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Financial Literacy And Mortgage Credit
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Book Synopsis Financial Literacy and Mortgage Credit by : Xudong An
Download or read book Financial Literacy and Mortgage Credit written by Xudong An and published by . This book was released on 2015 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use a novel approach to calculate individual “financial literacy score” for a large set of California mortgage borrowers and then investigate the relation between financial literacy and mortgage outcomes. We find borrowers with low financial literacy are more likely to accept riskier mortgages and have mortgages with disadvantageous characteristics, ceteris paribus. In addition, they pay a higher rate, are less likely to take advantage of advantageous prepayment opportunities, and are more likely to default. Our estimates show that financial literacy is economically significant where mortgage outcomes are concerned. Our lower-bound estimate is that converting low literacy borrowers into high literacy borrowers would lead to $460 million in reduced mortgage payments annually in California due to reduced borrowing cost. Other reasonable scenarios yield savings exceeding $2 billion annually. Further, with improved financial literacy, borrowers would be 25 to 50 percent less likely to have the “toxic” short-term adjustable rate mortgages that contributed to the broader housing crisis. Our results argue for serious consideration of how best to improve financial literacy, as opposed to whether efforts should be made to improve financial literacy.
Book Synopsis Financial Literacy and Subprime Mortgage Delinquency by : Kristopher Gerardi
Download or read book Financial Literacy and Subprime Mortgage Delinquency written by Kristopher Gerardi and published by DIANE Publishing. This book was released on 2010-10 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether a particular aspect of borrowers' financial literacy ¿ their numerical ability ¿ may have played a role in the subprime mortgage delinquency. The authors measure several aspects of financial literacy and cognitive ability in a survey of subprime mortgage borrowers who took out mortgages in 2006 or 2007 and match these measures to objective data on mortgage characteristics and repayment performance. They find a large and statistically significant negative correlation between numerical ability and various measures of delinquency and default. These results raise the possibility that limitations in certain aspects of financial literacy played an important role in the subprime mortgage crisis. Charts and tables.
Book Synopsis Education Levels and Mortgage Application Outcomes by :
Download or read book Education Levels and Mortgage Application Outcomes written by and published by . This book was released on 2009 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Literacy and Subprime Mortgage Delinquency by : Kristopher Gerardi
Download or read book Financial Literacy and Subprime Mortgage Delinquency written by Kristopher Gerardi and published by . This book was released on 2014 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 cognitive ability in a survey of subprime mortgage borrowers who took out mortgages in 2006 or 2007 and match these measures to objective data on mortgage characteristics and repayment performance. We find a large and statistically significant negative correlation between numerical ability and various measures of delinquency and default. Foreclosure starts are approximately two-thirds lower in the group with the highest measured level of numerical ability compared with the group with the lowest measured level. The result is robust to controlling for a broad set of sociodemographic variables and not driven by other aspects of cognitive ability or the characteristics of the mortgage contracts. Our results raise the possibility that limitations in certain aspects of financial literacy played an important role in the subprime mortgage crisis.
Book Synopsis The Secrets of Money by : Braun Mincher
Download or read book The Secrets of Money written by Braun Mincher and published by Braun Mincher. This book was released on 2007-11 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to personal finance covers such topics as consumer credit, real estate mortgages, property leases, car buying and financing, insurance, taxes, investments, and wills.
Book Synopsis Financial Literacy and Subprime Mortgage Delinquency by : Kristopher S. Gerardi
Download or read book Financial Literacy and Subprime Mortgage Delinquency written by Kristopher S. Gerardi and published by . This book was released on 2010 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Building Wealth and Eliminating Debt by : Charles Carradine
Download or read book Building Wealth and Eliminating Debt written by Charles Carradine and published by Charles Carradine. This book was released on 2009-11-09 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an innovative financial literacy manual that can guide your prosperity strategy for years to come. It is loaded with powerful strategies and tactics designed to help you avoid debt overload and build wealth. It is a financial management resource that you can reference over and over again. It contains what is arguably the most comprehensive array of educational concepts written on the subject of financial literacy. Every chapter is packed with helpful information, from interpreting and correcting your credit report to improve your credit score, to avoiding scams that can derail your wealth strategy to providing debt elimination and wealth building plans that can be tailored and modified to fit your individual circumstances. The chapters on identity theft prevention and resolution and avoiding foreclosure are invaluable. There is a chapter on how to prevent and control youth debt that is filled with a wealth of gold nuggets that will serve young consumers for a lifetime.
