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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2009
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...
Persistent link: https://www.econbiz.de/10012463368
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The Political Economy of the U.S. Mortgage Default Crisis
Mian, Atif - 2008
during the crisis. Representatives from districts experiencing an increase in mortgage default rates are significantly more … likely to vote in favor of the AHRFPA. They are precise in responding only to mortgage related constituent defaults, and are …
Persistent link: https://www.econbiz.de/10012464179
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The Effects of the Saving and Banking Glut on the U.S. Economy
Justiniano, Alejandro - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10012459026
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An IV Hazard Model of Loan Default with an Application to Subprime Mortgage Cohorts
Palmer, Christopher J. - National Bureau of Economic Research - 2023
asymptotically normal. Applying my estimator to the subprime mortgage crisis, I quantify what caused the foreclosure rate to triple … standards, with a 10% decline in home prices increasing subprime mortgage default rates by 50% …
Persistent link: https://www.econbiz.de/10014447321
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Florida (Un)Chained
Calomiris, Charles W.; Jaremski, Matthew S. - National Bureau of Economic Research - 2023
To understand a price boom, it is helpful to take account of: (1) observable indicators of changes in ex ante risk tolerance, (2) what information exists and when, and (3) the incentives lenders face. This paper takes such an approach to the Florida land boom of the mid-1920s, the U.S.' first...
Persistent link: https://www.econbiz.de/10014226111
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The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market
Adelino, Manuel - 2020
We show that the distribution of combined loan-to-value ratios (CLTVs) for purchase mortgages in the U.S. has been remarkably stable over the last 25 years. But there was a dramatic shift during the housing boom of the 2000s in the provision of high- CLTV loans through private sources, which...
Persistent link: https://www.econbiz.de/10012481355
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The Macroeconomic Effects of Government Asset Purchases : Evidence from Postwar US Housing Credit Policy
Fieldhouse, Andrew - 2017
We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets … in agency mortgage holdings. Based on those regulatory events that we classify as unrelated to short-run cyclical or … credit market shocks, we find that an increase in mortgage purchases by the agencies boosts mortgage lending, in particular …
Persistent link: https://www.econbiz.de/10012455527
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Anatomy of the Beginning of the Housing Boom : U.S. Neighborhoods and Metropolitan Areas, 1993-2009
Ferreira, Fernando - 2011
We provide novel estimates of the timing, magnitudes, and potential determinants of the start of the last housing boom across American neighborhoods and metropolitan areas (MSAs) using a rich new micro data set containing 23 million housing transactions in 94 metropolitan areas between 1993 and...
Persistent link: https://www.econbiz.de/10012461284
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The 2000s Housing Cycle With 2020 Hindsight : A Neo-Kindlebergerian View
Chodorow-Reich, Gabriel; Guren, Adam M.; McQuade, Timothy - National Bureau of Economic Research - 2021
With "2020 hindsight," the 2000s housing cycle is not a boom-bust but rather a boom- bust-rebound at both the national level and across cities. We argue this pattern reflects a larger role for fundamentally-rooted explanations than previously thought. We construct a city-level long-run...
Persistent link: https://www.econbiz.de/10012616588
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Unsupervised Machine Learning for Explainable Health Care Fraud Detection
Shekhar, Shubhranshu; Leder-Luis, Jetson; Akoglu, Leman - National Bureau of Economic Research - 2023
The US spends more than 4 trillion dollars per year on health care, largely conducted by private providers and reimbursed by insurers. A major concern in this system is overbilling, waste and fraud by providers, who face incentives to misreport on their claims in order to receive higher...
Persistent link: https://www.econbiz.de/10014226143