| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10504 |
| DP10504 The Role of Prepayment Penalties in Mortgage Loans | |
| Andrea Beltratti; Alessandro Gavazza; Matteo Benetton | |
| 发表日期 | 2015-03-22 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We study the effect of mortgage prepayment penalties on borrowers' prepayments and delinquencies by exploiting a 2007 reform in Italy that reduced penalties on outstanding mortgages and banned penalties on newly-issued mortgages. Using a unique dataset of mortgages issued by a large Italian lender, we provide evidence that: 1) before the reform, mortgages issued to riskier borrowers included larger penalties; 2) higher prepayment penalties decreased borrowers' prepayments; and 3) higher prepayment penalties did not affect borrowers' delinquencies. Moreover, we find suggestive evidence that prepayment penalties affected mortgage pricing, as well as prepayments and delinquencies through borrowers' mortgage selection at origination, most notably for riskier borrowers. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Mortgages Prepayment penalties |
| URL | https://cepr.org/publications/dp10504 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539335 |
| 推荐引用方式 GB/T 7714 | Andrea Beltratti,Alessandro Gavazza,Matteo Benetton. DP10504 The Role of Prepayment Penalties in Mortgage Loans. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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