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Property Derivatives and Index-Linked Mortgages
Syz, Juerg; Vanini, Paolo; Salvi, Marco - Institut für Schweizerisches Bankwesen <Zürich> - 2006
stabilization of the homeowner’s net wealth, price the instruments, and quantify the expected decrease in the mortgage default risk …
Persistent link: https://www.econbiz.de/10005858211
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Unemployment, negative equity, and strategic default
Gerardi, Kristopher; Herkenhoff, Kyle F.; Ohanian, Lee E.; … - 2013
defaulters have both negative equity and enough liquid or illiquid assets to make one month's mortgage payment. This finding …
Persistent link: https://www.econbiz.de/10010397688
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Foreclosure externalities: Some new evidence
Gerardi, Kristopher; Rosenblatt, Eric; Willen, Paul S.; … - 2012
In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale … mortgage distress on house prices. …
Persistent link: https://www.econbiz.de/10010292258
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The effects of the saving and banking glut on the U.S. economy
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 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/10010352184
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Loan Pricing: Thinking Collateral
Akgün, Aydin; Vanini, Paolo - National Centre of Competence in ResearchFinancial … - 2009
We introduce a framework for analyzing the interplay between credit risk and collateralmarket risk on loan pricing. To do this, we decompose any loan into an unsecured and asecured part. Further we explicitly consider the recovery process. The framework allows usto develop semi-analytical...
Persistent link: https://www.econbiz.de/10005868725
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Do borrower rights improve borrower outcomes? Evidence from the foreclosure process
Gerardi, Kristopher; Lambie-Hanson, Lauren; Willen, Paul S. - 2012
We evaluate the effects of laws designed to protect borrowers from foreclosure. We find that these laws delay but do not prevent foreclosures. We first compare states that require lenders to seek judicial permission to foreclose with states that do not. Borrowers in judicial states are no more...
Persistent link: https://www.econbiz.de/10010292272
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Foreign Currency Loans and Loan Arrears of Households in Central and Eastern Europe
Beckmann, Elisabeth; Fidrmuc, Jarko; Stix, Helmut - 2012
Given recent adverse developments, widespread foreign currency borrowing in CEECs poses a serious challenge for financial stability. Against this background, we use survey data to study the determinants of loan arrears of private households. Our data confirm a non-negligible impact of foreign...
Persistent link: https://www.econbiz.de/10013370098
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Late starters or excluded generations? A cohort analysis of catch up in homeownership in England
Bottazzi, Renata; Crossley, Thomas F.; Wakefield, Matthew - 2012
We investigate whether initial differences in speed of entry into homeownership lead to longlasting differences in …
Persistent link: https://www.econbiz.de/10010500216
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Subprime mortgages, foreclosures, and urban neighborhoods
Gerardi, Kristopher S.; Willen, Paul S. - 2009
This paper analyzes the impact of the subprime mortgage crisis on urban neighborhoods in Massachusetts. We explore the … topic using a data set that matches race and income information from Home Mortgage Disclosure Act data with property … commonly believed, lead to a substantial increase in homeownership by minorities but instead generated turnover in properties …
Persistent link: https://www.econbiz.de/10010292355
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Reducing foreclosures: No easy answers
Foote, Christopher L.; Gerardi, Kristopher; Goette, Lorenz - 2009
done to stop it. We use an economic model to focus on two key decisions: the borrower's choice to default on a mortgage and … illustrate that unaffordable loans, defined as those with high mortgage payments relative to income at origination, are unlikely …
Persistent link: https://www.econbiz.de/10010292331