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Assessing Problems Of Default In Local Mortgage Markets
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Book Synopsis Assessing Problems of Default in Local Mortgage Markets by : Robert Frank Cotterman
Download or read book Assessing Problems of Default in Local Mortgage Markets written by Robert Frank Cotterman and published by . This book was released on 2001 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addresses concerns raised about concentrations of Federal Housing Authority (FHA) defaults in neighborhoods & among lenders in a 1997 study by the Nat. Training Info. Center. The 1st phase of the report culminated with a March 1998 report which examined whether FHA defaults were concentrated among a group of high-default neighborhoods & high-default lenders. The 2nd phase of the study replicated a number of the initial analyses with the addition of credit history data. This report combines the 1st phase findings with the new 2nd phase findings. As expected, the updated analysis shows that high default neighborhoods & lenders have more borrowers with poor credit.
Book Synopsis Mortgage Default in Local Markets by : Dennis R. Capozza
Download or read book Mortgage Default in Local Markets written by Dennis R. Capozza and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing from a large mortgage loan database and an extensive panel data set on metropolitan areas, this study refines the contingent claims model of default. Recent research has treated default as optimal exercise of a put option and has emphasized loan to value ratios, loan age and interest rate measures. Transactions costs and trigger events like unemployment and divorce should also play a role in optimal default; but the importance of these costs have become contentious. The results confirm the statistical significance of each of these variables; however, the economic importance of transactions costs and trigger events is definitely secondary to the frictionless options model variables. By analyzing the data at both the metro area level and the regional level, we show that one reason other studies have found conflicting results is low statistical power arising from highly aggregated data and/or short sample periods.
Book Synopsis The American Mortgage System by : Susan M. Wachter
Download or read book The American Mortgage System written by Susan M. Wachter and published by University of Pennsylvania Press. This book was released on 2011-05-31 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: Successful home ownership requires the availability of appropriate mortgage products. In the years leading up to the collapse of the housing market, home buyers frequently accepted mortgages that were not only wrong for them but catastrophic for the economy as a whole. When the housing market bubble burst, so did a cornerstone of the American dream for many families. Restoring the promise of this dream requires an unflinching inspection of lending institutions and the right tools to repair the structures that support solid home purchases. The American Mortgage System: Crisis and Reform focuses on the causes of the housing market collapse and proposes solutions to prevent another rash of foreclosures. Edited by two leaders in the field of real estate and finance, Susan M. Wachter and Marvin M. Smith, The American Mortgage System examines key elements of the mortgage meltdown. The volume's contributors address the influence of the Community Reinvestment Act, which is often blamed for the crisis. They uncover how the government-sponsored enterprises Fannie Mae and Freddie Mac invested outside the housing market with disastrous results. They present surprising information about low-income borrowers and the strengths of local banks. This collection of thoughtful studies includes extensive analysis of loan practices and the creation of unstable mortgage securities, presenting data largely unavailable until now. More than a critique, The American Mortgage System offers solutions to the problems facing the future of American home ownership, including identifying asset price bubbles, calculating risk, and preventing discrimination in lending. Measured yet timely and by turns provocative, The American Mortgage System provides a careful assessment of a troubled but indispensable part of the economic and social structure of the United States. This book is a sound investment for economists, urban planners, and all who shape public policy.
Download or read book Urban Research Monitor written by and published by . This book was released on 1998 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assessing the Public Costs and Benefits of Fannie Mae and Freddie Mac by : Marvin Phaup
Download or read book Assessing the Public Costs and Benefits of Fannie Mae and Freddie Mac written by Marvin Phaup and published by DIANE Publishing. This book was released on 1996-07 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains the purpose and function of government-sponsored enterprises (GSEs). Describes how the housing GSEs segment in the secondary market works. Provides insights on alternative funding strategies and risk, and the necessity of congressional oversight. Focuses on the federal costs of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation). Contains 17 charts, tables and graphs.
