Income, Location and Default: Some Implications for Community Lending
暂无分享,去创建一个
This paper investigates differences in default losses across income groups and neighborhoods, in an effort to see if there are significant differences between default experience on loans to low-income households or low-income neighborhoods and other loans. We find that while defaults and losses are somewhat higher in low-income neighborhoods, default behavior is similar in the sense that responses to negative equity are similar across neighborhoods, and remaining differences are small and might be explained by omitted variables such as those measuring credit history. Copyright American Real Estate and Urban Economics Association.
[1] E. Mills,et al. Performance of residential mortgages in low and moderate-income neighborhoods , 1994 .
[2] Jesse M. Abraham,et al. New Evidence on Home Prices from Freddie Mac Repeat Sales , 1991 .
[3] Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options , 1999 .
[4] C. González-Vega,et al. Credit Counseling And Mortgage Loan Default By Rural And Urban Low Income Households , 2001 .