A Neurological Explanation of Strategic Mortgage Default PDF Download
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Author: Michael Seiler
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This study examines strategic mortgage default on a neurological level. Specifically, we test two mainstream behavioral finance/economic theories: sunk cost fallacy and cognitive dissonance. Using fMRI technology, we identify a number of substrates within the brain that provide a neurobiological explanation for why some homeowners exercise their mortgage put option while others do not. We find that borrowers rationally do not suffer from the sunk cost fallacy as it relates to strategic default in that they significantly prioritize their negative equity position over the amount of their initial down payment. We do, however, find neurological support that cognitive dissonance is relevant in homeowners' though processes as they toil with the hesitancy brought on by the believe that strategic default is immoral against the strong financial incentive to walk away from a substantially underwater mortgage.
Author: Michael Seiler
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This study examines strategic mortgage default on a neurological level. Specifically, we test two mainstream behavioral finance/economic theories: sunk cost fallacy and cognitive dissonance. Using fMRI technology, we identify a number of substrates within the brain that provide a neurobiological explanation for why some homeowners exercise their mortgage put option while others do not. We find that borrowers rationally do not suffer from the sunk cost fallacy as it relates to strategic default in that they significantly prioritize their negative equity position over the amount of their initial down payment. We do, however, find neurological support that cognitive dissonance is relevant in homeowners' though processes as they toil with the hesitancy brought on by the believe that strategic default is immoral against the strong financial incentive to walk away from a substantially underwater mortgage.
Author: Kenneth Gibb
Publisher: Taylor & Francis
ISBN: 1003834876
Category : Architecture
Languages : en
Pages : 351
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Book Description
The Routledge Handbook of Housing Economics brings together an international panel of contributors to present a comprehensive overview of this important field within economics. Housing occupies an increasingly central role in modern society, dominating consumer assets and spending, forming an important part of social policy and being a large enough market to impact the macroeconomy. This handbook tackles these themes, along with other critical issues such as intergenerational housing inequality and the efficiency and social justice of housing interventions. This volume is structured in four main parts. It starts with eight chapters in microeconomics and housing. This is followed by two shorter sections on macroeconomics and finance. The final main part of the book is concerned with eight chapters on policy dimensions. While many of the chapters are rooted in mainstream economics and finance applied to housing, there are also chapters stressing institutional, behavioural and political economy orientations, as well as those that explicitly challenge more mainstream accounts. The contributing authors are based in Europe, North America and Australia and all draw in international literature to provide state of the art reviews of their topics. This carefully curated handbook will be essential reading for advanced students, researchers and policy makers in housing economics, urban economics, urban planning, public economics and real estate economics and finance. Chapter 22 of this book is freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license.
Author: Elisabeth Dicker
Publisher:
ISBN:
Category :
Languages : en
Pages : 80
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Book Description
A mortgage default arises when a borrower fails to make monthly payments to their principal balance or interest on a home loan. Yet, defaulting can also occur with credit card and student loans In this book, you will discover: - What "strategic mortgage default" is and why banks and lenders are often powerless to stop the situation... - The scare tactics banks use to coerce... or even threaten homeowners into keeping up with their monthly mortgage payments (I show you a way to get around these almost devious scare tactics.) - The #1 tool banks and lenders like to use to discourage strategic mortgage default... and why it is so painfully effective for MOST people - The truth about strategic mortgage default... and why it is NOT as unethical as the banks and government makes it out to be (What you read here may shock you!) - Why it is NOT in the bank's best interests that you default on your mortgage... and what you can do to take advantage of this fact - And so much more! Get your copy today!
Author: H. Kent Baker
Publisher: Oxford University Press, USA
ISBN: 019938875X
Category : Business & Economics
Languages : en
Pages : 311
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Book Description
The purpose of this book is to provide an overview of private real estate markets and investments. The 14 chapters are divided into three sections for conventional and alternative real estate investments and regulatory issues.
Author: Michael Bradley
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper studies strategic default -- the willingness of a borrower to walk away from a mortgage when the value of the home falls below the unpaid principal balance despite an ability to pay. This study differs from the literature in two fundamental ways: first, we use unique data assets describing the household's equity position and capacity to carry the debt in addition to credit performance to identify strategic defaulters accurately. Secondly, we address externalities from local foreclosures and other strategic defaults and find that the incidence of strategic default is sensitive to the presence of other nearby strategic defaulters. These results have significant implications for foreclosure and loss mitigation policies employed by servicers and investors.
