Neighborhood Effects on Mortgage Default Risk PDF Download
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Author: Robert F. Cotterman
Publisher:
ISBN: 9780756720148
Category :
Languages : en
Pages : 102
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Book Description
Examines the effect of neighborhood characteristics on the default of FHA mortgages. Analysis includes both neighborhood characteristics & characteristics of the individual loan & borrower, so that the effects of the neighborhood can be distinguished from those of the individual loan. Analysis seeks to distinguish the effects of neighborhood, race, ethnicity, & income from the effects of the individual borrower's status. Finds that lower tract income & higher tract black composition are assoc. with higher rates of default, whereas individual borrower race or income are unrelated to default. Examines possible causes for these findings. Charts & tables.
Author: Robert F. Cotterman
Publisher:
ISBN: 9780756720148
Category :
Languages : en
Pages : 102
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Book Description
Examines the effect of neighborhood characteristics on the default of FHA mortgages. Analysis includes both neighborhood characteristics & characteristics of the individual loan & borrower, so that the effects of the neighborhood can be distinguished from those of the individual loan. Analysis seeks to distinguish the effects of neighborhood, race, ethnicity, & income from the effects of the individual borrower's status. Finds that lower tract income & higher tract black composition are assoc. with higher rates of default, whereas individual borrower race or income are unrelated to default. Examines possible causes for these findings. Charts & tables.
Author: Robert Frank Cotterman
Publisher:
ISBN:
Category : Default (Finance)
Languages : en
Pages : 101
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Book Description
Author: Sewin Chan
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Using a rich database of non-prime mortgages from New York City, we find that census tract level neighborhood characteristics are important predictors of default behavior, even after controlling for an extensive set of controls for loan and borrower characteristics. First, default rates increase with the rate of foreclosure notices and the number of lender-owned properties (REOs) in the tract. Second, default rates on home purchase mortgages are higher in census tracts with larger shares of black residents, regardless of the borrower's own race. We explore possible explanations for this second finding and conclude that it likely reflects differential treatment of black neighborhoods by the mortgage industry in ways that are unobserved in our data.
Author: Andrew Louis Greer
Publisher:
ISBN:
Category : Electronic dissertations
Languages : en
Pages : 35
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Book Description
Author: Kristopher S. Gerardi
Publisher: DIANE Publishing
ISBN: 143792879X
Category : Self-Help
Languages : en
Pages : 39
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Book Description
Analyzes the impact of the subprime mortgage crisis on urban neighborhoods in Mass. Explores the topic using a data set that matches race and income info. with property-level, transaction data. Much of the subprime lending in the state was concentrated in urban neighborhoods and that minority homeownerships created with subprime mortgages have proved exceptionally unstable in the face of rapid price declines. Subprime lending did not, as commonly believed, lead to a substantial increase in homeownership by minorities but instead generated turnover in properties owned by minority residents. The particularly dire foreclosure situation in urban neighborhoods actually makes it somewhat easier for policymakers to provide remedies. Illus.
Author: John Goering
Publisher: Routledge
ISBN: 0429827954
Category : Social Science
Languages : en
Pages : 665
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Book Description
First published in 1997, this volume features a wealth of contributions discussing mortgage lending discrimination and the role of the FHA, fair lending enforcement and the Decatur case, along with the future of mortgage discrimination research. This key civil rights debate in the wake of the Fair Housing Act 25 years prior is evaluated and clarified through rigorous review of fair lending research, applied projects and enforcement activities to date. It argues forcefully that the right to take out a mortgage to buy a home should be conditioned only upon one’s credit worthiness and not on one’s race or ethnic group.
Author: Jenny Schuetz
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
As the national mortgage crisis has worsened, an increasing number of communities are facing declining housing prices and high rates of foreclosure. Central to the call for government intervention in this crisis is the claim that foreclosures not only hurt those who are losing their homes to foreclosure, but also harm neighbors by reducing the value of nearby properties and in turn, reducing local governments' tax bases. The extent to which foreclosures do in fact drive down neighboring property values has become a crucial question for policy-makers. In this paper, we use a unique dataset on property sales and foreclosure filings in New York City from 2000 to 2005 to identify the effects of foreclosure starts on housing prices in the surrounding neighborhood. Regression results suggest that above some threshold, proximity to properties in foreclosure is associated with lower sales prices. The magnitude of the price discount increases with the number of properties in foreclosure, but not in a linear relationship.
Author:
Publisher:
ISBN:
Category : Community development
Languages : en
Pages : 354
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Book Description
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:
Publisher:
ISBN:
Category : Community development
Languages : en
Pages : 32
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Book Description
