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Speech
Fostering sustainable homeownership: a speech at the National Community Reinvestment Coalition Annual Meeting, Washington, D.C., March 14, 2008
Bernanke, Ben S. (2008)
Speech , Paper 384

Working Paper
Differences in subprime loan pricing across races and neighborhoods
Owyang, Michael T.; Hernandez-Murillo, Ruben; Ghent, Andra C. (2011)
We investigate whether race and ethnicity influenced subprime loan pricing during 2005, the peak of the subprime mortgage expansion. We combine loan-level data on the performance of non-prime securitized mortgages with individual- and neighborhood- level data on racial and ethnic characteristics for metropolitan areas in California and Florida. Using a model of rate determination that accounts for predicted loan performance, we evaluate the differences in subprime mortgage rates in terms of racial and ethnic groups and neighborhood characteristics. We find evidence of adverse pricing for ...
Working Papers , Paper 2011-033

Journal Article
Spotlight: Texas subprime mortgages: metros vary on risky loans--and delinquencies
Kumar, Anil; Di, Wenhua (2009-01)
The current financial crisis has brought a severe decline in subprime mortgage lending. Like the nation, Texas and its metros still have exposure to existing loans. Housing prices, unemployment and overall economic activity will play a significant part in determining how many of them run into trouble.
Southwest Economy , Issue Q1 , Pages 7

Discussion Paper
Making sense of the subprime crisis
Willen, Paul S.; Gerardi, Kristopher S.; Lehnert, Andreas; Sherlund, Shane M. (2009)
This paper explores the question of whether market participants could have or should have anticipated the large increase in foreclosures that occurred in 2007 and 2008. Most of these foreclosures stem from loans originated in 2005 and 2006, leading many to suspect that lenders originated a large volume of extremely risky loans during this period. However, the authors show that while loans originated in this period did carry extra risk factors, particularly increased leverage, underwriting standards alone cannot explain the dramatic rise in foreclosures. Focusing on the role of house prices, ...
Public Policy Discussion Paper , Paper 09-1

Journal Article
Prime and subprime hybrid mortgages
Liu, Yang; Sengupta, Rajdeep (2012)
Although similar in many ways, subprime hybrids were really different from prime hybrids.
Economic Synopses

Working Paper
Did prepayments sustain the subprime market?
Bhardwaj, Geetesh; Sengupta, Rajdeep (2008)
This paper demonstrates that the reason for widespread default of mortgages in the subprime market was a sudden reversal in the house price appreciation of the early 2000's. Using loan-level data on subprime mortgages, we observe that the majority of subprime loans were hybrid adjustable rate mortgages, designed to impose substantial financial burden on reset to the fully indexed rate. In a regime of rising house prices, a financially distressed borrower could avoid default by prepaying the loan and our results indicate that subprime mortgages originated between 1998 and 2005 had extremely ...
Working Papers , Paper 2008-039

Foreclosures, house-price changes, and subprime mortgages in Massachusetts cities and towns
Willen, Paul S.; Gerardi, Kristopher S.; Shapiro, Adam Hale (2008)
This module shows: The changing patterns in foreclosure rates and subprime mortgage originations across Massachusetts cities and towns over time; How movements in these rates compare with movements in house prices for any user-selected city or town; The association between foreclosure rates and median income in these cities and towns.
Interactive Maps and Charts

Conference Paper
Understanding the subprime mortgage crisis
Demyanyk, Yuliya; Hemert, Otto van (2008)
Proceedings , Paper 1092

Journal Article
Making a difference in Chicago neighborhoods
Riley, Mary Fran; Gorey, Rochelle Nawrocki (2003-01)
Started almost 30 years ago by housing advocates to improve declining Chicago neighborhoods. Neighborhood Housing Services of Chicago (NHS) has into one of the most succesful and respected organizations of its kind in the U.S. A key to its sucess has been the ability to enlist the support of both neighborhood residents and to corporate, lending, and regulatory and political leaders in efforts to revitalize city neighborhoods. These relationships have allowed it to craft innovative homeownership opportunities for working families while responsibly leveraging public and private sector ...
Profitwise , Issue Wint

Discussion Paper
Subprime mortgages, foreclosures, and urban neighborhoods
Willen, Paul S.; Gerardi, Kristopher S. (2008)
This paper analyzes the impact of the subprime crisis on urban neighborhoods in Massachusetts. The topic is explored using a dataset that matches race and income information from HMDA with property-level, transaction data from Massachusetts registry of deeds offices. With these data, we show that much of the subprime lending in the state was concentrated in urban neighborhoods and that minority homeownerships created with subprime mortgages have proven exceptionally unstable in the face of rapid price declines. The evidence from Massachusetts suggests that subprime lending did not, as is ...
Public Policy Discussion Paper , Paper 08-6

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