| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17065 |
| 来源ID | Working Paper 17065 |
| Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide | |
| Christopher J. Mayer; Edward Morrison; Tomasz Piskorski; Arpit Gupta | |
| 发表日期 | 2011-05-20 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by U.S. state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers with subprime mortgages throughout the country. Using a difference-in-difference framework, we find that Countrywide's relative delinquency rate increased thirteen percent per month immediately after the program's announcement. The borrowers whose estimated default rates increased the most in response to the program were those who appear to have been the least likely to default otherwise, including those with substantial liquidity available through credit cards and relatively low combined loan-to-value ratios. These results suggest that strategic behavior should be an important consideration in designing mortgage modification programs. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Financial Institutions ; Corporate Finance ; Other ; Law and Economics |
| URL | https://www.nber.org/papers/w17065 |
| 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/574740 |
| 推荐引用方式 GB/T 7714 | Christopher J. Mayer,Edward Morrison,Tomasz Piskorski,et al. Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide. 2011. |
| 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 | ||
| w17065.pdf（714KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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