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We evaluate the effects of the lending institution and soft information on mortgage loan performance for low-income homebuyers. We find that even after controlling for bank selection, those who receive a loan from a local bank are significantly less likely to become delinquent or default than other More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/7/2013
Concentrated poverty has been said to impose a double burden on those that confront it. In addition to an individual’s own financial constraints, institutions and social networks of poor neighborhoods can further limit access to quality services and resources for those that live there. This study More information...
Audience: Individual Researcher
Type of Resource: Working paper
Tags: Subprime mortgages, Foreclosures, defaults
Date: 3/7/2013
A quantile regression model is used to identify the main neighborhood characteristics associated with high foreclosure rates in weak market neighborhoods, specifically for two counties in Ohio and one in Pennsylvania. A decomposition technique by Machado and Mata (2005) allows separating More information...
Audience: Researcher
Type of Resource: Working paper
Tags: Foreclosures and defaults, Foreclosures, defaults
Date: 3/7/2013
In this paper we provide a comprehensive critical analysis of research that has investigated the impact of financial education programs on consumer financial behavior. In light of the evidence, we recommend that future programs be highly targeted towards a specific audience and area of financial More information...
Audience: Researcher
Type of Resource: Working paper
Tags: Financial literacy, Financial education
Date: 3/7/2013
The exact cause of the massive defaults and foreclosures in the U.S. subprime mortgage market is still unclear. This paper investigates whether a particular aspect of borrowers' financial literacy—their numerical ability—may have played a role. We measure several aspects of financial literacy and More information...
Audience: Researcher
Type of Resource: Working paper
Tags: Financial literacy, Financial education, Subprime lending
Date: 3/7/2013
We evaluate laws designed to protect borrowers from foreclosure. We find that these laws delay but do not prevent foreclosures. We first compare states that require lenders to seek judicial permission to foreclose with states that do not. Borrowers in judicial states are no more likely to cure and More information...
Audience: Researcher
Type of Resource: Working paper
Tags: Foreclosures, defaults
Date: 3/7/2013
Rapid growth in subprime lending over the past decade has led to rising concerns about abusive practices by subprime lenders. By early 2004, those concerns prompted Georgia and more than 30 other states to pass laws designed to eliminate abusive or predatory lending practices by the financial More information...
Audience: Researcher
Type of Resource: Working paper
Tags: Predatory Lending
Date: 3/7/2013
A manual review of applications is an important component of statistically modeled fair lending exams. How files to review are identified affect both resource allocation and reliability of conclusions. This study uses Monte Carlo simulation to compare how six outlier identification strategies More information...
Audience: Researcher
Type of Resource: Working paper
Tags: Fair Lending practices
Date: 3/7/2013
This paper tests for the presence of age and gender discrimination in the loan underwriting process. We modify the tools used during the past exams to test for racial discrimination and apply them here to test for the presence of disparate treatment on the basis of age and gender. Using HMDA data More information...
Audience: Researcher
Type of Resource: Working paper
Tags: Fair Lending practices
Date: 3/7/2013
A dramatic rise in subprime foreclosures over the past several years has led to calls for restrictions of, or prohibitions against, a range of lending practices loosely termed “predatory.” Several cities and states have enacted legislation or regulations aimed at eliminating predatory practices, More information...
Audience: Researcher
Type of Resource: Working paper
Tags: Predatory Lending
Date: 3/7/2013