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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
A dynamic look at subprime loan performance

This paper examines the implications of delinquency on the performance of subprime mortgages. Specifically, we examine whether delinquency has any predictive power of the future performance of a mortgage. Using a sample of subprime mortgages from the Loan performance database on securitized private-label pool collateral, we utilize a two-step estimation procedure to control for the endogeneity of delinquency in an estimation of default and prepayment probabilities. We find strong support for the *distressed prepayment* theory that very delinquent loans are more likely to prepay than to ...
Working Papers , Paper 2005-029

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

The recovery and monetary policy

Remarks at the National Association for Business Economics Annual Meeting, New York City.
Speech , Paper 89

Working Paper
Assessing the effectiveness of the Paulson \"Teaser Freezer\" plan : evidence from the ABX index

How did investors holding assets backed by subprime residential mortgages react when Treasury Secretary Paulson announced the so-called "teaser freezer" plan to modify mortgages in December 2007? We apply event-study methodology to the ABX index, the only source of daily securities prices in subprime mortgage markets. Our results show investors in the ABX initially perceived that the plan would improve conditions in the subprime housing markets, but results from a longer event window show this positive effect was swamped by continued deterioration in housing markets. The positive effects of ...
Working Paper , Paper 09-07

Conference Paper
The effect of automated underwriting on adverse selection and on the profitability of mortgage securitization

Proceedings , Paper 562

Journal Article
Pricing mortgages: an options approach

Economic Review , Issue Spr , Pages 39-55

Journal Article
Mortgage originations: 2000-2006

Monetary Trends , Issue Aug



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