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Determinants of the incidence of loan modifications
- NYU Law and Economics Research Paper 11-37. Available at SSRN
, 2011
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Author's personal copy Residential mortgage default: Theory works and so does policy
"... JEL classifications: E44 G21 G28 K11 R20 Keywords: Residential mortgage default Predatory lending Mortgage pricing a b s t r a c t Using a national loan level data set we examine loan default as explained by local demographic characteristics and state level legislation that regulates foreclosure pr ..."
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JEL classifications: E44 G21 G28 K11 R20 Keywords: Residential mortgage default Predatory lending Mortgage pricing a b s t r a c t Using a national loan level data set we examine loan default as explained by local demographic characteristics and state level legislation that regulates foreclosure procedures and predatory lending, using a hierarchical linear model. When controlling for loan and local conditions, we observe significant variation in the default rate across states, with lower default levels in states with higher temporal and financial costs to lenders. State level legislative influences provide a foundation for discussion of national level policy that further regulates predatory lending and financial institution foreclosure activities.
Joint Center for Housing Studies Harvard University Why Do House Prices Fall? Perspectives on the Historical Drivers of Large Nominal House Price Declines
, 2007
"... Any opinions expressed are those of the authors and not those of the Joint Center for Housing Studies of Harvard University or of any of the persons or organizations providing support to the Joint Center for Housing Studies. ..."
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Any opinions expressed are those of the authors and not those of the Joint Center for Housing Studies of Harvard University or of any of the persons or organizations providing support to the Joint Center for Housing Studies.
Pathways After Default: What Happens to Distressed Mortgage Borrowers and Their Homes?
, 2011
"... Abstract: We use a detailed dataset of seriously delinquent mortgages to examine the dynamic process of mortgage default – from initial delinquency and default to final resolution of the loan and disposition of the property. We estimate a two-stage competing risk hazard model to assess the factors ..."
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Abstract: We use a detailed dataset of seriously delinquent mortgages to examine the dynamic process of mortgage default – from initial delinquency and default to final resolution of the loan and disposition of the property. We estimate a two-stage competing risk hazard model to assess the factors associated with whether a borrower behind on mortgage payments receives a legal notice of foreclosure, and with what ultimately happens to the borrower and property. In particular, we focus on a borrower’s ability to avoid a foreclosure auction by getting a modification, by refinancing the loan, or by selling the property. We find that the outcomes of the foreclosure process are significantly related to: the terms of the loan; the borrower’s credit history; current loan-to-value and the presence of a junior lien; the borrower’s post-default payment behavior; the borrower’s
Pathways After Default: What Happens to Distressed Mortgage Borrowers and Their Homes?
, 2012
"... Abstract: We use a detailed dataset of seriously delinquent mortgages to examine the dynamic process of mortgage default – from initial delinquency and default to final resolution of the loan and disposition of the property. We estimate a two-stage competing risk hazard model to assess the factors a ..."
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Abstract: We use a detailed dataset of seriously delinquent mortgages to examine the dynamic process of mortgage default – from initial delinquency and default to final resolution of the loan and disposition of the property. We estimate a two-stage competing risk hazard model to assess the factors associated with whether a borrower behind on mortgage payments receives a legal notice of foreclosure, and with what ultimately happens to the borrower and property. In particular, we focus on a borrower’s ability to avoid a foreclosure auction by getting a modification, by refinancing the loan, or by selling the property. We find that the outcomes of the foreclosure process are significantly related to: loan characteristics including the borrower’s credit history, current loan-to-value and the presence of a junior lien; the borrower’s post-default payment behavior, including the borrower’s participation in foreclosure counseling; neighborhood characteristics such as foreclosure rates, recent house price depreciation and median income; and the borrower’s race and ethnicity.
Federal Reserve Bank of St. Louis Working Paper Series Predatory Lending Laws and the Cost of Credit
, 2006
"... The views expressed are those of the individual authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the Board of Governors. Federal Reserve Bank of St. Louis Working Papers are preliminary materials circulated to stimulat ..."
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The views expressed are those of the individual authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the Board of Governors. Federal Reserve Bank of St. Louis Working Papers are preliminary materials circulated to stimulate discussion and critical comment. References in publications to Federal Reserve Bank of St. Louis Working Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors.
The Park Place Economist, Volume XVI 45 The Determinants of Foreclosures for Single-Family Homes in the United
"... In the United States, homeownership cre-ates numerous benefits for individuals, families and society and is the cornerstone of the “Ameri-can dream. ” Low foreclosure rates of residential ..."
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In the United States, homeownership cre-ates numerous benefits for individuals, families and society and is the cornerstone of the “Ameri-can dream. ” Low foreclosure rates of residential
Research in Business and Economics Journal Optimal Risk Sharing, Page 1
"... Optional risk sharing: avoiding ruthless behavior in the residential real estate market ..."
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Optional risk sharing: avoiding ruthless behavior in the residential real estate market
