer to as...

Persistent link: https://www.econbiz.de/10011538017

Heterogeneity and stability: Bolster the strong, not the weak

Choi, Dong Beom - 2013

This paper provides a model of systemic panic among financial institutions with heterogeneous fragilities. Concerns about potential spillovers from each other generate strategic interaction among institutions, triggering a preemption game in which one tries to exit the market before the others...

Persistent link: https://www.econbiz.de/10010333577