Collateralized borrowing and life-cycle portfolio choice
In: NBER working paper series 12309
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In: NBER working paper series 12309
In: NBER working paper series 10879
In: Federal Reserve Bank of Boston Research Paper Series Current Policy Perspectives Paper No. 2024-2
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In: American economic review, Band 104, Heft 5, S. 82-87
ISSN: 1944-7981
I evaluate the empirical premise and the economic logic of the Dodd-Frank Act's requirement that issuers of asset-backed securities retain credit risk.
In: NBER Working Paper No. w20100
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In: Problems of communism, S. 33-37
ISSN: 0032-941X
In: The new leader: a biweekly of news and opinion, S. 3-6
ISSN: 0028-6044
In: Commentary, Band 16, S. 36-44
ISSN: 0010-2601
In: FRB of Boston Working Paper No. 23-2
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In: https://doi.org/10.26509/frbc-wp-202302
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In: NBER Working Paper No. w19345
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In: NBER Working Paper No. w15829
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In: FRB of Boston Working Paper No. 10-1
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In: The B.E. journal of economic analysis & policy, Band 9, Heft 3
ISSN: 1935-1682
Abstract
This paper analyzes the impact of the subprime crisis on urban neighborhoods in Massachusetts. The topic is explored using a dataset that matches race and income information from HMDA data with property-level transaction data from Massachusetts Registry of Deeds offices. With this data, we show that much of the subprime lending in the state was concentrated in urban neighborhoods, and that minority homeownerships created with subprime mortgages have proven exceptionally unstable in the face of rapid price declines. The evidence, in Massachusetts, suggests that subprime lending did not, as is commonly believed, lead to a substantial increase in homeownership by minorities, but instead generated turnover in properties owned by minority residents. Furthermore, we argue that the particularly dire foreclosure situation in urban neighborhoods actually makes it somewhat easier for policymakers to provide remedies.
In: NBER Working Paper No. w12309
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Working paper