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  1. A shortage of short sales
    explaining the underutilization of a foreclosure alternative
    Autor*in: Zhang, Calvin
    Erschienen: February 2019
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

    The Great Recession led to widespread mortgage defaults, with borrowers resorting to both foreclosures and short sales to resolve their defaults. I first quantify the economic impact of foreclosures relative to short sales by comparing the home price... mehr

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    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 438
    Fernleihe:
    keine Fernleihe

     

    The Great Recession led to widespread mortgage defaults, with borrowers resorting to both foreclosures and short sales to resolve their defaults. I first quantify the economic impact of foreclosures relative to short sales by comparing the home price implications of both. After accounting for omitted variable bias, I find that homes selling as short sales transact at 9.2% to 10.5% higher prices on average than those that sell after foreclosure. Short sales also exert smaller negative externalities than foreclosures, with one short sale decreasing nearby property values by 1 percentage point less than a foreclosure. So why weren’t short sales more prevalent? These home price benefits did not increase the prevalence of short sales because free rents during foreclosures caused more borrowers to select foreclosures, even though higher advances led servicers to prefer more short sales. In states with longer foreclosure timelines, the benefits from foreclosures increased for borrowers, so short sales were less utilized. I find that one standard deviation increase in the average length of the foreclosure process decreased the short sale share by 0.35 to 0.45 standard deviation. My results suggest that policies that increase the relative attractiveness of short sales could help stabilize distressed housing markets

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; 19, 13 (February 2019)
    FRB of Philadelphia Working Paper ; No. 19-13
    Schlagworte: foreclosures; short sales; externalities; home prices; mortgage servicing
    Umfang: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  2. Redefault risk in the aftermath of the mortgage cisis
    why did modifications improve more than self-cures?
    Autor*in: Calem, Paul Seth; Jagtiani, Julapa; Maingi, Raman Quinn
    Erschienen: November 2018
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

    This paper examines changes in the redefault rate of mortgages that were selected for modification during 2008-2011, compared with that of similarly situated self-cured mortgages. We find a large decline in the redefault rate of both modified and... mehr

    Zugang:
    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 438
    Fernleihe:
    keine Fernleihe

     

    This paper examines changes in the redefault rate of mortgages that were selected for modification during 2008-2011, compared with that of similarly situated self-cured mortgages. We find a large decline in the redefault rate of both modified and self-cured mortgages over this period, but the improvement was greatest for modifications. Our analysis has identified several important factors contributing to the greater improvement for modified loans, including an increasing share of principal-reduction modifications, which appear to be more effective than other types of modification and increasingly generous modification terms (larger payment reductions). The favorable impacts of principal and payment reductions on household finances were enhanced by improving economic conditions, resulting in more effective modifications. Even after accounting for these factors, we still observe a larger decline in the redefault rate for modifications compared with similarly situated self-cured loans. This residual effect may reflect servicer "learning-by-doing"; that is, servicers gained knowledge as modification activity ramped up, resulting in more successful modification programs for later cohorts

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; 18, 26 (November 2018)
    FRB of Philadelphia Working Paper ; No. 18-26
    Schlagworte: mortgage modification; mortgage default; mortgage servicing
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  3. Redefault risk in the aftermath of the mortgage crisis
    why did modifications improve more than self-cures?
    Autor*in: Calem, Paul Seth; Jagtiani, Julapa; Maingi, Raman Quinn; Abell, David
    Erschienen: January 2018
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; 18, 02 (January 2018)
    Schlagworte: mortgage modification; mortgage default; mortgage servicing
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen