Publications Tagged ‘mortgage’
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Working Paper
Determinants of the Incidence of Loan Modifications
Loan modifications ensure that borrowers avoid foreclosure and save their credit record. These modifications are also beneficial to the neighborhoods in which these borrowers reside, preventing vacancies and high rates of turnover. This analysis looks at loan delinquency and repayment plan data from New York City borrowers to provide the strongest predictors of modifications or liquidation of property. In this paper, we answer key questions about loan modifications, including how the identity, property or neighborhood of the borrower affects the likelihood of receiving a modification. We also look at the role of residential segregation, as well as the identity of the loan’s servicer as an influence on variations in borrower access to loan modifications.
Vicki Been, Mary Weselcouch, Ioan Voicu, Scott Murff. September 2011.
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Working Paper
The Role of Neighborhood Characteristics in Mortgage Default Risk: Evidence from New York City
We construct a database of non-prime hybrid adjustable and fixed rate mortgages from New York City that augments a rich set of loan and borrower risk characteristics with a variety of census tract level neighborhood characteristics. We find that these neighborhood characteristics are important for default behavior, even after an extensive set of controls. First, default rates increase with the rate of foreclosure notices and the number of lender-owned properties (REOs) in the tract. Second, default rates for home purchase mortgages are higher in predominantly black tracts, regardless of the borrower’s own race. We explore possible explanations for our findings.
Sewin Chan, Michael Gedal, Vicki Been, Andrew Haughwout. August 2011.
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Article
Rental Housing Policy in the United States
In this volume of the U.S. Department of Housing and Urban Development’s policy development and research journal, Cityscape, guest editors Vicki Been and Ingrid Gould Ellen bring together seven innovative proposals from leading housing researchers calling for changes in government policies to benefit renters and their communities. This collection of articles propose reforms, such as the elimination of the mortgage interest deduction, which could serve as viable alternatives to traditional federal rental programs. These perspectives offer U.S. policymakers ways to potentially adapt international housing assistance models to reform the domestic housing market.
Vicki Been, Ingrid Gould Ellen. Cityscape (U.S. Department of Housing and Urban Development) . July 2011.
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