Book Synopsis Real World Finance: Boost Your Financial Literacy as All Schools Have Failed to Do by : Jerry L. Copley
Download or read book Real World Finance: Boost Your Financial Literacy as All Schools Have Failed to Do written by Jerry L. Copley and published by Page Publishing Inc. This book was released on 2023-06-13 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a former mathematics teacher and a master's degree recipient, I have witnessed a decline in basic mathematical abilities and financial literacy over the past twenty years. It is disheartening. To witness the anxieties people struggle with in their everyday lives--especially when due to reliance on credit--prompted me to do something. I decided to write a book to break down even complex financial concepts into understandable terms. Over the years, I have talked with business owners, bank mortgage lenders, sales professionals, finance managers, and college and high school students, along with coworkers, about the many financial topics individuals encounter throughout their lives. To be honest, I was somewhat surprised by the lack of understanding around basic financial concepts like budgeting, compensation and remuneration, insurance, credit, investments, and even taxation. Education has always been an integral part of my life. I believe in the total education of the individual, not just subject-matter expertise. An education that can last throughout a lifetime is complex yet simple, timeless yet timely, and most importantly, it builds a foundation that is needed for ultimate success. This book, Real World Finance: Boost Your Financial Literacy as All Schools Have Failed to Do, builds the financial education that seems to be missing from society today. It details financial concepts necessary to guide the individual through a lifetime of experiences and endeavors. The financial topics include budgets, credit, insurance, investments, retirement, and worker compensation with fringe benefits and taxes, all tailored to an individual's personal financial life. As a former tax associate, I have assisted hundreds with their tax returns. In too many cases, individuals did not know how to fill out, complete, and/or file their required tax return. Some didn't even know what their W-2 was! I have become determined to increase their financial literacy as I did with the thousands of students I taught. Real World Finance: Boost Your Financial Literacy as All Schools Have Failed to Do explains topics using real-world examples from employee compensation and lease versus purchase to loans, insurance, retirement, and the importance of investment to taxation. Employing this method breaks down any intimidation of mathematics (encountered by many of my former students and the general population) while teaching necessary financial concepts and calculations needed for everyday living--purchasing a car, buying insurance, setting up a budget, comparing total compensation from various job opportunities, retirement and investing, filing tax returns, comparing leasing, renting versus ownership, and more. A Walmart employee I recently spoke with told me he had to learn many of these concepts for himself after suffering financial hardship. He wished he would have been introduced to these concepts in school. When I informed him I had taught many of the topics contained in Real World Finance: Boost Your Financial Literacy as All Schools Have Failed to Do to my students, he responded, "I wish I had you as a teacher." I want to help more people like the Walmart employee and others. I sincerely think they will not only benefit from the topics--they will find them interesting and the narrative informative. Thank you in advance for taking the time to look at Real World Finance: Boost Your Financial Literacy as All Schools Have Failed to Do!
Book Synopsis Your Financial Action Plan by : G. Cotter Cunningham
Download or read book Your Financial Action Plan written by G. Cotter Cunningham and published by John Wiley & Sons. This book was released on 2004-09-28 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Your Financial Action Plan outlines twelve simple steps that will improve your level of financial literacy as well as help you forge the financial future you desire. Today, financial knowledge means financial power, and in Your Financial Action Plan, you'll be introduced to the important personal financial issues that affect your life. With this book as your guide, you'll learn how to: * Make the most of your mortgage * Maintain a good credit rating * Build your retirement savings * Negotiate with your local bank to get the best deals * Navigate the ins and outs of insurance * Create a will * Handle tax deductions and credits * And much more Filled with practical guidance and extensive expertise, Your Financial Action Plan will help you build the type of financial life you've always wanted.
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit Publisher : ISBN 13 : Total Pages :184 pages Book Rating :4.F/5 ( download)
Book Synopsis Improving Financial Literacy by : United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Download or read book Improving Financial Literacy written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2007 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Understanding the Mathematics of Personal Finance by : Lawrence N. Dworsky
Download or read book Understanding the Mathematics of Personal Finance written by Lawrence N. Dworsky and published by John Wiley & Sons. This book was released on 2009-09-22 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: A user-friendly presentation of the essential concepts and tools for calculating real costs and profits in personal finance Understanding the Mathematics of Personal Finance explains how mathematics, a simple calculator, and basic computer spreadsheets can be used to break down and understand even the most complex loan structures. In an easy-to-follow style, the book clearly explains the workings of basic financial calculations, captures the concepts behind loans and interest in a step-by-step manner, and details how these steps can be implemented for practical purposes. Rather than simply providing investment and borrowing strategies, the author successfully equips readers with the skills needed to make accurate and effective decisions in all aspects of personal finance ventures, including mortgages, annuities, life insurance, and credit card debt. The book begins with a primer on mathematics, covering the basics of arithmetic operations and notations, and proceeds to explore the concepts of interest, simple interest, and compound interest. Subsequent chapters illustrate the application of these concepts to common types of personal finance exchanges, including: Loan amortization and savings Mortgages, reverse mortgages, and viatical settlements Prepayment penalties Credit cards The book provides readers with the tools needed to calculate real costs and profits using various financial instruments. Mathematically inclined readers will enjoy the inclusion of mathematical derivations, but these sections are visually distinct from the text and can be skipped without the loss of content or complete understanding of the material. In addition, references to online calculators and instructions for building the calculations involved in a spreadsheet are provided. Furthermore, a related Web site features additional problem sets, the spreadsheet calculators that are referenced and used throughout the book, and links to various other financial calculators. Understanding the Mathematics of Personal Finance is an excellent book for finance courses at the undergraduate level. It is also an essential reference for individuals who are interested in learning how to make effective financial decisions in their everyday lives.
