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Foreclosure externalities: Some new evidence
Gerardi, Kristopher; Rosenblatt, Eric; Willen, Paul S.; … - 2012
In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties...
Persistent link: https://www.econbiz.de/10010292258
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Do borrower rights improve borrower outcomes? Evidence from the foreclosure process
Gerardi, Kristopher; Lambie-Hanson, Lauren; Willen, Paul S. - 2012
We evaluate the effects of laws designed to protect borrowers from foreclosure. We find that these laws delay but do not prevent foreclosures. We first compare states that require lenders to seek judicial permission to foreclose with states that do not. Borrowers in judicial states are no more...
Persistent link: https://www.econbiz.de/10010292272
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Reducing foreclosures: No easy answers
Foote, Christopher L.; Gerardi, Kristopher; Goette, Lorenz - 2009
This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. We use an economic model to focus on two key decisions: the borrower's choice to default on a mortgage and the lender's subsequent choice whether to...
Persistent link: https://www.econbiz.de/10010292331
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Why don’t lenders renegotiate more home mortgages? The effect of securitization
Adelino, Manuel; Gerardi, Kristopher; Willen, Paul - 2010
Securitization does not explain the reluctance among lenders to renegotiate home mortgages. We focus on seriously delinquent borrowers from 2005 through the third quarter of 2008 and show that servicers renegotiate similarly small fractions of securitized and portfolio loans. The results are...
Persistent link: https://www.econbiz.de/10010292339
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Do households benefit from financial deregulation and innovation? The case of the mortgage market
Gerardi, Kristopher; Rosen, Harvey S.; Willen, Paul - 2006
The U.S. mortgage market has experienced phenomenal change over the last 35 years. Most observers believe that the deregulation of the banking industry and financial markets generally has played an important part in this transformation. One issue that has received particular attention is the...
Persistent link: https://www.econbiz.de/10010282749
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Subprime facts: What (we think) we know about the subprime crisis and what we don't
Foote, Christopher L.; Gerardi, Kristopher; Goette, Lorenz - 2008
Using a variety of datasets, we document some basic facts about the current subprime crisis. Many of these facts are applicable to the crisis at a national level, while some illustrate problems relevant only to Massachusetts and New England. We conclude by discussing some outstanding questions...
Persistent link: https://www.econbiz.de/10010282773
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Why don't lenders renegotiate more home mortgages? Redefaults, self-cures, and securitization
Adelino, Manuel; Gerardi, Kristopher; Willen, Paul S. - 2009
We document the fact that servicers have been reluctant to renegotiate mortgages since the foreclosure crisis started in 2007, having performed payment-reducing modifications on only about 3 percent of seriously delinquent loans. We show that this reluctance does not result from securitization:...
Persistent link: https://www.econbiz.de/10010282780
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Holes in the dike : the global savings glut, US house prices and the long shadow of banking deregulation
Hoffmann, Mathias; Stewen, Iryna - 2015
of deregulation: in states that opened their banking markets to out-of-state banks earlier, house prices were more … sensitive to capital inflows. We provide evidence that global imbalances were a major positive funding shock for US wide banks …: different from local banks, these banks held a geographically diversified portfolio of mortgages which allowed them to tap the …
Persistent link: https://www.econbiz.de/10010515411
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Holes in the dike : the global savings glut, U.S. house prices and the long shadow of banking deregulation
Hoffmann, Mathias; Stewen, Iryna - 2014
of deregulation: in states that opened their banking markets to out-of-state banks earlier, house prices were more … sensitive to capital inflows. We provide evidence that global imbalances were a major positive funding shock for US wide banks …: different from local banks, these banks held a geographically diversified portfolio of mort- gages which allowed them to tap the …
Persistent link: https://www.econbiz.de/10010459858
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Foreclosure externalities : some new evidence
Gerardi, Kristopher; Rosenblatt, Eric; Willen, Paul; … - 2012 - Version of: July 25, 2012
In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties...
Persistent link: https://www.econbiz.de/10009614091