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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
Abstract: This paper uses Flow of Funds data on the level of net new credit extension to construct a bird’s-eye view of what the financial market landscape might look like once the turmoil subsides and the economy has begun to recover. The paper targets two related questions: (1) How much credit More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Testing for discrimination in mortgage lending requires classifying consumers into treatment groups and control groups. Although this may seem like a straightforward task, it is actually quite complicated. Home Mortgage Disclosure Act (HMDA) data, the primary source of data for these More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Under the Home Mortgage Disclosure Act (HMDA), lenders are required to gather and report information on applicants’ and coapplicants’ ethnicity, race, and gender. These three characteristics are used to define protected class and control groups used for fair lending analyses. Typically, More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Retail exposure at default (EAD) is one of the weakest areas of risk measurement and modeling in industry practices and in academic literature. The U.S. Basel II Final Rule is not specific about the approach to EAD. In this study, we use borrower and account information from a large national sample More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
The case is often made that financial education leads to improved financial decisions. In this paper, we begin by assessing the need for financial education by reviewing national trends in savings, debt, and retirement funding as well as by reviewing the literature linking personal financial More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: We use a new and large panel dataset of household income to shed light on the permanent versus transitory nature of rising inequality in individual male labor earnings and in total household income, both before and after taxes, in the United States over the period 1987-2006. Due to the More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: American women tend to be less financially literate than men, which is consistent with a household division of labor in which men manage finances. However, women also tend to outlive their husbands, so they will eventually need to take over this task. Using a new survey of older couples, More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Since the beginning of the recent recession, the employment-population ratio for high-school age youth (16-17 years old) has fallen by nearly a third, to its lowest level ever. However, this recession has exacerbated a longer-run downward trend that actually began in the 1990s and More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: We study the effects of belief dispersion on stock trading volume. Unlike most of the existing work on the subject, our paper focuses on how household investors' disagreements on macroeconomic variables influence market-wide trading volume. We show that greater belief dispersion among More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012