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Discussion Paper
Have Consumers Been Deleveraging?
Van der Klaauw, Wilbert; Lee, Donghoon; Brown, Meta; Haughwout, Andrew F. (2011-03-21)
Since its peak in summer 2008, U.S. consumers? indebtedness has fallen by more than a trillion dollars. Over roughly the same period, charge-offs?the removal of obligations from consumers? credit reports because of defaults?have risen sharply, especially on loans secured by houses, which make up about 80 percent of consumer liabilities. An important question for gauging the behavior of U.S. consumers is how to interpret these two trends. Is the reduction in debts entirely attributable to defaults, or are consumers actively reducing their debts? In this post, we demonstrate that a significant ...
Liberty Street Economics , Paper 20110321

Discussion Paper
Have Consumers Been Deleveraging?
Van der Klaauw, Wilbert; Lee, Donghoon; Brown, Meta; Haughwout, Andrew F. (2011-03-21)
Since its peak in summer 2008, U.S. consumers’ indebtedness has fallen by more than a trillion dollars. Over roughly the same period, charge-offs—the removal of obligations from consumers’ credit reports because of defaults—have risen sharply, especially on loans secured by houses, which make up about 80 percent of consumer liabilities. An important question for gauging the behavior of U.S. consumers is how to interpret these two trends. Is the reduction in debts entirely attributable to defaults, or are consumers actively reducing their debts? In this post, we demonstrate that a ...
Liberty Street Economics , Paper 20110321

Working Paper
Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program
Agarwal, Sumit; Ben-David, Itzhak; Seru, Amit; Piskorski, Tomasz; Chomsisengphet, Souphala; Amromin, Gene (2013-11-30)
The main rationale for policy intervention in debt renegotiation is to enhance such activity when foreclosures are perceived to be inefficiently high. We examine the ability of the government to influence debt renegotiation by empirically evaluating the effects of the 2009 Home Affordable Modification Program (HAMP) that provided intermediaries (servicers) with sizeable financial incentives to renegotiate mortgages. A difference-in-difference strategy that exploits variation in program eligibility criteria reveals that the program generated an overall increase in the intensity of ...
Working Paper Series , Paper WP-2013-27

Discussion Paper
Gulf War II Veterans Home Buyers Tax Credit
Peach, Richard (2012-02-22)
Over the next few years, large volumes of homes are likely to flow from foreclosure onto lenders? balance sheets as ?real estate owned,? or REO. Without a significant boost to demand, this large volume of ?distressed? real estate could potentially put substantial downward pressure on home prices. Accordingly, new policy initiatives are needed to increase the rate at which properties that flow into REO get reabsorbed back into use as renter- or owner-occupied units. In this post, I make the case for a tax credit for Gulf War II veterans? home purchases.
Liberty Street Economics , Paper 20120222

Discussion Paper
If Prices Fall, Mortgage Foreclosures Will Rise
Haughwout, Andrew F.; Rodriguez, Belicia (2021-09-08)
In our previous post, we illustrated the recent extraordinarily strong growth in home prices and explored some of its key spatial patterns. Such price increases remind many of the first decade of the 2000s when home prices reversed, contributing to a broad housing market collapse that led to a wave of foreclosures, a financial crisis, and a prolonged recession. This post explores the risk that such an event could recur if home prices go into reverse now. We find that although the situation looks superficially similar to the brink of the last crisis, there are important differences that are ...
Liberty Street Economics , Paper 20210908b

Working Paper
Have Distressed Neighborhoods Recovered? Evidence from the Neighborhood Stabilization Program
Cortes, Alvaro; Spader, Jonathan; Schuetz, Jenny (2015-03-04)
During the 2007-2009 housing crisis, concentrations of foreclosed and vacant properties created severe blight in many cities and neighborhoods. The federal Neighborhood Stabilization Program (NSP) was established to help mitigate distress in hard-hit areas by funding the rehabilitation or demolition of troubled properties. This paper analyzes housing market changes in areas that received investments during the second round of NSP funding, focusing on seven large urban counties. Grantees used NSP to invest in census tracts with high rates of distressed and vacancy properties, and tracts that ...
Finance and Economics Discussion Series , Paper 2015-16

Working Paper
Fewer Vacants, Fewer Crimes? Impacts of Neighborhood Revitalization Policies on Crime
Cortes, Alvaro; Spader, Jonathan; Schuetz, Jenny (2015-08-18)
The relationship between neighborhood physical environment and social disorder, particularly crime, is of critical interest to urban economists and sociologists, as well as local governments. Over the past 50 years, various policy interventions to improve physical conditions in distressed neighborhoods have also been heralded for their potential to reduce crime. Urban renewal programs in the mid-20th century and public housing redevelopment in the 1990s both subscribed to the idea that signs of physical disorder invite social disorder. More recently, the federal Neighborhood Stabilization ...
Finance and Economics Discussion Series , Paper 2015-88

Journal Article
San Antonio Tackles Foreclosure
Community Development, Federal Reserve Bank of Dallas (2008)
A look-to city for programs to help low- and moderate-income working families build assets, San Antonio has taken on the challenge of homeownership preservation.
e-Perspectives , Volume 8 , Issue 1

Working Paper
Foreclosure Externalities and Vacant Property Registration Ordinances
Cunningham, Chris; Gerardi, Kristopher; Sexton, Daniel; Biswas, Arnab (2019-12-01)
This paper tests the effectiveness of vacant property registration ordinances (VPROs) in reducing negative externalities from foreclosures. VPROs were widely adopted by local governments across the United States during the foreclosure crisis and facilitated the monitoring and enforcement of existing property maintenance laws. We implement a border discontinuity design combined with a triple-difference specification to overcome policy endogeneity concerns, and we find that the enactment of VPROs in Florida more than halved the negative externality from foreclosure. This finding is robust to a ...
FRB Atlanta Working Paper , Paper 2019-20

Working Paper
High-Skilled Services and Development in China
Herrendorf, Berthold; Fang, Lei (2019-11-01)
We document that the employment share of high-skill-intensive services is much lower in China than in countries with similar gross domestic product (GDP) per capita. We build a model of structural change with goods and low- and high-skill-intensive services to account for this observation. We find that large distortions limit the size of high-skill-intensive services in China. If they were removed, both high-skill-intensive services and GDP per capita would increase considerably. We document a strong presence of state-owned enterprises in high-skill-intensive services and argue that this ...
FRB Atlanta Working Paper , Paper 2019-21

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