Author :United States. Department of Housing and Urban Development. Office of Program Analysis and Evaluation Publisher : ISBN 13 : Total Pages :142 pages Book Rating :4.:/5 (31 download)
Book Synopsis Causes of Multi-family Defaults by : United States. Department of Housing and Urban Development. Office of Program Analysis and Evaluation
Download or read book Causes of Multi-family Defaults written by United States. Department of Housing and Urban Development. Office of Program Analysis and Evaluation and published by . This book was released on 1975 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Complex Mortgages (CM) by : Gene Amromin
Download or read book Complex Mortgages (CM) written by Gene Amromin and published by DIANE Publishing. This book was released on 2011 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: CM became a popular borrowing instrument during the bullish housing market of the early 2000s but vanished rapidly during the subsequent downturn. These non-traditional loans (interest only, negative amortization, and teaser mortgages) enable households to postpone loan repayment compared to traditional mortgages and hence relax borrowing constraints. But, they increase household leverage and heighten dependence on mortgage refinancing. CM were chosen by prime borrowers with high income levels seeking to purchase expensive houses relative to their incomes. Borrowers with CM experience substantially higher ex post default rates than borrowers with traditional mortgages with similar characteristics. Illus. This is a print on demand report.
Download or read book Foreclosed written by Daniel Immergluck and published by Cornell University Press. This book was released on 2011-02-11 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last two years, the United States has observed, with some horror, the explosion and collapse of entire segments of the housing market, especially those driven by subprime and alternative or "exotic" home mortgage lending. The unfortunately timely Foreclosed explains the rise of high-risk lending and why these newer types of loans—and their associated regulatory infrastructure—failed in substantial ways. Dan Immergluck narrates the boom in subprime and exotic loans, recounting how financial innovations and deregulation facilitated excessive risk-taking, and how these loans have harmed different populations and communities. Immergluck, who has been working, researching, and writing on issues tied to housing finance and neighborhood change for almost twenty years, has an intimate knowledge of the promotion of homeownership and the history of mortgages in the United States. The changes to the mortgage market over the past fifteen years—including the securitization of mortgages and the failure of regulators to maintain control over a much riskier array of mortgage products—led, he finds, inexorably to the current crisis. After describing the development of generally stable and risk-limiting mortgage markets throughout much of the twentieth century, Foreclosed details how federal policy-makers failed to regulate the new high-risk lending markets that arose in the late 1990s and early 2000s. The book also examines federal, state, and local efforts to deal with the mortgage and foreclosure crisis of 2007 and 2008. Immergluck draws upon his wealth of experience to provide an overarching set of principles and a detailed set of policy recommendations for "righting the ship" of U.S. housing finance in ways that will promote affordable yet sustainable homeownership as an option for a broad set of households and communities.
Author :United States. Dept. of Housing and Urban Development. Region IV. Office of Program Planning and Evaluation Publisher : ISBN 13 : Total Pages :236 pages Book Rating :4.:/5 (31 download)
Book Synopsis The Short-duration Default Problem in Region IV by : United States. Dept. of Housing and Urban Development. Region IV. Office of Program Planning and Evaluation
Download or read book The Short-duration Default Problem in Region IV written by United States. Dept. of Housing and Urban Development. Region IV. Office of Program Planning and Evaluation and published by . This book was released on 1980 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :88 pages Book Rating :4.:/5 (327 download)
Book Synopsis Turmoil in U.S. Credit Markets by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book Turmoil in U.S. Credit Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2010 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Housing and Community Opportunity Publisher : ISBN 13 : Total Pages :432 pages Book Rating :4.0/5 ( download)
Book Synopsis The Federal Housing Administration Single Family Program Property Disposition by : United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Housing and Community Opportunity
Download or read book The Federal Housing Administration Single Family Program Property Disposition written by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 1998 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mortgage Defaults by : Juan Carlos Hatchondo
Download or read book Mortgage Defaults written by Juan Carlos Hatchondo and published by International Monetary Fund. This book was released on 2012-01-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is calibrated to match U.S. data and accounts for non-targeted features of the data such as the distribution of down payments, the life-cycle profile of home ownership, and the mortgage default rate. The average coefficients that measure the agents' ability to self-insure against income shocks are similar to those of a SIM model without housing but housing increases the values of these coefficients for younger agents. The response of consumption to house price shocks is minimal. The introduction of minimum down payments or income garnishment benefits a majority of the population.
