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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w15472 |
来源ID | Working Paper 15472 |
Mortgage Default, Foreclosure, and Bankruptcy | |
Wenli Li; Michelle J. White | |
发表日期 | 2009-11-05 |
出版年 | 2009 |
语种 | 英语 |
摘要 | In this paper we examine the relationship between homeowners' bankruptcy decisions and their mortgage default decisions and the relationship between homeowners' bankruptcy decisions and lenders' decisions to foreclose. In theory, both relationships could be either substitutes or complements. Bankruptcy and default tend to be substitutes because homeowners' budgets are limited and, if they spend less on payments to unsecured lenders, then they have more money to pay their mortgages. But bankruptcy and default may also be complements if homeowners use bankruptcy to reduce the cost of defaulting on their mortgages. Bankruptcy and foreclosure similarly may be either substitutes or complements. In fact we show that both relationships are complementary, although homeowners reacted to the 2005 bankruptcy reform by treating them as substitutes. |
主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Other ; Law and Economics ; Regional and Urban Economics ; Real Estate |
URL | https://www.nber.org/papers/w15472 |
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/573148 |
推荐引用方式 GB/T 7714 | Wenli Li,Michelle J. White. Mortgage Default, Foreclosure, and Bankruptcy. 2009. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w15472.pdf(269KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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