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Leverage and the foreclosure crisis

How much of the foreclosure crisis can be explained by the large number of high-leverage mortgages originated during the housing boom? In our model, heterogeneous households select from mortgages with different down payments and choose whether to default given income and housing shocks. The use of l... Full description

Journal Title: Journal of political economy 2015, Vol.123(1), pp. 1-65
Main Author: Corbae, Dean
Format: Electronic Article Electronic Article
Language: English
Subjects:
Usa
ID: ISSN: 0022-3808
Link: http://gso.gbv.de/DB=2.1/PPNSET?PPN=823991202
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recordid: gbv823991202
title: Leverage and the foreclosure crisis
format: Article
creator:
  • Corbae, Dean
subjects:
  • Subprime-Krise
  • Hypothek
  • Kapitalstruktur
  • Kreditrisiko
  • Zwangsvollstreckung
  • Usa
  • 1998-2008
ispartof: Journal of political economy, 2015, Vol.123(1), pp. 1-65
description: How much of the foreclosure crisis can be explained by the large number of high-leverage mortgages originated during the housing boom? In our model, heterogeneous households select from mortgages with different down payments and choose whether to default given income and housing shocks. The use of low-down payment loans is initially limited by payment-to-income requirements but becomes unrestricted during the boom. The model approximates key housing and mortgage market facts before and after the crisis. A counterfactual experiment suggests that the increased number of high-leverage loans originated prior to the crisis can explain over 60 percent of the rise in foreclosure rates. Reprinted by permission of the University of Chicago Press. © All rights reserved
language: eng
source:
identifier: ISSN: 0022-3808
fulltext: fulltext
issn:
  • 00223808
  • 0022-3808
url: Link


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descriptionHow much of the foreclosure crisis can be explained by the large number of high-leverage mortgages originated during the housing boom? In our model, heterogeneous households select from mortgages with different down payments and choose whether to default given income and housing shocks. The use of low-down payment loans is initially limited by payment-to-income requirements but becomes unrestricted during the boom. The model approximates key housing and mortgage market facts before and after the crisis. A counterfactual experiment suggests that the increased number of high-leverage loans originated prior to the crisis can explain over 60 percent of the rise in foreclosure rates. Reprinted by permission of the University of Chicago Press. © All rights reserved
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