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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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The homeownership gap
Haughwout, Andrew; Peach, Richard; Tracy, Joseph - 2009
After rising for a decade, the U.S. homeownership rate peaked at 69 percent in the third quarter of 2006. Over the next two and a half years, as home prices fell in many parts of the country and the unemployment rate rose sharply, the homeownership rate declined by 1.7 percentage points. An...
Persistent link: https://www.econbiz.de/10010287021
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MBS ratings and the mortgage credit boom
Ashcraft, Adam; Goldsmith-Pinkham, Paul; Vickery, James - 2010
underperformance (high mortgage defaults and losses and large rating downgrades) among deals with observably higher risk mortgages …
Persistent link: https://www.econbiz.de/10010287069
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Real estate investors, the leverage cycle, and the housing market crisis
Haughwout, Andrew; Lee, Donghoon; Tracy, Joseph; van … - 2011
We explore a mostly undocumented but important dimension of the housing market crisis: the role played by real estate investors. Using unique credit-report data, we document large increases in the share of purchases, and subsequently delinquencies, by real estate investors. In states that...
Persistent link: https://www.econbiz.de/10010287182
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The financial crisis at the kitchen table: Trends in household debt and credit
Brown, Meta; Haughwout, Andrew; Lee, Donghoon; van der … - 2010
The Federal Reserve Bank of New York (FRBNY) Consumer Credit Panel, created from a sample of U.S. consumer credit reports, is an ongoing panel of quarterly data on individual and household debt. The panel shows a substantial run-up in total consumer indebtedness between the first quarter of 1999...
Persistent link: https://www.econbiz.de/10010287186
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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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Spatial Lock-in: Do Falling House Prices Constrain Residential Mobility?
Chan, Sewin - 1998
down payment. A data set of mortgages is used to examine the magnitude of these constraints. Estimates show that average …
Persistent link: https://www.econbiz.de/10010334368
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Falling Behind: Has Rising Inequality Fueled the American Debt Boom?
Drechsel-Grau, Moritz; Greimel, Fabian - 2024
This paper studies whether the interplay of social comparisons in housing and rising income inequality contributed to the household debt boom in the US between 1980 and 2007. We develop a tractable macroeconomic model with general social comparisons in housing to show that changes in the...
Persistent link: https://www.econbiz.de/10015211305