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来源类型Working Paper
规范类型报告
DOI10.3386/w22696
来源IDWorking Paper 22696
Loan Product Steering in Mortgage Markets
Sumit Agarwal; Gene Amromin; Itzhak Ben-David; Douglas D. Evanoff
发表日期2016-10-03
出版年2016
语种英语
摘要We present evidence of a particular type of loan steering in which lenders lead borrowers to take out high margin mortgage products. We identify this activity by comparing borrowers who were rejected by lenders but were subsequently approved by their affiliates (steered borrowers) to other initially rejected borrowers who obtained loans elsewhere. Although steered borrowers default less, they pay significantly higher interest rates and are more likely to borrow through contracts with unconventional features, such as negative amortization or prepayment penalties. Female borrowers, single borrowers with no co-signers, and borrowers in low-income locations are more likely to be steered.
主题Microeconomics ; Households and Firms ; Financial Economics ; Financial Markets ; Financial Institutions ; Other ; Law and Economics
URLhttps://www.nber.org/papers/w22696
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/580369
推荐引用方式
GB/T 7714
Sumit Agarwal,Gene Amromin,Itzhak Ben-David,et al. Loan Product Steering in Mortgage Markets. 2016.
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