Credit History and the Performance of Prime and Nonprime Mortgages

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Credit History and the Performance of Prime and Nonprime Mortgages by : Anthony Pennington-Cross

Download or read book Credit History and the Performance of Prime and Nonprime Mortgages written by Anthony Pennington-Cross and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Although nonprime lending has experienced steady or even explosive growth over the last decade very little is known about the performance characteristics of these mortgages.Using data from national secondary market institutions, this paper estimates a competing risks proportional hazard model, which includes unobserved heterogeneity. The analysis examines the performance of 30 year fixed rate owner occupied home purchase mortgages from February 1995 to the end of 1999 and compares nonprime and prime loan default and prepayment behavior. Nonprime loans are identified by mortgage interest rates that are substantially higher than the prevailing prime rate.Results indicate that nonprime mortgages differ significantly from prime mortgages: they have different risk characteristics at origination; they default at elevated levels; and they respond differently to the incentives to prepay and default. For instance, nonprime mortgages are less responsive to how much the option to call the mortgage or refinance is in the money and this effect is magnified for mortgages with low credit scores. Tests also reveal that default rates are less responsive to homeowner equity when credit scores are included in the specification.

Non-Prime Mortgages

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Author :
Publisher : DIANE Publishing
ISBN 13 : 1437940188
Total Pages : 73 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Non-Prime Mortgages by : William B. Shear

Download or read book Non-Prime Mortgages written by William B. Shear and published by DIANE Publishing. This book was released on 2011 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. The surge in mortgage foreclosures that began in late 2006 and continues today was initially driven by deterioration in the performance of non-prime loans. Non-prime mortgage originations increased dramatically from 2000 through 2006, rising from 12% of all mortgage originations to 34%. The non-prime market contracted sharply in mid-2007, in response to increasing defaults and foreclosures for these loans. This report: (1) provides info. on the performance of non-prime loans through 12/31/09; (2) examines how loan and borrower characteristics and economic conditions influenced the likelihood of default of non-prime loans; and (3) describes the features of data on non-prime loan performance and borrower characteristics. Illus.

Comparing Patterns of Default Among Prime and Subprime Mortgages

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Publisher : DIANE Publishing
ISBN 13 : 1437919189
Total Pages : 37 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Comparing Patterns of Default Among Prime and Subprime Mortgages by : Gene Amromin

Download or read book Comparing Patterns of Default Among Prime and Subprime Mortgages written by Gene Amromin and published by DIANE Publishing. This book was released on 2010-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article compares default patterns among prime and subprime mortgages, analyzes the factors correlated with default, and examines how forecasts of defaults are affected by alternative assumptions about trends in home prices. The authors find that extremely pessimistic forecasts of home price appreciation could have generated predictions of subprime defaults that were closer to the actual default experience for loans originated in 2006 and 2007. However, for prime loans one would have also had to anticipate that defaults would become much more sensitive to home prices. Tables and graphs.

Characteristics and Performance of Nonprime Mortgages

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Publisher : DIANE Publishing
ISBN 13 : 143791988X
Total Pages : 57 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Characteristics and Performance of Nonprime Mortgages by : William B. Shear

Download or read book Characteristics and Performance of Nonprime Mortgages written by William B. Shear and published by DIANE Publishing. This book was released on 2010 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: In dollar terms, nonprime loans accounted for an increasing share of the overall mortgage market, rising from 12% in 2000 to 34% in 2006. Over this period, the dollar volume of nonprime mortgages originated annually climbed from $100 billion to $600 billion in the subprime market. However, these market segments contracted sharply in the summer of 2007. This report examines the evolution and condition of the nonprime market segment. It discusses: (1) trends in the loan and borrower characteristics of nonprime mortgages originated from 2000 through 2007; and (2) the performance of these mortgages as of March 31, 2009. It also provides supplemental info., including detailed statistics by annual loan cohort, state, and congressional district. Illustrations.

Understanding the Securitization of Subprime Mortgage Credit

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Publisher : Now Publishers Inc
ISBN 13 : 1601981406
Total Pages : 133 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Understanding the Securitization of Subprime Mortgage Credit by : Adam B. Ashcraft

Download or read book Understanding the Securitization of Subprime Mortgage Credit written by Adam B. Ashcraft and published by Now Publishers Inc. This book was released on 2008 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the Securitization of Subprime Mortgage Credit provides an overview of the subprime mortgage market and some of the key players, and provides an extensive discussion of the important role played by the credit rating agencies.

