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Bankruptcy and Consumer Behavior: Theory and Evidence from the
high rate of default on consumer loans, the proportion of U.S. households that ... Sections V-X survey empirical research on the effects of personal bankruptcy law on .... (Secured debts—such as mortgage and car loans—are not discharged in.
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Mortgage Default, Foreclosures and Bankruptcy - UC San Diego
Oct 15, 2009 ... In theory, bankruptcy and default could be either substitutes or ..... In the empirical section, we examine whether more ..... Overall, these results provide strong evidence that mortgage default and bankruptcy are complements ...
[ li-white-nber.pdf - Read/Download File

Recourse and Residential Mortgage Default: Theory and Evidence
Jun 10, 2010 ... We analyze the impact of lender recourse on mortgage defaults .... bankruptcy and have some portion or all of the deficiency judgment discharged. .... sumption stems from empirical evidence that loan modifications are rare ...
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Insolvency, Trigger Events, and Consumer Risk Posture - FDIC
Empirical evidence supporting the hypotheses developed is provided along with an ... The legal issues associated with the topic of personal bankruptcy are thereby not ... empirical content of the theory by explaining long-term mortgage default ...
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Adversity or Strategy? - Tufts University
both the willingness-to-pay theory and the ability-to-pay theory have predictive power for ... mortgage default or bankruptcy, the empirical results suggest that ... investigate, using the SCF, evidence of borrowers' strategic behavior and ...
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Effects of Bankruptcy Asset Exemptions and Foreclosure Laws on
Keywords: home equity exemptions, foreclosure laws, mortgage defaults, mortgage foreclosures, per% ... No evidence exists on bankruptcy asset ... A few empirical studies have examined effects of state foreclosure laws on mortgage default ...... ally statistically significant at conventional levels and consistent with theory and ...
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Consumer Bankruptcy and Financial Health - Harvard University
mortgage default rates (Melzer 2012).1 Perhaps the most important program meant to ... In theory, bankruptcy protection benefits debtors directly by improving their ... tle empirical evidence that bankruptcy protection provides any economically ...
[ dgy_bankruptcy.pdf - Read/Download File

A Model of Mortgage Default - Harvard University
Feb 13, 2014 ... based on option theory, in which a householdos option to default is exercised if it is in the money .... Several recent empirical papers study mortgage default. ..... solve equilibrium models of the macroeconomic effects of bankruptcy ..... prediction of our model is consistent with the evidence in Bhutta, Dokko, ...
[ mortdefault13022014.pdf - Read/Download File

Determinants of Mortgage Default and Consumer Credit Use: The
Key words: mortgage default, state foreclosure laws, consumer finance .... on the mortgage. The effect of foreclosure delay on non-housing debts could in theory go in either direction. .... The balance of the empirical evidence suggests that the availability of lender recourse ..... have entered into bankruptcy or foreclosure.
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The Impact of Loan Modifications on Repayment, Bankruptcy, and
There are significant deadweight losses of loan default and collection, particularly when debt ... loan default. To date, however, there is little empirical evidence on whether loan modifications ...... “A Theory of Macroprudential Policies in the.
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What Determines Creditor Recovery Rates? - Federal Reserve Bank
default (where loss given default is 1 minus the recovery rate). Credit .... private- label mortgage-backed securities to historical data on house prices. .... the crisis defaults. Moreover, more seniority (first priority during bankruptcy and debt re- ...... Link between Default and Recovery Rates: Theory, Empirical Evidence, and.
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Download Paper - The University of Michigan Law School
show that the theory predicts positive relationships between both the homestead and ... and find strong and statistically significant support when evidence from cross-state .... Although the mortgage default and bankruptcy decision literatures have developed separately, they ... (In the empirical work, we examine home.
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Bankruptcy Exemptions, Credit History, and the Mortgage Market
Recent literature has developed conflicting theories — and found .... exemptions should reduce the incidence of mortgage default because they ... Springer and Waller [12] do present some empirical evidence that confirms that bankruptcy.
[ WP04-14R.pdf - Read/Download File

Recourse to Non-Housing Assets and Mortgage Credit Supply - EFMA
Aug 28, 2014 ... empirical inferences susceptible to potential omitted variable biases from unobserved ... Exploiting a bankruptcy reform in 2005 that makes filing for bankruptcy more ... 3 The evidence of recourse on default rate has largely been mixed. ...... A theory of debt based on the inalienability of human capital. The.
[ EFMA2015_0224_fullpaper.pdf - Read/Download File

Bankruptcy Exemptions and the Market for Mortgage Loans
Jan 11, 1997 ... efforts by their creditors; it is default and not necessarily bankruptcy which creates losses for ..... As noted in the introduction, empirical evidence ...
[ 9817.pdf - Read/Download File

Default Recovery Rates in Credit Risk Modeling: A Review of the
specifying the cash flows to risky debt in the event of bankruptcy and simplifying the bankruptcy process .... Loan recoveries may decline by a similar amount, but from a ..... between Default and Recovery Rates: Theory, Empirical Evidence and.
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Commercial Mortgage Workout Strategy and Conditional Default
May 16, 2012 ... Default risk CMBS loan Special service Workout strategy Hazard model Logit model ... of assets in default, foreclosure or bankruptcy topping $108 billion. ..... Following option pricing theory and mounting empirical evidence in ...
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How Ruthless Is Mortgage Default? A Review and - KnowledgePlex
Keywords: mortgage default; option theory; mortgage credit risk; mortgage pricing ... examination of recent theoretical and empirical evidence of transaction costs ... is nonrecourse with instantaneous foreclosure and therefore no bankruptcy.
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The Insolvent Consumer and the Legal System - University of
that garnishment serves as a proxy for consumer insolvency and default,. The Case of the ... Debt Collection presents empirical evidence to support this theory. first, .... bankruptcy filing may actually improve the mortgage creditor's return if it.
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The subprime mortgage market became a significant segment of the
Mar 6, 2008 ... foreclosure, bankruptcy, or other financial problems. ... This article reviews the theories and evidence regarding the causes of the turmoil in the ..... take back loans in the event of borrower default or if the loan .... Empirical research indicates that although some loan terms may increase foreclosures in some.
[ 08-17 Law & Economics of Subprime Lending.pdf - Read/Download File

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