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Unemployment, negative equity, and strategic default
Gerardi, Kristopher; Herkenhoff, Kyle F.; Ohanian, Lee E.; … - 2013
Using new household-level data, we quantitatively assess the roles that job loss, negative equity, and wealth (including unsecured debt, liquid assets, and illiquid assets) play in default decisions. In sharp contrast to prior studies that proxy for individual unemployment status using regional...
Persistent link: https://www.econbiz.de/10009778409
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Unemployment, Negative Equity, and Strategic Default
Gerardi, Kristopher - 2014
Using new household level data, we quantitatively assess the roles that (i) job loss, (ii) negative equity, and (iii) wealth (including unsecured debt, liquid, and illiquid assets) play in default decisions. In sharp contrast to prior studies that proxy for individual unemployment status using...
Persistent link: https://www.econbiz.de/10013063505
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Insuring consumption using income-linked assets
Fuster, Andreas; Willen, Paul - 2010
consumption across states of nature, one must also consider the assets;́ effects on households;́ ability to smooth consumption … returns correlate negatively with income shocks) even though the assets offer identical opportunities to smooth consumption … be substantial (above 1 percent of certainty-equivalent consumption), the assets we consider can only mitigate a …
Persistent link: https://www.econbiz.de/10008658455
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Insuring Consumption Using Income-Linked Assets
Fuster, Andreas - 2010
consumption across states of nature, one must also consider the assets' effects on households' ability to smooth consumption over … returns correlate negatively with income shocks) even though the assets offer identical opportunities to smooth consumption … be substantial (above 1 percent of certainty-equivalent consumption), the assets we consider can only mitigate a …
Persistent link: https://www.econbiz.de/10013147090
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Subprime mortgages, foreclosures, and urban neighborhoods
Gerardi, Kristopher (contributor); Willen, Paul (contributor) - 2008
to a substantial increase in homeownership by minorities, but instead generated turnover in properties owned by minority …
Persistent link: https://www.econbiz.de/10003810072
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Subprime outcomes : risky mortgages, homeownership experiences, and foreclosures
Gerardi, Kristopher (contributor);  … - 2008
This paper provides the first rigorous assessment of the homeownership experiences of subprime borrowers. We consider … to evaluate these issues, we analyze homeownership experiences in Massachusetts over the 19892007 period using a …
Persistent link: https://www.econbiz.de/10003715816
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Subprime Mortgages, Foreclosures, and Urban Neighborhoods
Gerardi, Kristopher - 2014
commonly believed, lead to a substantial increase in homeownership by minorities but instead generated turnover in properties …
Persistent link: https://www.econbiz.de/10013070820
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The role of proximity in foreclosure externalities : evidence from condominiums
Fisher, Lynn M.; Lambie-Hanson, Lauren; Willen, Paul - 2013 - Version of: April 8, 2013
We explore several different explanations of the effect of foreclosures on neighboring properties using a dataset of transactions in Boston, for which we have rich data on the size and location of condominium associations. There is compelling evidence against a supply effect-nearby condo...
Persistent link: https://www.econbiz.de/10009744198
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Cross-sectional patterns of mortgage debt during the housing boom : evidence and implications
Foote, Christopher L.; Loewenstein, Lara; Willen, Paul - 2016 - This version: November 17, 2016
The reallocation of mortgage debt to low-income or marginally qualified borrowers plays a central role in many explanations of the early 2000s housing boom. We show that such a reallocation never occurred, as the distribution of mortgage debt with respect to income changed little even as the...
Persistent link: https://www.econbiz.de/10011562903
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Cross-Sectional Patterns of Mortgage Debt During the Housing Boom : Evidence and Implications
Foote, Christopher L. - 2016
The reallocation of mortgage debt to low-income or marginally qualified borrowers plays a central role in many explanations of the early 2000s housing boom. We show that such a reallocation never occurred, as the distribution of mortgage debt with respect to income changed little even as the...
Persistent link: https://www.econbiz.de/10012978708