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Working Paper
The post-foreclosure experience of U.S. households

Despite the recent flood of foreclosures on residential mortgages, little is known about what happens to borrowers and their households after their mortgage has been foreclosed. We study the post-foreclosure experience of U.S. households using a unique dataset based on the credit reports of a large panel of individuals to from 1999 to 2010. Although foreclosure considerably raises the probability of moving, the majority of post-foreclosure migrants do not end up in substantially less desirable neighborhoods or more crowded living conditions. These results suggest that, on average, foreclosure ...
Finance and Economics Discussion Series , Paper 2011-32

Discussion Paper
Why did so many people make so many ex post bad decisions?: the causes of the foreclosure crisis

This paper presents 12 facts about the mortgage market. The authors argue that the facts refute the popular story that the crisis resulted from financial industry insiders deceiving uninformed mortgage borrowers and investors. Instead, they argue that borrowers and investors made decisions that were rational and logical given their ex post overly optimistic beliefs about house prices. The authors then show that neither institutional features of the mortgage market nor financial innovations are any more likely to explain those distorted beliefs than they are to explain the Dutch tulip bubble ...
Public Policy Discussion Paper , Paper 12-2

Discussion Paper
Reducing foreclosures

This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. We use an economic model to focus on two key decisions: the borrower?s choice to default on the mortgage and the lender?s choice on whether to renegotiate or ?modify? the loan. The theoretical model and econometric analysis illustrate that ?unaffordable? loans, defined as those with high mortgage payments relative to income at origination, are unlikely to be the main reason that borrowers decide to default. Rather, the typical problem appears to be a ...
Public Policy Discussion Paper , Paper 09-2

Working Paper
Household Financial Distress and the Burden of ‘Aggregate’ Shocks

In this paper we show that household-level financial distress (FD) varies greatly and can increase vulnerability to economic shocks. To do this, we establish three facts: (i) regions in the United States vary significantly in their “FD-intensity,” measured either by how much additional credit households can access or how delinquent they are on debts, (ii) shocks that are typically viewed as “aggregate” in nature hit geographic areas quite differently, and (iii) FD is an economic “pre-existing condition”: the share of an aggregate shock borne by a region is positively correlated ...
Research Working Paper , Paper RWP 20-13

Journal Article
Neighborhood stabilization & land banking

Land banking helps communities that acquire foreclosed properties to retain them until market demand returns. Today the Housing and Economic Recovery Act of 2008 provides support for using land banking in neighborhood stabilization efforts.
Communities and Banking , Issue Sum , Pages 3-5

Responding to the foreclosure crisis - a conference summary

On December 9?10, 2009, the Federal Reserve Bank of Chicago hosted a conference on mortgage foreclosure policy with the help of the Chicago Community Trust, Neighborhood Housing Services of Chicago, the MacArthur Foundation, and the Woodstock Institute.
Chicago Fed Letter , Issue Apr

Conference Paper
Understanding the subprime mortgage crisis

Proceedings , Paper 1092



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Willen, Paul S. 12 items

Gerardi, Kristopher S. 11 items

Office, Community Affairs 11 items

anonymous 9 items

Athreya, Kartik B. 5 items

Bernanke, Ben S. 5 items

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