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Mortgage Lenders and the Geographic Concentration of Foreclosures / Stephen L. Ross, Yuan Wang.
- Format:
- Book
- Author/Creator:
- Ross, Stephen L.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w28781.
- NBER working paper series no. w28781
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2021.
- Summary:
- We use HMDA rate spread loans to identify lenders involved in riskier lending prior to the foreclosure crisis. We develop a shift-share measure of changes in high rate spread share lender representation in housing submarkets across origination years. While half the cross-sectional correlation between foreclosure and high rate spread lender share is explained by borrower observables, we find robust and stable estimates of the within housing submarket relationship between foreclosure and predicted changes in market share. Estimates are not explained by local housing price variation, rather evidence suggests servicer behavior in response to rising local foreclosure rates as a mechanism.
- Notes:
- Print version record
- May 2021.
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