Financial Market Imperfections and Home Ownership
Author : Maria Concetta Chiuri
Publisher :
Page : 48 pages
File Size : 15,61 MB
Release : 2001
Category : Financial institutions
ISBN :
Author : Maria Concetta Chiuri
Publisher :
Page : 48 pages
File Size : 15,61 MB
Release : 2001
Category : Financial institutions
ISBN :
Author : Maria Concetta Chiuri
Publisher :
Page : 31 pages
File Size : 44,77 MB
Release : 2008
Category :
ISBN :
We explore the determinants of the distribution of owner occupancy rates across age groups using a collection of microeconomic data on fourteen OECD countries. In most, the survey is repeated over time. This allows us to construct an international dataset, merging data on 39 national household surveys with aggregate data on down payment ratios. We find strong evidence that the availability of mortgage finance - as measured by down payment ratios - affects the distribution of owner occupancy rates across age groups, especially at the young end. The results are consistent with previous theoretical models and have important implications for the debate on the relation between saving and growth.
Author : Susan I. Ranney
Publisher :
Page : 338 pages
File Size : 49,99 MB
Release : 1978
Category : House buying
ISBN :
Author : Jorge H. Ruiz Menjivar
Publisher :
Page : 75 pages
File Size : 14,76 MB
Release : 2013
Category :
ISBN :
Homeownership is one of the most common financial aspirations of households in the United States. It has historically been an integral part of the so-called "American dream" (Bostic, Calem & Wachter, 2004). Numerous studies outline the associated positive externalities to homeownership (Glaeser & Sacerdote 2000; Glaeser & Shapiro 2003); and as a result of these multifaceted benefits, policy makers and academicians have paid careful attention to its determinants. The present study employs the 2010 Survey of Consumer Finances (SCF) to explore the relationship of housing market bar-riers and the likelihood of homeownership utilizing the Modligiani's life cycle hypothesis under the assumption of a non-frictionless market. Binomial logistic regression is used to survey the impact of the following: information asymmetry, borrowing constraints, structural barriers, housing tax preferential treatments and time preference on the prob-ability of being a homeowner. Important implications derived from this study, as it re-lates to the notion of household life cycles, might benefit multiple interested parties such as financial planners and housing professionals who are rendering recommendations to their clients, educators and researchers assisting the public in making informed choices, and governmental policymakers attempting to secure the financial well-being and inter-ests of households.
Author : Franklin Allen
Publisher : Pearson Prentice Hall
Page : 214 pages
File Size : 15,24 MB
Release : 2012
Category : Business & Economics
ISBN : 0137011601
Explains the financial history leading to the mortgage meltdown and assesses today's housing finance systems in the United States and abroad.
Author : Adam J. Levitin
Publisher : Harvard University Press
Page : 401 pages
File Size : 17,7 MB
Release : 2020-06-09
Category : Business & Economics
ISBN : 0674246926
The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits. The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share. The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class. Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures. Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.
Author : Mr.Eugenio Cerutti
Publisher : International Monetary Fund
Page : 35 pages
File Size : 15,24 MB
Release : 2015-06-03
Category : Business & Economics
ISBN : 1513552074
The recent global crisis highlighted the risks stemming from real estate booms. This has generated a growing literature trying to better understand the sources and the risks associated with housing and credit booms. This paper complements and supplements the previous work by (i) exploiting more disaggregated data on credit allowing us to dissociate between firm-credit and household (and in some cases mortgage) credit, and (ii) by taking into account the characteristics of the mortgage market, including institutional as well as other factors that vary across countries. This detailed cross-country analysis offers new valuable insights.
Author : Roberto G. Quercia
Publisher : Rowman & Littlefield
Page : 178 pages
File Size : 44,93 MB
Release : 2011-07-27
Category : Business & Economics
ISBN : 0815721730
Millions of Americans have lost their homes since the start of the recession initiated by the financial crisis of 2008–09. But is the dream of homeownership for America's working families obsolete, an aspiration from a bygone era? Regaining the Dream rejects that notion and proposes a way to strengthen the financial system while simultaneously promoting an equitable and viable American homeownership policy. For the first time, the authors of Regaining the Dream offer data-driven evidence on how the mortgage industry can serve working families in the United States, pointing the way to a pragmatic housing policy that promotes the opportunity for sustainable homeownership. Taking the reader step by step through the lending crisis and what caused it, the authors include useful and clear definitions of terms heard almost daily in news coverage. And they give a fair account of the history behind Fannie Mae and Freddie Mac and the new Dodd-Frank law, explaining what remains to be done to uphold one of the defining characteristics of the American dream.
Author : Nicolas P. Retsinas
Publisher : Brookings Institution Press
Page : 524 pages
File Size : 25,19 MB
Release : 2004-05-28
Category : Political Science
ISBN : 9780815706038
A Brookings Institution Press and Harvard University Joint Center for Housing Studies publication A generation ago little attention was focused on low-income homeownership. Today homeownership rates among under-served groups, including low-income households and minorities, have risen to record levels. These groups are no longer at the margin of the housing market; they have benefited from more flexible underwriting standards and greater access to credit. However, there is still a racial/ethnic gap and the homeownership rates of minority and low-income households are still well below the national average. This volume gathers the observations of housing experts on low-income homeownership and its effects on households and communities. The book is divided into five chapters which focus on the following subjects: homeownership trends in the 1990s; overcoming borrower constraints; financial returns to low-income homeowners; low-income loan performance; and the socioeconomic impact of homeownership.
Author : Robin Tillmann
Publisher : Springer
Page : 261 pages
File Size : 40,77 MB
Release : 2018-06-13
Category : Social Science
ISBN : 3319895575
Using longitudinal data from the Swiss Household Panel to zoom in on continuity and change in the life course, this open access book describes how the lives of the Swiss population have changed in terms of health, family circumstances, work, political participation, and migration over the last sixteen years. What are the different trajectories in terms of mobility, health, wealth, and family constellations? What are the drivers behind all these changes over time and in the life course? And what are the implications for inequality in society and for social policy? The Swiss Household Panel is a unique ongoing longitudinal survey that has followed a large sample of Swiss households since 1999. The data provide the rare opportunity to go beyond a snapshot of contemporary Swiss society and give insight into the processes in people’s lives and in society that lie behind recent developments.