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Can Regulation De-bias Appraisers?
Agarwal, Sumit - 2019
the incidence of inflated collateral valuations. We identify the impact of the regulation using a difference …-in-difference identification strategy. Our baseline results confirm that the regulation reduced inflated valuations in refinance transactions by 16 …-liquidity and low-distress markets, but not in other markets. We find that the regulation had a significant impact on loan to value …
Persistent link: https://www.econbiz.de/10012904751
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Bank Stress Test Results and Their Impact on Consumer Credit Markets
Agarwal, Sumit - 2020
Using Federal Reserve (Fed) confidential stress test data, we exploit the gap between the Fed and bank capital projections as an exogenous shock to banks and analyze how this shock is transmitted to consumer credit markets. First, we document that banks in the 90th percentile of the capital gap...
Persistent link: https://www.econbiz.de/10012827732
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Bank Stress Test Results and Their Impact on Consumer Credit Markets
Agarwal, Sumit; An, Xudong; Cordell, Larry; Roman, Raluca A. - 2020
Using Federal Reserve (Fed) confidential stress test data, we exploit the gap between the Fed and bank capital projections as an exogenous shock to banks and analyze how this shock is transmitted to consumer credit markets. First, we document that banks in the 90th percentile of the capital gap...
Persistent link: https://www.econbiz.de/10014048801
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Policy intervention in debt renegotiation : evidence from the home affordable modification program
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2012
We evaluate the effects of the 2009 Home Affordable Modification Program (HAMP) that provided intermediaries with sizeable financial incentives to renegotiate mortgages. HAMP increased intensity of renegotiations and prevented substantial number of foreclosures but reached just one-third of its...
Persistent link: https://www.econbiz.de/10009697769
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Policy Intervention in Debt Renegotiation : Evidence from the Home Affordable Modification Program
Agarwal, Sumit - 2016
We evaluate the effects of the 2009 Home Affordable Modification Program (HAMP) that provided intermediaries with sizeable financial incentives to renegotiate mortgages. HAMP increased intensity of renegotiations and prevented substantial number of foreclosures but reached just one-third of its...
Persistent link: https://www.econbiz.de/10013006903
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Policy intervention in debt renegotiation : evidence from the Home Affordable Modification Program
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2013
The main rationale for policy intervention in debt renegotiation is to enhance such activity when foreclosures are perceived to be inefficiently high. We examine the ability of the government to influence debt renegotiation by empirically evaluating the effects of the 2009 Home Affordable...
Persistent link: https://www.econbiz.de/10010212760
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The Impact of the 2001 Financial Crisis and the Economic Policy Responses on the Argentine Mortgage Market
Agarwal, Sumit - 2005
Following the 2001 financial crisis, the government of Argentina instituted economic policies to soften the adverse impact of the crisis on the economy. In this paper, we use loan-level data to empirically assess the impact of the currency devaluation and the economic response policies on...
Persistent link: https://www.econbiz.de/10012784515
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Inconsistent Regulators : Evidence from Banking
Agarwal, Sumit - 2013
and incentives and this behavior adversely impacts the effectiveness with which regulation is implemented. We study … resources involved in implementing the regulation. There is no support for the corruption hypothesis, which includes “revolving … as implications of our work for the design of banking regulators in the U.S. and Europe …
Persistent link: https://www.econbiz.de/10013091882
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The Hidden Peril : The Role of the Condo Loan Market in the Recent Financial Crisis
Agarwal, Sumit - 2014
This paper studies a largely overlooked and important segment of the mortgage market in explaining the recent financial crisis — the condominium loan market, which experienced a 15-fold increase in origination and constituted 15% of the overall residential loan originations from 2001 to 2007....
Persistent link: https://www.econbiz.de/10013065115
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Pandemic Risk Factors and the Role of Government Intervention : Evidence from COVID-19 and CMBS Mortgage Performance
Agarwal, Sumit - 2020
We examine the effects of pandemic risk factors and the Federal government's Payment Protection Program (PPP) on the performance of securitized commercial mortgages. Using administrative data that allow us to observe county-level variation in mortgage performance by property type, we find that...
Persistent link: https://www.econbiz.de/10012825532