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Mortgage modification and strategic behavior evidence from a legal settlement with countrywide

We investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by settlement of US state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to s... Full description

Journal Title: The American economic review 2014, Vol.104(9), pp. 2830-2857
Main Author: Mayer, Christopher
Other Authors: Morrison, Edward , Piskorski, Tomasz , Gupta, Arpit,
Format: Electronic Article Electronic Article
Language: English
Subjects:
Usa
ID: ISSN: 0002-8282
Link: http://gso.gbv.de/DB=2.1/PPNSET?PPN=816204578
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recordid: gbv816204578
title: Mortgage modification and strategic behavior evidence from a legal settlement with countrywide
format: Article
creator:
  • Mayer, Christopher
  • Morrison, Edward
  • Piskorski, Tomasz
  • Gupta, Arpit
subjects:
  • Hypothek
  • Bankenregulierung
  • Kreditwürdigkeit
  • Subprime-Krise
  • Wohnimmobilien
  • Usa
  • 2005-2009
ispartof: The American economic review, 2014, Vol.104(9), pp. 2830-2857
description: We investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by settlement of US state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers. Using a difference-in-differences framework, we find that Countrywide's monthly delinquency rate increased more than 0.54 percentage points - a 10% relative increase - immediately after the settlement's announcement. The estimated increase in default rates is largest among borrowers least likely to default otherwise. These results suggest that strategic behavior should be an important consideration in designing mortgage modification programs. (JEL D14, G21, K22, R31) [PUBLICATION ]
language: eng
source:
identifier: ISSN: 0002-8282
fulltext: fulltext
issn:
  • 00028282
  • 0002-8282
url: Link


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descriptionWe investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by settlement of US state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers. Using a difference-in-differences framework, we find that Countrywide's monthly delinquency rate increased more than 0.54 percentage points - a 10% relative increase - immediately after the settlement's announcement. The estimated increase in default rates is largest among borrowers least likely to default otherwise. These results suggest that strategic behavior should be an important consideration in designing mortgage modification programs. (JEL D14, G21, K22, R31) [PUBLICATION ]
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