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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w28900 |
来源ID | Working Paper 28900 |
The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown | |
Jacelly C. Cespedes; Carlos R. Parra; Clemens Sialm | |
发表日期 | 2021-06-07 |
出版年 | 2021 |
语种 | 英语 |
摘要 | Mortgage cramdown enabled bankruptcy judges to discharge the underwater portion of a mortgage during Chapter 13 bankruptcy before the Supreme Court disallowed this practice in 1993. We exploit the random assignment of cases to judges to quantify the ex-post effects of Chapter 13 bankruptcy over the period from 1989 to 1993. We find that a successful Chapter 13 filing in a cramdown court substantially decreases the five-year foreclosure rate, the propensity to move, and the crime rate. Our results suggest that principal write-down considerably reduces homeowner’s distress. |
主题 | Financial Economics ; Financial Institutions ; Behavioral Finance ; Public Economics ; Taxation ; Subnational Fiscal Issues ; Other ; Law and Economics |
URL | https://www.nber.org/papers/w28900 |
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/586574 |
推荐引用方式 GB/T 7714 | Jacelly C. Cespedes,Carlos R. Parra,Clemens Sialm. The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown. 2021. |
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 | ||
w28900.pdf(811KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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