Holdup by Junior Claimholders: Evidence from the Mortgage Market
نویسندگان
چکیده
منابع مشابه
Credit Spreads: Evidence from the Mortgage Market
Using micro-level data from the mortgage market, we examine yield spreads as a funnction of both credit risk and prepayment risk using a two-stage instrumental variable approach. Our results are consistent with findings in the finance literature that leverageinduced financial risk reflected in capital structure results in higher yield spreads on debt. In particular, borrowers with loan-to-value...
متن کاملCredit Supply and House Prices: Evidence from Mortgage Market Segmentation∗
We show that easier access to mortgage credit significantly increases house prices by using exogenous changes in the conforming loan limit as an instrument for easier credit supply and cheaper cost of credit. We find that houses that become eligible for financing with a conforming loan show an increase in house value of 1.1 dollars per square foot (for an average price per square foot of 224 do...
متن کاملMortgage Market Design
This paper explores the causes and consequences of cross-country variation in mortgage market structure. It draws on insights from several elds: urban economics, asset pricing, behavioral nance, nancial intermediation, and macroeconomics. It discusses lessons from the credit boom, the challenges of mortgage modi cation in the aftermath of the boom, consumer nancial protection, and alternati...
متن کاملA Primer on the Mortgage Market and Mortgage Finance
This article is a primer on mortgage finance. It discusses the basics of the mortgage market and mortgage finance. In so doing, it provides useful information that can aid individuals in making better mortgage finance decisions. The discussion and the tools are presented within the context of mortgage finance; however, these same principles and tools can be applied to a wide range of financial ...
متن کاملPrice Negotiation in Differentiated Products Markets: Evidence from the Canadian Mortgage Market
This paper measures market power in a decentralized market where contracts are determined through a search and negotiation process. The mortgage industry has many institutional features which suggest competitiveness: homogeneous contracts, negotiable rates, and, for a given consumer, common lending costs across lenders. As a result, even with a small number of lenders, informed borrowers can ga...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Financial and Quantitative Analysis
سال: 2018
ISSN: 0022-1090,1756-6916
DOI: 10.1017/s0022109018000662