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来源类型Working Paper
规范类型报告
DOI10.3386/w17666
来源IDWorking Paper 17666
Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process
Kristopher Gerardi; Lauren Lambie-Hanson; Paul S. Willen
发表日期2011-12-15
出版年2011
语种英语
摘要We evaluate laws designed to protect borrowers from foreclosure. We find that these laws delay but do not prevent foreclosures. We first compare states that require lenders to seek judicial permission to foreclose with states that do not. Borrowers in judicial states are no more likely to cure and no more likely to renegotiate their loans, but the delays lead to a build-up in these states of persistently delinquent borrowers, the vast majority of whom eventually lose their homes. We next analyze a "right-to-cure" law instituted in Massachusetts on May 1, 2008. Using a difference-in-differences approach to evaluate the effect of the policy, we compare Massachusetts with neighboring states that did not adopt similar laws. We find that the right-to-cure law lengthens the foreclosure timeline but does not lead to better outcomes for borrowers.
主题Financial Economics ; Portfolio Selection and Asset Pricing ; Other ; Law and Economics ; Regional and Urban Economics ; Real Estate
URLhttps://www.nber.org/papers/w17666
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/575341
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Kristopher Gerardi,Lauren Lambie-Hanson,Paul S. Willen. Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process. 2011.
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