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Keywords:Home equity loans 

Working Paper
Credit cycle and adverse selection effects in consumer credit markets -- evidence from the HELOC market

The authors empirically study how the underlying riskiness of the pool of home equity line of credit originations is affected over the credit cycle. Drawing from the largest existing database of U.S. home equity lines of credit, they use county-level aggregates of these loans to estimate panel regressions on the characteristics of the borrowers and their loans, and competing risk hazard regressions on the outcomes of the loans. The authors show that when the expected unemployment risk of households increases, riskier households tend to borrow more. As a consequence, the pool of households ...
Working Papers , Paper 11-13

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
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
Home equity lending: boon or bane?

FRBSF Economic Letter

Working Paper
Loan servicer heterogeneity and the termination of subprime mortgages

After a mortgage is originated the borrower promises to make scheduled payments to repay the loan. These payments are sent to the loan servicer, who may be the original lender or some other firm. This firm collects the promised payments and distributes the cash flow (payments) to the appropriate investor/lender. A large data set (loan-level) of securitized subprime mortgages is used to examine if individual servicers are associated with systematic differences in mortgage performance (termination). While accounting for unobserved heterogeneity in a competing risk (default and prepay) ...
Working Papers , Paper 2006-024

Journal Article
Mortgage refinancing

Federal Reserve Bulletin , Issue Aug

Working Paper
Reverse mortgage loans: a quantitative analysis

Reverse mortgage loans (RMLs) allow older homeowners to borrow against housing wealth without moving. In spite of growth in this market, only 2.1% of eligible homeowners had RMLs in 2011. In this paper, we analyze reverse mortgages in a life-cycle model of retirement, calibrated to age-asset profiles. The ex-ante welfare gain from RMLs is sizable at $1,000 per household; ex-post, low-income, low-wealth and poor-health households use them. Bequest motives, nursing-home moving risk, house price risk, and interest and insurance costs all contribute to the low take-up rate. The model predicts ...
Working Papers , Paper 13-27

Journal Article
Amendment effective September 19, 1990

Federal Reserve Bulletin , Issue Nov

Journal Article
Adoption of final rule regarding home equity disclosures

Federal Reserve Bulletin , Issue Sep

Journal Article
The golden years dilemma

With 3.2 million baby boomers eligible to retire this year, how many will be able to meet daily financial needs and still preserve home equity? The author advises seniors to plan carefully and learn about the many forms of assistance available.
Communities and Banking , Issue Sum , Pages 16-19


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