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The role of securitization in mortgage renegotiation
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2011
We study the effects of securitization on renegotiation of distressed residential mortgages over the current financial … 36% more likely to be renegotiated than comparable securitized mortgages (4.2 to 5.7% in absolute terms). Also …
Persistent link: https://www.econbiz.de/10010292147
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Market-Based loss mitigation practices for troubled mortgages following the financial crisis
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2010
show that the majority of delinquent mortgages do not enter any loss mitigation program or become a part of foreclosure …
Persistent link: https://www.econbiz.de/10010292190
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Equilibrium mortgage choice and housing tenure decisions with refinancing
Chambers, Matthew S.; Garriga, Carlos; Schlagenhauf, Don - 2007
The last decade has brought about substantial mortgage innovation and increased refinancing. The objective of this paper is to understand the determinants and implications of mortgage choice in the context of a general equilibrium model with incomplete markets. The equilibrium characterization...
Persistent link: https://www.econbiz.de/10010292368
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Household leveraging and deleveraging
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
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Reversion to the Racial Mean and Mortgate Discrimination
Sanandaji, Tino - 2009
Studies of mortgage approvals find that minority borrowers are more likely to be denied loans, even when background variables such as current-year income are held constant. This article demonstrates that relying on current year income when comparing racial outcomes leads to an overestimation of...
Persistent link: https://www.econbiz.de/10010320339
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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
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Securitization and moral hazard: Evidence from credit score cutoff rules
Bubb, Ryan; Kaufman, Alex - 2011
Mortgage originators use credit score cutoff rules to determine how carefully to screen loan applicants. Recent research has hypothesized that these cutoff rules result from a securitization rule of thumb. Under this theory, an observed jump in defaults at the cutoff would imply that...
Persistent link: https://www.econbiz.de/10010286944
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Mortgages and monetary policy
Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - 2015
Persistent link: https://www.econbiz.de/10011392896
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Mortgages and monetary policy
Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - 2015
Mortgages are prime examples of long-term nominal loans. As a result, under incomplete asset markets, monetary policy …, have larger real effects than transitory shocks. The transmission is stronger under adjustable- than fixed-rate mortgages …
Persistent link: https://www.econbiz.de/10011306278
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Mortgages and monetary policy
Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - 2013
Persistent link: https://www.econbiz.de/10010226701