Author: John R. Nofsinger
Publisher: Routledge
ISBN: 1000050203
Category : Business & Economics
Languages : en
Pages : 205
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Book Description
Why do people’s financial and economic preferences vary so widely? ‘Nurture’ variables such as socioeconomic factors partially explain these differences, but scientists have been discovering that ‘nature’ also plays an important role. This is the first book to bring together these scientific insights for a holistic view of the role of human biology in financial decision-making. Geneticists are now examining which genetic markers are associated with financial and economic preferences. Neuroscientists are now determining where in the brain financial decisions are made and how that varies between people. Endocrinologists relate the level of different hormones circulating in the body to financial risk-taking. Researchers are exploring how physiology and environmental conditions influence investment decisions, and how three types of cognitive ability play essential roles in investment success. This exciting and relevant work being done in these academic silos has generally not been transmitted among the scientific areas, or to industry. For the first time, this book integrates all these areas, explaining the myriad ways in which a person’s biology influences their investing decisions. Financial analysts, advisors, market participants, and upper-level undergraduate and postgraduate students of behavioral finance, behavioral economics, and investing will find this book invaluable, enabling a deeper understanding of investors’ decision-making processes. To further ensure this new material is accessible to students, PowerPoint slides are available online for instructors’ use.
Author: Michael Seiler
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
This article discusses the often overlooked ramifications of strategic mortgage default and the widespread implications it has on our sense of community, economic and financial stability, as well as mental and physical well-being. Too often studies examine only the one-off economic effects of strategic default, or more broadly, the foreclosure contagion effect. But, recent work in the mainstream finance literature suggests larger picture issues such as national health care costs are also substantially impacted by major market movements such as the recent U.S. housing bubble.
Author: Angelique Harbater
Publisher:
ISBN:
Category :
Languages : en
Pages : 80
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Book Description
A mortgage default arises when a borrower fails to make monthly payments to their principal balance or interest on a home loan. Yet, defaulting can also occur with credit card and student loans In this book, you will discover: - What "strategic mortgage default" is and why banks and lenders are often powerless to stop the situation... - The scare tactics banks use to coerce... or even threaten homeowners into keeping up with their monthly mortgage payments (I show you a way to get around these almost devious scare tactics.) - The #1 tool banks and lenders like to use to discourage strategic mortgage default... and why it is so painfully effective for MOST people - The truth about strategic mortgage default... and why it is NOT as unethical as the banks and government makes it out to be (What you read here may shock you!) - Why it is NOT in the bank's best interests that you default on your mortgage... and what you can do to take advantage of this fact - And so much more! Get your copy today!
Author: Hae Eyles
Publisher:
ISBN:
Category :
Languages : en
Pages : 80
Get Book Here
Book Description
A mortgage default arises when a borrower fails to make monthly payments to their principal balance or interest on a home loan. Yet, defaulting can also occur with credit card and student loans In this book, you will discover: - What "strategic mortgage default" is and why banks and lenders are often powerless to stop the situation... - The scare tactics banks use to coerce... or even threaten homeowners into keeping up with their monthly mortgage payments (I show you a way to get around these almost devious scare tactics.) - The #1 tool banks and lenders like to use to discourage strategic mortgage default... and why it is so painfully effective for MOST people - The truth about strategic mortgage default... and why it is NOT as unethical as the banks and government makes it out to be (What you read here may shock you!) - Why it is NOT in the bank's best interests that you default on your mortgage... and what you can do to take advantage of this fact - And so much more! Get your copy today!
Author: Jing Jian Xiao
Publisher: Springer
ISBN: 3319288873
Category : Psychology
Languages : en
Pages : 379
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Book Description
This second edition of the authoritative resource summarizes the state of consumer finance research across disciplines for expert findings on—and strategies for enhancing—consumers’ economic health. New and revised chapters offer current research insights into familiar concepts (retirement saving, bankruptcy, marriage and finance) as well as the latest findings in emerging areas, including healthcare costs, online shopping, financial therapy, and the neuroscience behind buyer behavior. The expanded coverage also reviews economic challenges of diverse populations such as ethnic groups, youth, older adults, and entrepreneurs, reflecting the ubiquity of monetary issues and concerns. Underlying all chapters is the increasing importance of financial literacy training and other large-scale interventions in an era of economic transition. Among the topics covered: Consumer financial capability and well-being. Advancing financial literacy education using a framework for evaluation. Financial coaching: defining an emerging field. Consumer finance of low-income families. Financial parenting: promoting financial self-reliance of young consumers. Financial sustainability and personal finance education. Accessibly written for researchers and practitioners, this Second Edition of the Handbook of Consumer Finance Research will interest professionals involved in improving consumers’ fiscal competence. It also makes a worthwhile text for graduate and advanced undergraduate courses in economics, family and consumer studies, and related fields.