Book Synopsis Moral Hazard, Adverse Selection, and Mortgage Markets by : Barney Paul Hartman-Glaser
Download or read book Moral Hazard, Adverse Selection, and Mortgage Markets written by Barney Paul Hartman-Glaser and published by . This book was released on 2011 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation considers problems of adverse selection and moral hazard in secondary mortgage markets. Chapters 2 and 3 consider moral hazard and adverse selection respectively. While Chapter 4 investigates the predictions of the model presented in Chapter 2 using data from the commercial mortgage backed securities market. Chapter 2 derives the optimal design of mortgage backed securities (MBS) in a dynamic setting with moral hazard. A mortgage underwriter with limited liability can engage in costly e0ffort to screen for low risk borrowers and can sell loans to a secondary market. Secondary market investors cannot observe the e0ffort of the mortgage underwriter, but they can make their payments to the underwriter conditional on the mortgage defaults. The optimal contract between the underwriter and the investors involves a single payment to the underwriter after a waiting period. Unlike static models that focus on underwriter retention as a means of providing incentives, the model shows that the timing of payments to the underwriter is the key incentive mechanism. Moreover, the maturity of the optimal contract can be short even though the mortgages are long-lived. The model also gives a new reason for mortgage pooling: selling pooled mortgages is more e0fficient than selling mortgages individually because pooling allows investors to learn about underwriter e0ffort more quickly, an information enhancement e0ffect. The model also allows an evaluation of standard contracts and shows that the "0first loss piece" is a very close approximation to the optimal contract. Chapter 3 considers a repeated security issuance game with reputation concerns. Each period, an issuer can choose to securitize an asset and publicly report its quality. However, potential investors cannot directly observe the quality of the asset and a lemons problem ensues. The issuer can credibly signal the asset's quality by retaining a portion of the asset. Incomplete information about issuer type induces reputation concerns which provide credibility to the issuer's report of asset quality. A mixed strategy equilibrium obtains with the following 3 properties: (i) the issuer misreports asset quality at least part of the time, (ii) perceived asset quality is a U-shaped function of the issuer's reputation, and (iii) the issuer retains less of the asset when she has a higher reputation. Chapter 4 documents empirical evidence that subordination levels for commercial mortgage backed securities (CMBS) depend on issuer reputation in a manner consistent with the model of Chapter 3. Speci0fically, issuer retention is negatively correlated with issuer reputation. New measures for both issuer reputation and retention are considered.
Book Synopsis Capital Markets And Non-bank Financial Institutions In Romania by : Ramin Shojai
Download or read book Capital Markets And Non-bank Financial Institutions In Romania written by Ramin Shojai and published by World Bank Publications. This book was released on 2005 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Housing Policy Debate written by and published by . This book was released on 2003 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing and Mortgage Markets in Historical Perspective by : Eugene N. White
Download or read book Housing and Mortgage Markets in Historical Perspective written by Eugene N. White and published by University of Chicago Press. This book was released on 2014-10-17 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central role of the housing market in the recent recession raised a series of questions about similar episodes throughout economic history. Were the underlying causes of housing and mortgage crises the same in earlier episodes? Has the onset and spread of crises changed over time? How have previous policy interventions either damaged or improved long-run market performance and stability? This volume begins to answer these questions, providing a much-needed context for understanding recent events by examining how historical housing and mortgage markets worked—and how they sometimes failed. Renowned economic historians Eugene N. White, Kenneth Snowden, and Price Fishback survey the foundational research on housing crises, comparing that of the 1930s to that of the early 2000s in order to authoritatively identify what contributed to each crisis. Later chapters explore notable historical experiences with mortgage securitization and the role that federal policy played in the surge in home ownership between 1940 and 1960. By providing a broad historical overview of housing and mortgage markets, the volume offers valuable new insights to inform future policy debates.
Book Synopsis Stress Testing and Calibration of Macroprudential Policy Tools by : Lucyna Gornicka
Download or read book Stress Testing and Calibration of Macroprudential Policy Tools written by Lucyna Gornicka and published by . This book was released on 2020-08-14 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present a semi-structural model of default risk, which is a function of loan and borrower characteristics, economic conditions, and the regulatory environment. We use this model to simulate bank credit losses for stress-testing purposes and to calibrate borrower-based macroprudential tools. The proposed approach is very flexible and is particularly useful when there is limited history of crisis episodes, when crises bring unanticipated shocks where past tail events offer little guidance and when structural shocks or changes in financial regulations have altered the loan default process. We apply the model to quantify mortgage lending risk in two distinct mortgage markets. For each application, we show a range of modeling adjustments that can be made to capture country-specific institutional features. The model uses bank portfolio data broken down by risk bucket and vintage, which enables us to take explicit account of the loan life cycle and to incorporate the housing and economic cycles. This feature facilitates a timely assessment of banks' loss-absorbing capacity and the buildup of systemic risk conditional on policy. It also enables counterfactual analysis and the evaluation of macroprudential policy interventions.
