| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19345 |
| 来源ID | Working Paper 19345 |
| Payment Size, Negative Equity, and Mortgage Default | |
| Andreas Fuster; Paul S. Willen | |
| 发表日期 | 2013-08-16 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Surprisingly little is known about the importance of mortgage payment size for default, as efforts to measure the treatment effect of rate increases or loan modifications are confounded by borrower selection. We study a sample of hybrid adjustable-rate mortgages that have experienced large rate reductions over the past years and are largely immune to these selection concerns. We show that interest rate reductions dramatically affect repayment behavior, even for borrowers who are significantly underwater on their mortgages. Our estimates imply that cutting a borrower's payment in half reduces his hazard of becoming delinquent by about 55 percent, an effect approximately equivalent to lowering the borrower's combined loan-to-value ratio from 145 to 95 (holding the payment fixed). These findings shed light on the driving forces behind default behavior and have important implications for public policy. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w19345 |
| 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/577020 |
| 推荐引用方式 GB/T 7714 | Andreas Fuster,Paul S. Willen. Payment Size, Negative Equity, and Mortgage Default. 2013. |
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