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Author:Pennington-Cross, Anthony 

Journal Article
Rock solid in Little Rock?

The Regional Economist , Issue Apr , Pages 17-17

Journal Article
Service industries keep employment steady in Arkansas' capital

The Regional Economist , Issue Apr , Pages 17

Journal Article
States fight predatory lending in different ways

As the laws vary from state to state, so does their impact. In some states, the high-cost mortgage business appears to have shrunk. But in other states, the opposite has occurred.
The Regional Economist , Issue Jan , Pages 12-13

Journal Article
Fayetteville and Hot Springs lead the recovery in employment

The Regional Economist , Issue Oct , Pages 17

Journal Article
The evolution of the subprime mortgage market

This paper describes subprime lending in the mortgage market and how it has evolved through time. Subprime lending has introduced a substantial amount of risk-based pricing into the mortgage market by creating a myriad of prices and product choices largely determined by borrower credit history (mortgage and rental payments, foreclosures and bankruptcies, and overall credit scores) and down payment requirements. Although subprime lending still differs from prime lending in many ways, much of the growth (at least in the securitized portion of the market) has come in the least-risky (A-) segment ...
Review , Volume 88 , Issue Jan

Journal Article
The varying effects of predatory lending laws on high-cost mortgage applications

Federal, state, and local predatory lending laws are designed to restrict and in some cases prohibit certain types of high-cost mortgage credit in the subprime market. Empirical evidence using the spatial variation in these laws shows that the aggregate flow of high-cost mortgage credit can increase, decrease, or be unchanged after these laws are enacted. Although it may seem counterintuitive to find that a law that prohibits lending could be associated with more lending, it is hypothesized that a law may reduce the cost of sorting honest loans from dishonest loans and lessen borrowers' fears ...
Review , Volume 89 , Issue Jan , Pages 39-60

Journal Article
Editor's introduction

Review , Volume 88 , Issue Jul , Pages 221-234

Working Paper
A dynamic look at subprime loan performance

This paper examines the implications of delinquency on the performance of subprime mortgages. Specifically, we examine whether delinquency has any predictive power of the future performance of a mortgage. Using a sample of subprime mortgages from the Loan performance database on securitized private-label pool collateral, we utilize a two-step estimation procedure to control for the endogeneity of delinquency in an estimation of default and prepayment probabilities. We find strong support for the *distressed prepayment* theory that very delinquent loans are more likely to prepay than to ...
Working Papers , Paper 2005-029

Working Paper
The value of foreclosed property

This paper examines the expected price appreciation of distressed property and compares it to the prevailing metropolitan area appreciation rate. The results show that the simple fact that the property is foreclosed indicates that it will be sold at a substantial discount (appreciate less than expected). The magnitude of the discount is sensitive to loan characteristics, legal restrictions, housing market conditions, and the bargaining position of the selling institution.
Working Papers , Paper 2004-022

Working Paper
The termination of subprime hybrid and fixed rate mortgages

Adjustable rate and hybrid loans have been a large and important component of subprime lending in the mortgage market. While maintaining the familiar 30-year term the typical adjustable rate loan in subprime is designed as a hybrid of fixed and adjustable characteristics. In its most prevalent form, the first two years are typically fixed and the remaining 28 years adjustable. Perhaps not surprisingly, using a competing risks proportional hazard framework that also accounts for unobserved heterogeneity, hybrid loans are sensitive to rising interest rates and tend to temporarily terminate at ...
Working Papers , Paper 2006-042

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