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Calem, Paul Seth; Lambie-Hanson, Lauren; Nakamura, … - 2018

Home appraisals are produced for millions of residential mortgage transactions each year, but appraised values are … institutional framework that governs mortgage lending lead to information loss in appraisals (that is, appraisals set equal to the … incidence of mortgage default at loan-to-value boundaries (notches) above which mortgage insurance rates increase. Appraisals …

Persistent link: https://www.econbiz.de/10011971156

How big is the wealth effect? : decomposing the response of consumption to house prices

Aruoba, S. Borağan; Elul, Ronel; Kalemli-Ozcan, Sebnem - 2018

We investigate the effect of declining house prices on household consumption behavior during 2006-2009. We use an individual-level dataset that has detailed information on borrower characteristics, mortgages and credit risk. Proxying consumption by individual-level auto loan originations, we...

Persistent link: https://www.econbiz.de/10011971339

Predatory Mortgage Lending

Bond, Philip; Musto, David K.; Yılmaz, Bilge - 2019

Regulators express growing concern over predatory loans, which the authors take to mean loans that borrowers should decline. Using a model of consumer credit in which such lending is possible, they identify the circumstances in which it arises both with and without competition. The authors find...

Persistent link: https://www.econbiz.de/10014047120

How Resilient is Mortgage Credit Supply? Evidence from the Covid-19 Pandemic

Fuster, Andreas; Hizmo, Aurel; Lambie-Hanson, Lauren; … - 2021

We study the evolution of US mortgage credit supply during the COVID-19 pandemic. Although the mortgage market … guarantees and loans to the riskiest borrowers. Mortgage backed securities purchases by the Federal Reserve also supported the …

Persistent link: https://www.econbiz.de/10014048680

The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market

Adelino, Manuel; McCartney, William B.; Schoar, Antoinette - 2020

The distribution of combined loan-to-value ratios (CLTVs) for purchase mortgages has been remarkably stable in the U.S. over the last 25 years. But the source of high-CLTV loans changed during the housing boom of the 2000s, with private securitization replacing FHA and VA loans directly...

Persistent link: https://www.econbiz.de/10014048736

Foreclosures and House Price Dynamics : A Quantitative Analysis of the Mortgage Crisis and the Foreclosure Prevention Policy

Chatterjee, Satyajit; Eyigungor, Burcu - 2019

The authors construct a quantitative equilibrium model of the housing market in which an unanticipated increase in the supply of housing triggers default mortgages via its effect on house prices. The decline in house prices creates an incentive to increase the consumption of housing space, but...

Persistent link: https://www.econbiz.de/10014203109

Securitization and Mortgage Default

Elul, Ronel - 2019

perform worse than observably similar, nonsecuritized loans. Moreover, this effect is strongest in prime mortgage markets …

Persistent link: https://www.econbiz.de/10014203112

Regime Shift and the Post-Crisis World of Mortgage Loss Severities

An, Xudong; Cordell, Larry - 2017

, reaching and sustaining greater than 40% post-crisis. Using a novel database that contains the components of mortgage losses …, mortgage credit availability …

Persistent link: https://www.econbiz.de/10014121934

The Dynamics of Subprime Adjustable-Rate Mortgage Default : A Structural Estimation

Fang, Hanming - 2016

We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions … the model using unique data sets that contain information on borrowers' mortgage payment history, their broad balance …

Persistent link: https://www.econbiz.de/10012999680

'Don't Know What You Got Till It's Gone' — The Effects of the Community Reinvestment Act (CRA) on Mortgage Lending in the Philadelphia Market

Ding, Lei - 2017

mortgage lending by focusing on a large number of neighborhoods that became eligible and ineligible for CRA credit in the …

Persistent link: https://www.econbiz.de/10012953611