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Decomposing the Foreclosure Crisis

2010-06 Business & Economics
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Release : 2010-06
Genre : Business & Economics
Kind : eBook
Book Rating : 842/5 ( reviews)

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Book Synopsis Decomposing the Foreclosure Crisis by : Kristopher Gerardi

Download or read book Decomposing the Foreclosure Crisis written by Kristopher Gerardi. This book was released on 2010-06. Available in PDF, EPUB and Kindle. Book excerpt: Estimates a model of foreclosure using a data set that includes every residential mortgage, purchase-and-sale, and foreclosure transaction in Mass. from 1989 to 2008. Addresses the identification issues related to the estimation of the effects of house prices on residential foreclosures. Studies the dramatic increase in foreclosures that occurred in Mass. between 2005 and 2008 and concludes that the foreclosure crisis was primarily driven by the severe decline in housing prices that began in the latter part of 2005, not by a relaxation of underwriting standards. Relaxed underwriting standards severely aggravated the crisis by creating a class of homeowners who were particularly vulnerable to the decline in prices. Charts and tables.

Decomposing the Foreclosure Crisis

2015
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Release : 2015
Genre :
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Decomposing the Foreclosure Crisis by : Kristopher Gerardi

Download or read book Decomposing the Foreclosure Crisis written by Kristopher Gerardi. This book was released on 2015. Available in PDF, EPUB and Kindle. Book excerpt: We estimate a model of foreclosure using a data set that includes every residential mortgage, purchase-and-sale, and foreclosure transaction in Massachusetts from 1989 to 2008. We address the identification issues related to the estimation of the effects of house prices on residential foreclosures. We then use the model to study the dramatic increase in foreclosures that occurred in Massachusetts between 2005 and 2008 and conclude that the foreclosure crisis was primarily driven by the severe decline in housing prices that began in the latter part of 2005, not by a relaxation of underwriting standards on which much of the prevailing literature has focused. We argue that relaxed underwriting standards did severely aggravate the crisis by creating a class of homeowners who were particularly vulnerable to the decline in prices. But, as we show in our counterfactual analysis, that emergence alone, in the absence of a price collapse, would not have resulted in the substantial foreclosure boom that was experienced.

Addressing the Impact of the Foreclosure Crisis: Federal Reserve Mortgage Outreach and Research Efforts

2010 Foreclosure
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Author :
Release : 2010
Genre : Foreclosure
Kind : eBook
Book Rating : 966/5 ( reviews)

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Book Synopsis Addressing the Impact of the Foreclosure Crisis: Federal Reserve Mortgage Outreach and Research Efforts by :

Download or read book Addressing the Impact of the Foreclosure Crisis: Federal Reserve Mortgage Outreach and Research Efforts written by . This book was released on 2010. Available in PDF, EPUB and Kindle. Book excerpt: This publication highlights MORE-sponsored projects designed to communicate best practices and information about innovative programs to improve conditions in neighborhoods affected by high rates of foreclosure. It also reviews initiatives undertaken by the various Reserve Banks and the Board of Governors to respond to the foreclosure crisis.

Report to Congress on the Root Causes of the Foreclosure Crisis

2010-06 Law
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Release : 2010-06
Genre : Law
Kind : eBook
Book Rating : 273/5 ( reviews)

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Book Synopsis Report to Congress on the Root Causes of the Foreclosure Crisis by : Christopher E. Herbert

Download or read book Report to Congress on the Root Causes of the Foreclosure Crisis written by Christopher E. Herbert. This book was released on 2010-06. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes data and trends in the residential housing market and reviews the academic lit. and industry press on the root causes of the current foreclosure crisis (FC). Provides a review of policy responses and recommended actions to mitigate the FC and help prevent similar crises from occurring in the future. Contents: (1) Trends in Delinquencies and Foreclosures: Regional Trends in Foreclosures; (2) Lit. Review: General Lit. on Causes of Foreclosures and Delinquencies; Lit. Assessing Causes of the Current FC; Factors Enabling Expanded Risky Lending; (3) Policy Responses to the FC: Efforts To Address Rising Foreclosures; Efforts To Reduce the Risk of High Rates of Mortgage Foreclosures in the Future; Mortgage Market Reform. Illus.

The Foreclosure of America

2009-01-06 Business & Economics
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Release : 2009-01-06
Genre : Business & Economics
Kind : eBook
Book Rating : 936/5 ( reviews)

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Book Synopsis The Foreclosure of America by : Adam Michaelson

Download or read book The Foreclosure of America written by Adam Michaelson. This book was released on 2009-01-06. Available in PDF, EPUB and Kindle. Book excerpt: Now in paperback-an inside look at Countrywide Home Loans and the mortgage crisis, from a former mortgage lender executive. In July 2004, Adam Michaelson attended a high-level meeting at Countrywide Financial headquarters about a new loan product that would allow borrowers to pay less than their minimum monthly payment. The "finance jocks" believed that the booming housing market would only get bigger, supporting homeowners in a cycle of borrowing against their houses and refinancing later. They were wrong. And when the bottom dropped out, Countrywide suffered the consequences-as did millions of Americans. With an insider's knowledge and thorough reporting on the impact on American families and the ripple effects on the economy, Michaelson examines the marketing of a mirage and the bad business decisions that destroyed a company, confronts the ethical questions that have arisen in the wake of the foreclosure crisis, and offers creative proposals to prevent such a meltdown from ever happening again.

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