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Discussion Paper
Just Released: Total Household Debt Nears 2008 Peak but Debt Picture Looks Much Different
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert (2017-02-16)
The latest Quarterly Report on Household Debt and Credit from the New York Fed?s Center for Microeconomic Data showed a substantial increase in aggregate household debt balances in the fourth quarter of 2016 and for the year as a whole. As of December 31, 2016, total household debt stood at $12.58 trillion, an increase of $226 billion (or 1.8 percent) from the third quarter of 2016. Total household debt is now just 0.8 percent ($99 billion) below its third quarter 2008 peak of $12.68 trillion, and 12.8 percent above the second quarter 2013 trough. But debt looks very different in 2016 than it ...
Liberty Street Economics , Paper 20170216

Discussion Paper
Is Health Insurance Good for Your Financial Health?
Pinkovskiy, Maxim L.; Dussault, Nicole; Zafar, Basit (2016-06-06)
What is the purpose of health care? What is the purpose of health insurance? When people fall ill, they seek health care in order to get better. But insurance has a slightly different function: Its main role is not to protect our health per se, but to protect our finances. For most people, lifetime health expenditures are quite low. However, some people have enormous health costs owing to major illnesses or health conditions. And this is where health insurance comes in?its goal (like that of any other form of insurance) is to protect these individuals against large, and sometimes ruinous, ...
Liberty Street Economics , Paper 20160606

Discussion Paper
Just Released: Who's Borrowing Now? The Young and the Riskless!
Lee, Donghoon; Haughwout, Andrew F.; Yun, David; Van der Klaauw, Wilbert (2014-02-18)
According to today’s release of the New York Fed’s 2013:Q4 Household Debt and Credit Report, aggregate consumer debt increased by $241 billion in the fourth quarter, the largest quarter-to-quarter increase since 2007. More importantly, between 2012:Q4 and 2013:Q4, total household debt rose $180 billion, marking the first four-quarter increase in outstanding debt since 2008. As net household borrowing resumes, it is interesting to see who is driving these balance changes, and to compare some of today’s patterns with those of the boom period.
Liberty Street Economics , Paper 20140218b

Discussion Paper
Just Released: Subprime Auto Debt Grows Despite Rising Delinquencies
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert (2016-11-30)
The latest Quarterly Report on Household Debt and Credit from the New York Fed's Center for Microeconomic Data showed a small increase in overall debt in the third quarter of 2016, bolstered by gains in non-housing debt. Mortgage balances continue to grow at a sluggish pace since the recession while auto loan balances are growing steadily. The rise in auto loans has been fueled by high levels of originations across the spectrum of creditworthiness, including subprime loans, which are disproportionately originated by auto finance companies. Disaggregating delinquency rates by credit score ...
Liberty Street Economics , Paper 20161130

Discussion Paper
Just Released: Cleaning Up Collections
Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert; Lee, Donghoon (2018-08-14)
Household debt balances continued their upward trend in the second quarter, with increases in mortgage, auto, and credit card balances, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed?s Center for Microeconomic Data. Student loans were roughly flat, a typical seasonal pattern in the second quarter. The Quarterly Report contains summaries of the types of information that is covered in credit reports, sourced from the New York Fed Consumer Credit Panel (CCP). The CCP is based on anonymized Equifax credit reports and is the source for the analysis ...
Liberty Street Economics , Paper 20180814

Discussion Paper
Just Released: Looking under the Hood of the Subprime Auto Lending Market
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert (2014-08-14)
Today, the New York Fed released the Quarterly Report on Household Debt and Credit for the second quarter of 2014. Aggregate debt was relatively flat in the second quarter as housing-related debt shrank, held down by sluggish mortgage originations. But non-housing debt balances increased across the board, with especially strong gains in auto loans. Auto loan balances, which include leases, have increased for thirteen straight quarters, and originations have not been this high since the third quarter of 2006. The Quarterly Report and the following analysis are based on data from the New York ...
Liberty Street Economics , Paper 20140814

Journal Article
Toward Healthy Balance Sheets: Are Savings Accounts a Gateway to Young Adults’ Asset Diversification and Accumulation?
Hughes, Robert; Johnson, Paul; Friedline, Terri (2014)
Understanding the balance sheets of today?s young adults?particularly the factors that set them on a path to financial security through asset diversification and accumulation?lends some insight into the balance sheets they will have when they are older. This study uses panel data from the Census Bureau?s 1996 Survey of Income and Program Participation to investigate the acquisition of a savings account as a gateway to asset diversification and accumulation for young adults. Two avenues were considered: The first emphasized ownership of a diverse portfolio of financial products, and the second ...
Review , Volume 96 , Issue 4 , Pages 359-389

Discussion Paper
Trends in Debt Concentration in the United States By Income
Lee, Donghoon; Mazewski, Matthew; Zafar, Basit; Scally, Joelle (2015-11-05)
Household debt in the United States expanded before the Great Recession, contracted afterward, and has been recovering since 2013. But how has the distribution of debt across different income groups evolved over time? Who has been driving the recovery of household debt over the past two years? To date, there has been little work on how borrowing patterns for high- and low-income individuals have changed over time, although one notable exception is Amromin and McGranahan. Here, using the New York Fed Consumer Credit Panel (CCP), a quarterly panel data set based on Equifax credit reports, we ...
Liberty Street Economics , Paper 20151105

Discussion Paper
Just Released: A Closer Look at Recent Tightening in Consumer Credit
Armantier, Olivier; Scally, Joelle; Smith, Kyle; Van der Klaauw, Wilbert (2018-12-03)
The Federal Reserve Bank of New York released results today from its October 2018 SCE Credit Access Survey, which provides information on consumers' experiences with and expectations about credit demand and credit access. The survey is fielded every four months and was previously fielded in June.
Liberty Street Economics , Paper 20181203

Discussion Paper
“Flip This House”: Investor Speculation and the Housing Bubble
Tracy, Joseph; Lee, Donghoon; Haughwout, Andrew F.; Van der Klaauw, Wilbert (2011-12-05)
The recent financial crisis—the worst in eighty years—had its origins in the enormous increase and subsequent collapse in housing prices during the 2000s. While the housing bubble has been the subject of intense public debate and research, no single answer has emerged to explain why prices rose so fast and fell so precipitously. In this post, we present new findings from our recent New York Fed study that uses unique data to suggest that real estate “investors”—borrowers who use financial leverage in the form of mortgage credit to purchase multiple residential properties—played a ...
Liberty Street Economics , Paper 20111205

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