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Mortgage regulation and financial vulnerability at the household level

Aastveit, Knut Are; Juelsrud, Ragnar Enger; Wold, Ella Getz - 2020

We evaluate the impact of mortgage regulation on credit volumes, household balance sheets and the reaction to adverse economic shocks. Using a comprehensive dataset of all housing transactions in Norway matched with buyers' balance sheet information from official tax records, we identify causal...

Persistent link: https://www.econbiz.de/10012661560

COVID-19 and entrepreneurial processes in U.S. equity crowdfunding

Cumming, Douglas J.; Reardon, Robert S. - 2021

were drastically impacted by COVID-19. We examine all U.S. equity crowdfunding offerings starting with the very first … housing prices post-COVID-19 are a strong predictor of the number of equity crowdfunding campaigns and the amount of capital … raised. The impact of housing price changes on crowdfunding is more pronounced among more prosperous regions. The housing …

Persistent link: https://www.econbiz.de/10012705611

Governance and success in U.S. equity crowdfunding

Cumming, Douglas J.; Johan, Sofia Atiqah; Reardon, Robert S. - 2021

We propose three governance mechanisms pertinent to equity crowdfunding and campaign success through mitigating … equity crowdfunding. Second, we propose that security design is a critical tool for equity crowdfunding success and even more … problems. The population of equity crowdfunding campaigns from market inception in May 2016 to Q2, 2021 in the United States …

Persistent link: https://www.econbiz.de/10012705614

Household liquidity and macroeconomic stabilization: Evidence from mortgage forbearance

Lee, Sean Chanwook; Maghzian, Omeed - 2023

We estimate the impact of household liquidity provision on macroeconomic stabilization using the 2020 CARES Act mortgage forbearance program. We leverage intermediation frictions in forbearance induced by mortgage servicers to identify the effect of reducing short-term payments with little...

Persistent link: https://www.econbiz.de/10014442970

Monetary and Macroprudential Policy Complementarities: Evidence from European Credit Registers

Altavilla, Carlo; Laeven, Luc; Peydró, José-Luis - 2021

We show strong complementarities between monetary and macroprudential policies in influencing credit. We exploit credit register data - crucially from multiple (European) countries and for both corporate and household credit - in conjunction with monetary policy surprises and indicators of...

Persistent link: https://www.econbiz.de/10012490091

Unsustainable Household Debt: Problems of Measurement

Gibbons, Damon - In: Vierteljahrshefte zur Wirtschaftsforschung 89 (2020) 1, pp. 101-113

In the wake of the Global Financial Crisis, a significant research effort has been made to better understand the links between household debt levels, financial stability risks, and the ongoing implications of the 'debt overhang' for economic growth. However, accurately measuring the household...

Persistent link: https://www.econbiz.de/10012507904

Systemic Usury and the European Consumer Credit Directive

Neuberger, Doris; Reifner, Udo - In: Vierteljahrshefte zur Wirtschaftsforschung 89 (2020) 1, pp. 115-132

Usury is a frequent occurrence in consumer credit markets and particularly affects low-income households. Although the term usury conjures images of a greedy individual consciously acting to exploit the weak bargaining position of another by deceitful and even fraudulent means, we consider it as...

Persistent link: https://www.econbiz.de/10012507905

AVM versus Appraisal-Based Underwriting in Refinance Mortgages : The Trade-off Between Noise and Bias

Krivorotov, George - 2020

Extensive research has confirmed that there is significant anchoring bias in purchase mortgage appraisals, with appraisers setting the value at or above the contract price the vast majority of the time. However, understanding appraisal bias in refinance mortgages has been significantly more...

Persistent link: https://www.econbiz.de/10012833790

Comment Letter In Opposition to the OCC's Proposed 'Valid-When-Made' Rule

Wilmarth, Arthur E. - 2020

This comment letter responds to a proposed rule issued by the Office of the Comptroller of the Currency (OCC), which would “codify” an alleged federal common-law “principle” known as “valid-when-made.” The proposed rule would amend two of the OCC's regulations – 12 C.F.R. 7.4001...

Persistent link: https://www.econbiz.de/10012843369

Clogged Intermediation : Were Home Buyers Crowded Out?

Choi, Dong Beom - 2019

Post-crisis policy interventions significantly increased the demand for mortgage refinancing, but there is an unexplored possibility that the surge in refinancing applications has crowded out the supply of credit to home buyers. In this paper, we examine two frictions that hamper financial...

Persistent link: https://www.econbiz.de/10012900716