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来源类型Working Paper
规范类型报告
DOI10.3386/w28900
来源IDWorking 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
URLhttps://www.nber.org/papers/w28900
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/586574
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Jacelly C. Cespedes,Carlos R. Parra,Clemens Sialm. The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown. 2021.
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