کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7356468 1478282 2018 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Effects of government bailouts on mortgage modification
ترجمه فارسی عنوان
اثرات کمک مالی دولت به اصلاح وام مسکن
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper shows how liquidity infusions affect loan modification in the mortgage market. The design of pooling and servicing agreements leads mortgage servicers to prefer foreclosure over modification when they are liquidity constrained. Therefore, a positive liquidity shock is expected to boost modification rates. Using a residential mortgage dataset that includes loan-level information, we find that the Troubled Asset Relief Program significantly increased the modification rate. Our findings help us better understand the economic consequences of government intervention and have important policy implications for the renegotiation of distressed mortgages.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 93, August 2018, Pages 54-70
نویسندگان
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