Book Synopsis So...This Is Why I'm Broke by : Melissa Jean-Baptiste
Download or read book So...This Is Why I'm Broke written by Melissa Jean-Baptiste and published by Mango Media Inc.. This book was released on 2023-05-09 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accessible Financial Literacy and Budgeting for Beginners ”Finally a smart, funny, relatable, and REAL book on navigating finances and wealth-building for Black women! ―Cinneah El-Amin, founder of Flynanced #1 New Release in E-commerce Professional, Budgeting & Money Management, and Wealth Management An easy-to-follow financial literacy guide for BIPOC (Black, Indigenous, and People of Color). Financial help can be hard to find but So…This Is Why I’m Broke gives practical and simplified financial tips for you to financially thrive. A safe space for all BIPOC. Financial help is right here! Melissa Jean-Baptiste of “Millennial in Debt” is a first generation American providing readers with accessible financial tips and advice wrapped up in her story of paying off over $100,000 on a teacher's salary. Melissa makes financial literacy relatable and easy to understand. Action steps to develop your financial literacy. Learn about budgeting for beginners, fixing your credit score, investing, and passive income ideas. With this guide, financial literacy gets broken down step-by-step through interesting perspectives and historical points. Inside, you’ll find: An accessible financial guide on financial literacy and investing for beginners The story of Melissa, a “Millennial in Debt” teaching others how to thrive financially Practical examples on budgeting for beginners and passive income ideas, and the best budgeting book If you’re looking for books for entrepreneurs or financial literacy books for the CEO in your life, grab your copy today! If you liked reading Financial Feminist, Get Good with Money, We Should All Be Millionaires, or More Money Now, then you’ll love So…This is Why I’m Broke.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :72 pages Book Rating :4.0/5 ( download)
Book Synopsis Improving Financial Literacy in the United States by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book Improving Financial Literacy in the United States written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Literacy for Millennials by : Andrew O. Smith CFO
Download or read book Financial Literacy for Millennials written by Andrew O. Smith CFO and published by Bloomsbury Publishing USA. This book was released on 2016-08-22 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: A modern primer on consumer finance and personal money management intended for readers aged 15 to 30, this guide can also serve as a primary text for high school, college, or adult education courses on personal finance. There is growing awareness that teaching consumers more about finance is an urgent national priority—and that their education should begin early. Combining practical advice with targeted information on virtually every aspect of personal finance and money management, this book is the ideal resource for young people who want to start off their financial lives properly. The guide updates traditional personal finance topics, such as budgeting, credit, debt, savings, and investment, and goes beyond those fundamentals to furnish important life lessons on such concerns as career planning, starting a business, Internet fraud, and avoiding financial scams. It even provides useful background on the tax system, how to avoid bankruptcy, legal issues young adults often face, and the plethora of government benefits they can access. In fact, young readers will come away from this book with basic knowledge of every important area of personal finance. Ideal for teens and young adults, the volume will prove useful to parents who want to educate their children about the wise use of money, preparing them to make independent financial decisions. In addition, this book can be used to meet the standards enacted in every state for developing a curriculum guide for teaching financial literacy to high school students. It can also serve as a primary or supplementary resource in personal finance or consumer economics courses for college students and adults.
Book Synopsis Improving Financial Literacy Analysis of Issues and Policies by : OECD
Download or read book Improving Financial Literacy Analysis of Issues and Policies written by OECD and published by OECD Publishing. This book was released on 2005-11-10 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the different types of financial education programmes currently available in OECD countries, evaluates their effectiveness, and makes suggestions to improve them.
Book Synopsis Financial Literacy and Education by : United States. Congress. House. Committee on Financial Services
Download or read book Financial Literacy and Education written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2008 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Living Check to Monday by : Lynn Richardson
Download or read book Living Check to Monday written by Lynn Richardson and published by . This book was released on 2005 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written in everyday language for everyday people, Living Check to Monday provides readers for building financial security with a practical, common sense approach. This book provides readers with the tools to stop living from check to check, or as the author describes it, from "check to Monday."
