Search Results
Journal Article
Survey of consumer finances, 1983: a second report
Working Paper
Mortgage contract choice in subprime mortgage markets
The boom in the subprime mortgage market yielded many loans with high LTV ratios. From a large proprietary database on subprime mortgages, we find that choice of mortgage rate type is not linear in loan sizes. A fixed rate mortgage contract is a popular choice when loan size, measured by LTV ratio, is small. As LTV ratio increases, borrowers become more likely to choose adjustable rate mortgage contracts. However, when LTV reaches a certain level, borrowers start to switch back to fixed rate contracts. For these high LTV loans, fixed rate mortgages dominate borrowers' choices. We present a ...
Journal Article
Banking markets and the use of financial services by households
Journal Article
Consumer Experiences with Credit Cards
This article examines consumers' behavior, experiences, and attitudes regarding credit cards in the aftermath of the Great Recession and the implementation of the Credit Card Accountability Responsibility and Disclosure Act of 2009. The data for the article are primarily from a nationwide consumer survey sponsored by the Federal Reserve that was conducted in February 2012. The article discusses economic conditions in the period leading up to the survey because recent events may greatly influence survey responses. Many survey questions were identical or similar to those in earlier consumer ...
Discussion Paper
The cost of implementing consumer financial regulations: an analysis of experience with the Truth in Savings Act
The Truth in Savings Act mandates that financial institutions disclose certain information about the terms of consumer deposit accounts in specific forms and at specific times. Although many depository institutions provided disclosures of account terms before the act was passed in 1991, most did not satisfy completely all the requirements of the regulation (Regulation DD) adopted by the Federal Reserve Board to implement the law. Thus, the Truth in Savings law likely caused every depository institution to change its practices for consumer deposit accounts, and thereby to incur costs. ; To ...