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Neighborhood subprime lending and the performance of community reinvestment mortgages

This study analyzes the spillover effect of the spatial concentration of subprime lending on the performance of recently originated community reinvestment mortgages targeting low- to moderate-income borrowers. The level of subprime lending in a census tract is found to be a significant predictor of... Full description

Journal Title: The journal of real estate research 2010, Vol.32(3), pp. 341-376
Main Author: Lei, Lei
Format: Electronic Article Electronic Article
Language: English
Subjects:
Usa
ID: ISSN: 0896-5803
Link: http://gso.gbv.de/DB=2.1/PPNSET?PPN=655725679
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recordid: gbv655725679
title: Neighborhood subprime lending and the performance of community reinvestment mortgages
format: Article
creator:
  • Lei, Lei
subjects:
  • Subprime-Krise
  • Zwangsvollstreckung
  • Regionales Cluster
  • Spillover-Effekt
  • Hypothek
  • Immobilienpreis
  • Usa
  • 2004-2008
ispartof: The journal of real estate research, 2010, Vol.32(3), pp. 341-376
description: This study analyzes the spillover effect of the spatial concentration of subprime lending on the performance of recently originated community reinvestment mortgages targeting low- to moderate-income borrowers. The level of subprime lending in a census tract is found to be a significant predictor of the default and prepayment probability of the community reinvestment loans in the same neighborhoods. The results suggest that the concentration of subprime lending and the resulting clusters of foreclosed properties reduce neighborhood property values and increase price volatility. The lowered property values and the increased volatility increase the default probability of borrowers holding any loan product, including community reinvestment mortgages. This study provides new evidence concerning the negative impacts of the concentration of subprime lending in certain neighborhoods. [PUBLICATION ]
language: eng
source:
identifier: ISSN: 0896-5803
fulltext: fulltext
issn:
  • 08965803
  • 0896-5803
url: Link


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titleNeighborhood subprime lending and the performance of community reinvestment mortgages
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identifierISSN: 0896-5803
subjectSubprime-Krise ; Zwangsvollstreckung ; Regionales Cluster ; Spillover-Effekt ; Hypothek ; Immobilienpreis ; Usa ; 2004-2008
languageeng
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descriptionThis study analyzes the spillover effect of the spatial concentration of subprime lending on the performance of recently originated community reinvestment mortgages targeting low- to moderate-income borrowers. The level of subprime lending in a census tract is found to be a significant predictor of the default and prepayment probability of the community reinvestment loans in the same neighborhoods. The results suggest that the concentration of subprime lending and the resulting clusters of foreclosed properties reduce neighborhood property values and increase price volatility. The lowered property values and the increased volatility increase the default probability of borrowers holding any loan product, including community reinvestment mortgages. This study provides new evidence concerning the negative impacts of the concentration of subprime lending in certain neighborhoods. [PUBLICATION ]
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