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Author:Elliehausen, Gregory E. 

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 ...
Finance and Economics Discussion Series , Paper 2010-53

Journal Article
Changes in the use of transaction accounts and cash from 1984 to 1986

Federal Reserve Bulletin , Issue Mar , Pages 179-196

Conference Paper
Are relative solutions to abusive mortgage lending practices throwing out the baby with the bathwater?

Subprime mortgage lending is controversial. Its critics see excessive prices, unfair terms and "predatory" practices. Proponents see a much narrower set of problems. Legislative and regulatory solutions to perceive problems are being implemented piecemeal across states and even local jurisdictions. Unfortunately, little careful empirical work has been done to identify either extent of the alleged abuses or the costs of proposed reforms. ; This article presents new evidence about how the subprime mortgage market works. It suggests that legislative "reform? efforts in some cases are reducing ...
Proceedings , Paper 1000

Journal Article
Survey of Finance Companies, 2015

Finance companies are nondepository financial firms whose primary business is providing debt and lease financing to consumers and businesses. This article reports findings from a Federal Reserve survey of the assets and liabilities of finance companies in 2015. While the finance company industry provides a wide variety of credit and lease products, the survey indicates that firms in the industry are highly specialized. Nearly all finance companies hold a majority of their assets in one type of credit--consumer, real estate, or business credit. Firms specializing in consumer loans and leases ...
Federal Reserve Bulletin , Volume 104 , Issue 3

Conference Paper
Credit scoring and securitization of small business loans

Proceedings , Paper 765

Discussion Paper
The demand for trade credit: an investigation of motives for trade credit use by small businesses

Trade credit--credit extended by a seller who does not require immediate payment for delivery of a product--is an important source of funds for business customers. In 1987, such credit accounted for about 15 percent of the liabilities of nonfarm nonfinancial businesses in the United States, approximately the same percentage of liabilities as these firms' nonmortgage loans from banks. Trade credit apparently is especially important for small businesses: In the same year, it accounted for about 20 percent of small firms' liabilities. ; Businesses that choose to finance their purchases through ...
Staff Studies , Paper 165

Discussion Paper
Measuring wealth with survey data: an evaluation of the 1983 Survey of Consumer Finances

Research Papers in Banking and Financial Economics , Paper 99

Journal Article
The use of cash and transaction accounts by American families

Federal Reserve Bulletin , Issue Feb

Descriptive statistics from the 1987 National Survey of small business finances


Journal Article
Banking markets and the use of financial services by small and medium- sized businesses

Federal Reserve Bulletin , Issue Oct


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