Showing 1 - 10 of 301
Past research argues that changes in adjustable-rate mortgage (ARM) payments may lead households to cut back on consumption or to default on their mortgages. In this paper, we argue that these outcomes are more likely if ARM borrowers are borrowing constrained, and find that ARM borrowers...
Persistent link: https://www.econbiz.de/10013124982
, along with detailed household balance sheet information, allows us to finely divide the population along relevant dimensions …
Persistent link: https://www.econbiz.de/10012834176
In 2009, the Federal Reserve Board implemented a survey of families that participated in the 2007 Survey of Consumer Finances (SCF) to gain detailed information on the effects of the recent recession on all types of households. Using data from the 2007-09 SCF panel, we highlight the variation in...
Persistent link: https://www.econbiz.de/10013118478
Using a panel of household level tax data, we estimate the degree to which dependents are "reassigned" between tax … combined tax liabilities on average, suggesting some household level coordination. Additionally, when EITC benefits expanded in … subgroup reassigning towards three child tax units actually increased total household tax liabilities, suggesting that some …
Persistent link: https://www.econbiz.de/10011802971
Using the Panel Survey of Income Dynamics, we identify six household types as a function of their balance sheet … negatively correlated. For calibrations based on the empirical household weights after the Great Recession, our model delivers …
Persistent link: https://www.econbiz.de/10011927002
Despite the recent flood of foreclosures on residential mortgages, little is known about what happens to borrowers and their households after their mortgage has been foreclosed. We study the post-foreclosure experience of U.S. households using a unique dataset based on the credit reports of a...
Persistent link: https://www.econbiz.de/10013118658
The Credit Card Accountability and Disclosure Act (CARD Act) of 2009 restricted several risk management practices of credit card issuers. Using a quasi-experimental design with credit bureau data on consumer lending, we find evidence consistent with the hypothesis that the act's restrictions on...
Persistent link: https://www.econbiz.de/10011710086
I pool data from all large multimarket lenders in the U.S. to estimate how many of the over seven million jobs lost in the Great Recession can be explained by reductions in the supply of mortgage credit. I construct a mortgage credit supply instrument at the county level, the weighted average...
Persistent link: https://www.econbiz.de/10012016542
This study revisits the empirical question of the determinants of the choice between fixed and adjustable-rate mortgages using more comprehensive data from the Survey of Consumer Finances (SCF) that overcome some of the data limitations in previous studies. The results from a Logit model of...
Persistent link: https://www.econbiz.de/10014222405
Households who wish to extract home equity through refinancing their mortgage face a hidden transaction cost. The real value of the fixed nominal mortgage payment declines over time with inflation. The change in the real value of the mortgage payments from taking on a new mortgage is positive...
Persistent link: https://www.econbiz.de/10014216526