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After the great recession : financial sophistication and housing leverage
Kim, Kyoungtae; Seay, Martin C.; Smith, Hyrum L. - In: Applied economics letters 23 (2016) 16/18, pp. 1285-1288
Persistent link: https://www.econbiz.de/10011702327
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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2010
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...
Persistent link: https://www.econbiz.de/10013151131
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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2010
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the rise in U.S. household leverage from 2002 to 2006 and the increase in defaults...
Persistent link: https://www.econbiz.de/10013152833
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Houses as Atms? Mortgage Refinancing and Macroeconomic Uncertainty
Chen, Hui - 2016
leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default …
Persistent link: https://www.econbiz.de/10013007166
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Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty
Chen, Hui - 2020
Mortgage refinancing activity associated with extraction of home equity contains a strongly counter-cyclical component … consistent with household demand for liquidity. We estimate a structural model of liquidity management featuring counter … empirically evaluate its predictions for the households' choices of leverage, liquid assets, and mortgage refinancing using micro …
Persistent link: https://www.econbiz.de/10012857299
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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2009
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...
Persistent link: https://www.econbiz.de/10012463368
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Why do borrowers make mortgage refinancing mistakes?
Agarwal, Sumit; Rosen, Richard Joseph; Yao, Wenxiong - In: Management science : journal of the Institute for … 62 (2016) 12, pp. 3494-3509
Persistent link: https://www.econbiz.de/10011626400
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Systematic mistakes in the mortgage market and lack of financial sophistication
Agarwal, Sumit; Ben-David, Itzhak; Yao, Wenxiong - In: Journal of financial economics 123 (2017) 1, pp. 42-58
Persistent link: https://www.econbiz.de/10011725180
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Systematic mistakes in the mortgage market and lack of financial sophistication
Agarwal, Sumit; Ben-David, Itzhak; Yao, Wenxiong - 2016
borrower types and provides better pricing. We test the effectiveness of a specific set of contracts in the mortgage market …: mortgage points. Points allow borrowers to exchange an upfront amount for a decrease in the mortgage rate. We document that, on … overestimate how long they will stay with the mortgage …
Persistent link: https://www.econbiz.de/10011962222
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High housing debt increases risks to financial stability
Putkuri, Hanna - In: Bank of Finland bulletin (2016) 2, pp. 43-52
Persistent link: https://www.econbiz.de/10012041003