Matches in SemOpenAlex for { <https://semopenalex.org/work/W1776436788> ?p ?o ?g. }
Showing items 1 to 67 of
67
with 100 items per page.
- W1776436788 abstract "The 2007 subprime mortgage crisis resulted in home foreclosures at unprecedented levels, and calls for government action. The Bush Administration's response relied primarily on exhorting the mortgage industry to voluntarily modify the terms of existing mortgages to help struggling homeowners reduce their debt burden and bring mortgage debt in line with declining home values. Industry reports have tallied the rapid increase in voluntarily negotiated workouts, without specifying what the terms of those workouts have been.To better understand the effectiveness of the voluntary mortgage crisis resolution plan, this paper reports detailed empirical information from a newly-created database. Loan-level information on the number and type of negotiated mortgage modifications was compiled from monthly servicer remittance reports from July 2007 through June 2008 for twenty-six mortgage loan pools. The data show that while the number of modifications rose rapidly during the crisis, mortgage modifications in the aggregate are not reducing subprime mortgage debt. Mortgage modifications rarely if ever reduced principal debt, and in many cases increased the debt. Nor are modification agreements uniformly reducing payment burdens on households. About half of all loan modifications resulted in a reduced monthly payment, while many modifications actually increased the monthly payment. Finally, there is tremendous variation in the extent, if any, of payment relief offered by different mortgage servicers.The combined effect of dwindling refinancing activity and modifications that do not write down mortgage debt, and in many cases do not even reduce monthly payments, is to delay, but not prevent, large numbers of foreclosures. Given the continuing accumulation of loans in the foreclosure and real-estate-owned categories, the subprime crisis will be worked out only over many years through painstakingly slow repayment, foreclosure and disposition of properties." @default.
- W1776436788 created "2016-06-24" @default.
- W1776436788 creator A5046716313 @default.
- W1776436788 date "2008-08-26" @default.
- W1776436788 modified "2023-09-24" @default.
- W1776436788 title "Rewriting Contracts, Wholesale: Data on Voluntary Mortgage Modifications from 2007 and 2008 Remittance Reports" @default.
- W1776436788 hasPublicationYear "2008" @default.
- W1776436788 type Work @default.
- W1776436788 sameAs 1776436788 @default.
- W1776436788 citedByCount "1" @default.
- W1776436788 crossrefType "posted-content" @default.
- W1776436788 hasAuthorship W1776436788A5046716313 @default.
- W1776436788 hasConcept C10138342 @default.
- W1776436788 hasConcept C120527767 @default.
- W1776436788 hasConcept C138893092 @default.
- W1776436788 hasConcept C144133560 @default.
- W1776436788 hasConcept C145097563 @default.
- W1776436788 hasConcept C162324750 @default.
- W1776436788 hasConcept C179691888 @default.
- W1776436788 hasConcept C22738907 @default.
- W1776436788 hasConcept C2777764128 @default.
- W1776436788 hasConcept C43039823 @default.
- W1776436788 hasConcept C556758197 @default.
- W1776436788 hasConcept C68799949 @default.
- W1776436788 hasConcept C73283319 @default.
- W1776436788 hasConcept C97330809 @default.
- W1776436788 hasConceptScore W1776436788C10138342 @default.
- W1776436788 hasConceptScore W1776436788C120527767 @default.
- W1776436788 hasConceptScore W1776436788C138893092 @default.
- W1776436788 hasConceptScore W1776436788C144133560 @default.
- W1776436788 hasConceptScore W1776436788C145097563 @default.
- W1776436788 hasConceptScore W1776436788C162324750 @default.
- W1776436788 hasConceptScore W1776436788C179691888 @default.
- W1776436788 hasConceptScore W1776436788C22738907 @default.
- W1776436788 hasConceptScore W1776436788C2777764128 @default.
- W1776436788 hasConceptScore W1776436788C43039823 @default.
- W1776436788 hasConceptScore W1776436788C556758197 @default.
- W1776436788 hasConceptScore W1776436788C68799949 @default.
- W1776436788 hasConceptScore W1776436788C73283319 @default.
- W1776436788 hasConceptScore W1776436788C97330809 @default.
- W1776436788 hasLocation W17764367881 @default.
- W1776436788 hasOpenAccess W1776436788 @default.
- W1776436788 hasPrimaryLocation W17764367881 @default.
- W1776436788 hasRelatedWork W1502641180 @default.
- W1776436788 hasRelatedWork W1535732171 @default.
- W1776436788 hasRelatedWork W1575571868 @default.
- W1776436788 hasRelatedWork W1872745257 @default.
- W1776436788 hasRelatedWork W2143217859 @default.
- W1776436788 hasRelatedWork W2376511215 @default.
- W1776436788 hasRelatedWork W2593783387 @default.
- W1776436788 hasRelatedWork W2803067502 @default.
- W1776436788 hasRelatedWork W2939222716 @default.
- W1776436788 hasRelatedWork W2971082263 @default.
- W1776436788 hasRelatedWork W3095204514 @default.
- W1776436788 hasRelatedWork W3122108300 @default.
- W1776436788 hasRelatedWork W3122552412 @default.
- W1776436788 hasRelatedWork W3122820780 @default.
- W1776436788 hasRelatedWork W3123479038 @default.
- W1776436788 hasRelatedWork W3123931297 @default.
- W1776436788 hasRelatedWork W3124776440 @default.
- W1776436788 hasRelatedWork W3146651407 @default.
- W1776436788 hasRelatedWork W51167950 @default.
- W1776436788 hasRelatedWork W1857026040 @default.
- W1776436788 isParatext "false" @default.
- W1776436788 isRetracted "false" @default.
- W1776436788 magId "1776436788" @default.
- W1776436788 workType "article" @default.