Experiences reveal that the monitoring costs of the foreclosure crisis may be nontrivial, and smaller governments may have more success at addressing potential negative externalities. One highly localized form of government is a homeowners association (HOA). HOAs could be well-suited for...

In this paper we investigate the effects of delinquency and arrest on school leaving using information on males from the National Longitudinal Survey of Youth 1997. We use a multivariate mixed proportional hazard framework in order to account for common unobserved confounders and reverse...

We study the impact on criminal activity from a large scale Swedish reform of vocational upper secondary education, extending programs from two to three years and adding more general theoretical content. The reform directly concerns age groups where criminal activity is high and students who are...

We study the impact on criminal activity from a large scale Swedish reform of vocational upper secondary education, extending programs from two to three years and adding more general theoretical content. The reform directly concerns age groups where criminal activity is high and students who are...

Remarks at the National Association of College and University Business Officers, at the Waldorf Astoria, New York City.

Remarks at the Convening on Student Loan Data Conference, Federal Reserve Bank of New York, New York City.

We study the impact on criminal activity from a large scale Swedish reform of vocational upper secondary education, extending programs from two to three years and adding more general theoretical content. The reform directly concerns age groups where criminal activity is high and students who are...

In this paper we investigate the effects of delinquency and arrest on school leaving using information on males from the National Longitudinal Survey of Youth 1997. We use a multivariate mixed proportional hazard framework in order to account for common unobserved confounders and reverse...

We study the impact on criminal activity from a large scale Swedish reform of vocational upper secondary education, extending programs from two to three years and adding more general theoretical content. The reform directly concerns age groups where criminal activity is high and students who are...

In this paper we develop a theoretical model of the individual decision to become delinquent on one’s property tax payments. We then apply the model to the City of Detroit, Michigan, USA, where the city is in the midst of bankruptcy proceedings, and a rate of property tax delinquency of 48...

In this paper we examine credit market participation and financial vulnerability by income, making use of a large sample of individuals aged 25-54. From 2005 to 2011 the percentage of individuals with more than �75,000 of debt increased, mainly as a result of slower debt repayment....

It is well-known that disadvantaged neighborhoods, as officially identified through census data, harbor higher numbers of delinquent individuals than advantaged neighborhoods. What is much less known is whether parents’ perception of the neighborhood problems predicts low parental engagement...

This paper examines mortgage outcomes for a large, representative sample of individual home purchases and refinances linked to credit scores in seven major US markets in the recent housing boom and bust. We find that among those with similar credit scores, black and Hispanic homeowners had much...

In the U.S., a number of states have mandated personal finance classes in public school curricula to address perceived deficiencies in financial decision-making competency. Despite the growth of financial and economic education provided in public schools, little is known about the effect of...

This paper examines mortgage outcomes for a large, representative sample of individual home purchases and refinances linked to credit scores in seven major US markets in the recent housing boom and bust. We find that among those with similar credit scores, black and Hispanic homeowners had much...

A new model for predicting the future expected cash flows from a loan is developed. It is based on a detailed analysis of the events of fulfilling, delinquency and default of each individual payment on the loan. The proposed model has significantly less uncertainty compared with the Markov chain...

This paper debunks the common perception that “foreclosure will ruin your credit score.” Using individual-level data from a credit bureau matched with loan-level mortgage data, it is estimated that the very first missed mortgage payment leads to the biggest reduction in credit scores. The...

While boys who offend have been a dominant majority and primary concern of the juvenile court since its earliest days, the population of delinquent girls has increased in recent years at a far higher rate in the U.S. The special challenges presented by females, however, continue to be generally...

This paper examines the relationship between a young adults' debt burden and the decision to co-reside with a parent. Using a quarterly panel of young adults' credit histories, and controlling for age, county, and quarter fixed effects, and local demographic characteristics, unemployment rates,...

This paper estimates the effect of a rehabilitative punishment on the post-release outcomes of juvenile criminals using a unique Finnish data set on sentences and punishments merged with the longitudinal population census for 1990-2007. The rehabilitative program was aimed at improving the...