| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14083 |
| 来源ID | Working Paper 14083 |
| Subprime Mortgages: What, Where, and to Whom? | |
| Christopher J. Mayer; Karen Pence | |
| 发表日期 | 2008-06-19 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We explore the types of data used to characterize risky subprime lending and consider the geographic dispersion of subprime lending. First, we describe the strengths and weaknesses of three different datasets on subprime mortgages using information from LoanPerformance, HUD, and HMDA. These datasets embody different definitions of subprime mortgages. We show that estimates of the number of subprime originations are somewhat sensitive to which types of mortgages are categorized as subprime. Second, we describe what parts of the country and what sorts of neighborhoods had more subprime originations in 2005, and how these patterns differed for purchase and refinance mortgages. Subprime originations appear to be heavily concentrated in fast-growing parts of the country with considerable new construction, such as Florida, California, Nevada, and the Washington DC area. These locations saw house prices rise at faster-than-average rates relative to their own history and relative to the rest of the country. However, this link between construction, house prices, and subprime lending is not universal, as other markets with high house price growth such as the Northeast did not see especially high rates of subprime usage. Subprime loans were also heavily concentrated in zip codes with more residents in the moderate credit score category and more black and Hispanic residents. Areas with lower income and higher unemployment had more subprime lending, but these associations are smaller in magnitude. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w14083 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571759 |
| 推荐引用方式 GB/T 7714 | Christopher J. Mayer,Karen Pence. Subprime Mortgages: What, Where, and to Whom?. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14083.pdf（637KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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