Borrowing to Live

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Publisher : Brookings Institution Press
ISBN 13 : 0815701721
Total Pages : 303 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Borrowing to Live by : Nicolas P. Retsinas

Download or read book Borrowing to Live written by Nicolas P. Retsinas and published by Brookings Institution Press. This book was released on 2009-10-01 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Harvard University Joint Center for Housing Studies publication Americans are awash in debt, and the U.S. economy is in trouble. Credit undergirds daily life more than ever—it has become one of the defining aspects of American life, and the ramifications are becoming clearer by the day. The already considerable damage from a depressed housing market has been exacerbated by the subprime lender implosion, sending shock waves through the financial sector, international economies, and government at all levels. Most low- or moderate-income people borrow, but that should not be construed as uniformly poor judgment or lack of disciplines—Americans are not borrowing merely to keep up with the Joneses, but too often simply to stay afloat. In Borrowing to Live, the Joint Center for Housing Studies of Harvard University brings together a group of experts drawn from the best of academia, research, and public services. Together with editors Nicolas Retsinas and Eric Belsky, they dissect the worrisome current state of consumer and mortgage credit in the United States and help point the way out of the current struggles. Contributors: Michael S. Barr, Eric S. Belsky, Raphael W. Bostic, Shawn Cole, Amy Crews Cutts, Kathleen C. Engel, Ren S. Essene, Elaine Kempson, Patricia A. McCoy, William A. Merrill, Sendhil Mullainathan, Anthony Pennington-Cross, Elizabeth Renuart, Eldar Shafir, Edna R. Sawady, Jennifer Tescher, John Thompson, Peter Tufano, Susan M. Wachter

Credit Risk and Mortgage Lending

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Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis Credit Risk and Mortgage Lending by : Anthony Pennington-Cross

Download or read book Credit Risk and Mortgage Lending written by Anthony Pennington-Cross and published by . This book was released on 2000 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Nonprime Mortgages

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Publisher :
ISBN 13 : 9781974549849
Total Pages : 74 pages
Book Rating : 4.5/5 (498 download)

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Book Synopsis Nonprime Mortgages by : U.s. Government Accountability Office

Download or read book Nonprime Mortgages written by U.s. Government Accountability Office and published by . This book was released on 2017-08-14 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The surge in mortgage foreclosures that began in late 2006 and continues today was initially driven by deterioration in the performance of nonprime (subprime and Alt-A) loans. Nonprime mortgage originations increased dramatically from 2000 through 2006, rising from about 12 percent ($125 billion) of all mortgage originations to about 34 percent ($1 trillion). The nonprime market contracted sharply in mid-2007, partly in response to increasing defaults and foreclosures for these loans.This report (1) provides information on the performance of nonprime loans through December 31, 2009; (2) examines how loan and borrower characteristics and economic conditions influenced the likelihood of default (including foreclosure) of nonprime loans; and (3) describes the features and limitations of primary sources of data on nonprime loan performance and borrower characteristics, and discusses federal government efforts to improve the availability or use of such data. To do this work, GAO analyzed a proprietary database of securitized nonprime loans and Home Mortgage Disclosure Act data, and reviewed information on mortgage data sources maintained by private firms and the federal government. "

Moving Forward

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Publisher : Brookings Institution Press
ISBN 13 : 0815705034
Total Pages : 274 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Moving Forward by : Nicolas Paul Retsinas

Download or read book Moving Forward written by Nicolas Paul Retsinas and published by Brookings Institution Press. This book was released on 2011 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial experts explore what caused the financial crisis and discuss new research and ideas about the future of credit markets, including how improvements might be shaped by industry leaders. Original.

Discriminating Risk

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Publisher : Cornell University Press
ISBN 13 : 9780801440663
Total Pages : 284 pages
Book Rating : 4.4/5 (46 download)

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Book Synopsis Discriminating Risk by : Guy Stuart

Download or read book Discriminating Risk written by Guy Stuart and published by Cornell University Press. This book was released on 2003 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mortgage lenders in the US, Stuart contends, are embedded in and shape a social context that can best be understood in terms of rules, networks and the production of space. This history of lenders' risk criteria reveals that they were synthesized from rules of thumb and untested theories.

Subprime Mortgage Credit Derivatives

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Publisher : John Wiley & Sons
ISBN 13 : 0470392746
Total Pages : 352 pages
Book Rating : 4.4/5 (73 download)

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Book Synopsis Subprime Mortgage Credit Derivatives by : Laurie S. Goodman

Download or read book Subprime Mortgage Credit Derivatives written by Laurie S. Goodman and published by John Wiley & Sons. This book was released on 2008-06-02 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mortgage credit derivatives are a risky business, especially of late. Written by an expert author team of UBS practitioners-Laurie Goodman, Shumin Li, Douglas Lucas, and Thomas Zimmerman-along with Frank Fabozzi of Yale University, Subprime Mortgage Credit Derivatives covers state-of-the-art instruments and strategies for managing a portfolio of mortgage credits in today's volatile climate. Divided into four parts, this book addresses a variety of important topics, including mortgage credit (non-agency, first and second lien), mortgage securitizations (alternate structures and subprime triggers), credit default swaps on mortgage securities (ABX, cash synthetic relationships, CDO credit default swaps), and much more. In addition, the authors outline the origins of the subprime crisis, showing how during the 2004-2006 period, as housing became less affordable, origination standards were stretched-and when home price appreciation then turned to home price depreciation, defaults and delinquencies rose across the board. The recent growth in subprime lending, along with a number of other industry factors, has made the demand for timely knowledge and solutions greater than ever before, and this guide contains the information financial professionals need to succeed in this challenging field.

