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Working Paper
Subprime outcomes: risky mortgages, homeownership experiences, and foreclosures
This paper provides the first rigorous assessment of the homeownership experiences of subprime borrowers. We consider homeowners who used subprime mortgages to buy their homes, and estimate how often these borrowers end up in foreclosure. In order to evaluate these issues, we analyze homeownership experiences in Massachusetts over the 1989?2007 period using a competing risks, proportional hazard framework. We present two main findings. First, homeownerships that begin with a subprime purchase mortgage end up in foreclosure almost 20 percent of the time, or more than 6 times as often as ...
Journal Article
Immigrant homebuyers & economic revitalization
A new study in two Massachusetts cities suggests that purchases of homes by immigrants are on the upswing and may be helping to improve inner-city economies.
Journal Article
Around New England
Do third party originators have the tools they need to serve low- and moderate-income neighborhoods and home buyers? How can lenders and real estate brokerage firms ensure they are providing good service to all their customers?
Journal Article
Homeownership in a high-cost region
A perfect storm is brewing in eastern Massachusetts: high home prices, rising interest rates, and a proliferation of high-cost mortgage products. More buyer education and better state regulation of lenders not covered by the Community Reinvestment Act are needed.
Journal Article
Observations: take home pay
While employer-assisted housing programs may allow companies to help their own workers with housing issues, it remains to be seen whether the programs can contribute substantially to resolving Boston's affordable housing problem.