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This report describes several linked empirical studies that examine the activities of public libraries in increasing the financial literacy of their service population. It describes a qualitative field study of librarians’ perceptions of the challenges in offering financial literacy-based More information...
Audience: Researcher
Type of Resource: Working paper
Date: 7/17/2014
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: 3/27/2012
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
Date: 3/27/2012
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
Date: 3/27/2012
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
Date: 3/27/2012
Abstract: To assess whether homeowners know their house values and mortgage terms, we compare the distributions of these variables in the household-reported 2001 Survey of Consumer Finances (SCF) to the distributions in lender-reported data. We also examine the share of SCF respondents who report More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: I test the credit-market effects of housing wealth shocks by estimating the consumption elasticity of house price shocks among households in different age quintiles. Younger households face faster expected income growth and hence would like to borrow more than older households. I estimate More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: This paper investigates the composition of households' assets and liabilities in the United States. Using aggregate and survey data, we document major trends in household portfolios in the past 15 years. We show that, despite the broad array of financial products available, the portfolio More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: 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 More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
This paper studies residential mortgage loss given default using a large set of historical loan-level default and recovery data of high loan-to-value mortgages from several private mortgage insurance companies. We show that loss given default can largely be explained by various characteristics More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012