Confessions of a Subprime Lender

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Publisher : John Wiley & Sons
ISBN 13 : 0470402199
Total Pages : 159 pages
Book Rating : 4.4/5 (74 download)

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Book Synopsis Confessions of a Subprime Lender by : Richard Bitner

Download or read book Confessions of a Subprime Lender written by Richard Bitner and published by John Wiley & Sons. This book was released on 2008-06-16 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Former subprime lender Richard Bitner once worked in an industry that started out helping disadvantaged customers but collapsed due to greed, lack of financial control and willful ignorance. In Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance, he reveals the truth about how the subprime lending business spiraled out of control, pushed home prices to unsustainable levels, and turned unqualified applicants into qualified borrowers through creative financing. Learn about the ways the mortgage industry can be fixed with his twenty suggestions for critical change.

Stunned in America

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Publisher : Author House
ISBN 13 : 1449008380
Total Pages : 260 pages
Book Rating : 4.4/5 (49 download)

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Book Synopsis Stunned in America by : Mary Tootikian

Download or read book Stunned in America written by Mary Tootikian and published by Author House. This book was released on 2009-09-17 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: If you think it is almost over - think again - the other shoe is about to drop. It is said that "ignorance is bliss" but WHAT YOU DON'T KNOW about this credit crisis WILL HURT YOU in more ways than you can imagine. Your financial life is at stake. Your home equity is deflated. Your investment and retirement accounts are but a pittance of what they once were. We, the American people, have been victims of a crime that has landed us in a major recession. Are we headed into a full scale depression? Do you know that our politicians, with knee-jerk reactions, are passing bills into law that are delivering death blows to the barely breathing housing market? This book will reveal insider secrets. You will discover the fallacy of the credit scoring system and why the unjust closing of our credit is going to further destroy our recovery. You will see actual rate sheets that lenders forbid brokers from showing you, and you will be outraged by the recent pricing additions imposed by our government sponsored enterprises. Is this a secret tax to pay back the billions of dollars in bailout money? We have witnessed century-old institutions come crashing down. But what was behind the crash? As we sit here Stunned in America, we are looking for answers. Who did it? How did it happen? Who is to blame? How do we fix it? The facts behind this crisis will anger you -and rightly so! Should we be planning another "tea party"? This book exposes what the media is not telling you and what the banks don't want you to know. Also included is a workbook that will allow you the opportunity to measure your own ability to get - or not get - a mortgage loan.

Mortgage Crisis

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Publisher : David Adel
ISBN 13 : 143274335X
Total Pages : 114 pages
Book Rating : 4.4/5 (327 download)

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Book Synopsis Mortgage Crisis by : David Adel

Download or read book Mortgage Crisis written by David Adel and published by David Adel. This book was released on 2009-08-11 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: I am going to talk about my experiences at accredited home lenders where I was underwriting sub prime mortgages and the crazy and insane lending that I saw, things that will really shock and make you realize why we are in a complete financial mess. I will also talk about the mortgage broker world and how they made money along with the kinds of fraudulent practices that were everywhere, I will also talk about how lenders just looked the other way and funded the loans that are in default now.

Credit Booms and Lending Standards

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Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451869675
Total Pages : 37 pages
Book Rating : 4.8/5 (696 download)

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Book Synopsis Credit Booms and Lending Standards by : Mr.Luc Laeven

Download or read book Credit Booms and Lending Standards written by Mr.Luc Laeven and published by INTERNATIONAL MONETARY FUND. This book was released on 2008-04-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper links the current sub-prime mortgage crisis to a decline in lending standards associated with the rapid expansion of this market. We show that lending standards declined more in areas that experienced larger credit booms and house price increases. We also find that the underlying market structure mattered, with entry of new, large lenders triggering declines in lending standards by incumbent banks. Finally, lending standards declined more in areas with higher mortgage securitization rates. The results are consistent with theoretical predictions from recent financial accelerator models based on asymmetric information, and shed light on the relationship between credit booms and financial instability.

Household Credit Usage

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Publisher : Springer
ISBN 13 : 0230608914
Total Pages : 293 pages
Book Rating : 4.2/5 (36 download)

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Book Synopsis Household Credit Usage by : B. W. Ambrose

Download or read book Household Credit Usage written by B. W. Ambrose and published by Springer. This book was released on 2007-10-29 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to growing interest in household finance, this collection of essays with a foreword by John Y. Campbell, studies household and consumer use of credit instruments. It shows how individual consumers and households utilize various credit alternatives in managing their consumption and savings and suggests areas for future research.

Subprime Credit Crisis

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Author :
Publisher :
ISBN 13 :
Total Pages : 1290 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Subprime Credit Crisis by :

Download or read book Subprime Credit Crisis written by and published by . This book was released on 2008 with total page 1290 pages. Available in PDF, EPUB and Kindle. Book excerpt: