کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5088951 1478334 2014 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Subprime cohorts and loan performance
ترجمه فارسی عنوان
گروه های زیرمجموعه و عملکرد وام
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Loan performance of subprime originations during the boom years of 2004-2006 is contrasted with that of subprime originations during the early period of 2000-2002. A counterfactual technique is developed to determine how originations during the early period would perform in a different environment, namely, the environment faced by originations of 2004, 2005, and 2006. In an environment where house prices are increasing rapidly, low credit score originations do not show high rates of default-as was witnessed for 2000-2002 cohorts. However, in an environment of stagnant or deteriorating home prices, low credit score originations show significantly higher rates of default than high credit score originations. With a greater proportion of low credit score originations, earlier cohorts of 2000-2002 were no less vulnerable to the environment faced by cohorts of 2004-2006. In essence, these results raise concerns about the viability of all cohorts of subprime originations because of their reliance on the appreciation of the underlying collateral rather than the creditworthiness of the borrower.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 41, April 2014, Pages 236-252
نویسندگان
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