Matches in SemOpenAlex for { <https://semopenalex.org/work/W3121873349> ?p ?o ?g. }
Showing items 1 to 89 of
89
with 100 items per page.
- W3121873349 abstract "House prices have risen steeply globally during the late 1990ís and early 2000ís and, since the global financial crisis, decreased again. Meanwhile, household debt has increased to unprecedented heights in many countries. Increased leverage combined with decreasing property prices results in increasing numbers of households finding their mortgages ìòunderwaterí: i.e. the outstanding mortgage debt is higher than the value of the dwelling. Theory predicts that households with underwater mortgages, possibly taking into account certain transaction costs, would default on their mortgage (Elul et al., 2010). Indeed, mortgage delinquency in general and mortgage default in particular is increasing in the U.S. (Guiso et al., 2010). Recourse is a strong deterrent for defaults, which would help explain the low levels of defaults observed outside of the U.S. (Feldstein, 2008). In light of the fact that so many households are underwater, Thaler (2010) believes the default rate in the U.S. is surprisingly low. Development of negative equity is thus a necessary, but insufficient condition to explain mortgage default risk. In fact, Neuteboom (2008) reports recently moved households in The Netherlands, despite higher average leverage, to be not of additional risk; he explains this by the risk assessment procedures of lenders that assure, at least in the short run, the serviceability of mortgage debt. Regional development of negative equity might therefore be only a partial indicator of increased mortgage default risk. In this study we seek to explain what makes households get underwater and to what extent the prevalence of underwater households affects mortgage default risk. We analyze a panel and a quasi-panel dataset covering both pre-crisis and current household information. References in abstract: Elul, R., Souleles, N.S., Chomsisengphet, S., Glennon, D., and Hunt, R. (2010) What ìòTriggersí Mortgage Default? Federal Reserve Bank of Philadelphia Working paper. Feldstein, M. (2008) How to help people whose home values are underwater ìì The economic spiral will get worse unless we do something about negative equity. Wall Street Journal, November 18th. Guiso, L., Sapienza, P., and Zingales, L. (2010) The determinantis of attitudes towards strategic default on mortgages. EUI Working Paper. Neuteboom, P. (2008) On the rationality of borrowersí behaviour: Comparing risk attitudes of homeowners. Thaler, R. (2010) Underwater, but Will They Leave the Pool? NY Times 01/24/2010" @default.
- W3121873349 created "2021-02-01" @default.
- W3121873349 creator A5004907589 @default.
- W3121873349 creator A5020900921 @default.
- W3121873349 creator A5035265549 @default.
- W3121873349 creator A5041604181 @default.
- W3121873349 date "2012-06-13" @default.
- W3121873349 modified "2023-09-27" @default.
- W3121873349 title "Underwater mortgages and mortgage default risk in a recourse market" @default.
- W3121873349 doi "https://doi.org/10.15396/eres2012_080" @default.
- W3121873349 hasPublicationYear "2012" @default.
- W3121873349 type Work @default.
- W3121873349 sameAs 3121873349 @default.
- W3121873349 citedByCount "0" @default.
- W3121873349 crossrefType "proceedings-article" @default.
- W3121873349 hasAuthorship W3121873349A5004907589 @default.
- W3121873349 hasAuthorship W3121873349A5020900921 @default.
- W3121873349 hasAuthorship W3121873349A5035265549 @default.
- W3121873349 hasAuthorship W3121873349A5041604181 @default.
- W3121873349 hasBestOaLocation W31218733491 @default.
- W3121873349 hasConcept C10138342 @default.
- W3121873349 hasConcept C106159729 @default.
- W3121873349 hasConcept C119857082 @default.
- W3121873349 hasConcept C120527767 @default.
- W3121873349 hasConcept C138893092 @default.
- W3121873349 hasConcept C144133560 @default.
- W3121873349 hasConcept C153083717 @default.
- W3121873349 hasConcept C162118730 @default.
- W3121873349 hasConcept C162324750 @default.
- W3121873349 hasConcept C165060548 @default.
- W3121873349 hasConcept C17744445 @default.
- W3121873349 hasConcept C179691888 @default.
- W3121873349 hasConcept C199539241 @default.
- W3121873349 hasConcept C199728807 @default.
- W3121873349 hasConcept C22738907 @default.
- W3121873349 hasConcept C41008148 @default.
- W3121873349 hasConcept C43039823 @default.
- W3121873349 hasConcept C556758197 @default.
- W3121873349 hasConcept C68799949 @default.
- W3121873349 hasConcept C69637215 @default.
- W3121873349 hasConcept C97330809 @default.
- W3121873349 hasConceptScore W3121873349C10138342 @default.
- W3121873349 hasConceptScore W3121873349C106159729 @default.
- W3121873349 hasConceptScore W3121873349C119857082 @default.
- W3121873349 hasConceptScore W3121873349C120527767 @default.
- W3121873349 hasConceptScore W3121873349C138893092 @default.
- W3121873349 hasConceptScore W3121873349C144133560 @default.
- W3121873349 hasConceptScore W3121873349C153083717 @default.
- W3121873349 hasConceptScore W3121873349C162118730 @default.
- W3121873349 hasConceptScore W3121873349C162324750 @default.
- W3121873349 hasConceptScore W3121873349C165060548 @default.
- W3121873349 hasConceptScore W3121873349C17744445 @default.
- W3121873349 hasConceptScore W3121873349C179691888 @default.
- W3121873349 hasConceptScore W3121873349C199539241 @default.
- W3121873349 hasConceptScore W3121873349C199728807 @default.
- W3121873349 hasConceptScore W3121873349C22738907 @default.
- W3121873349 hasConceptScore W3121873349C41008148 @default.
- W3121873349 hasConceptScore W3121873349C43039823 @default.
- W3121873349 hasConceptScore W3121873349C556758197 @default.
- W3121873349 hasConceptScore W3121873349C68799949 @default.
- W3121873349 hasConceptScore W3121873349C69637215 @default.
- W3121873349 hasConceptScore W3121873349C97330809 @default.
- W3121873349 hasLocation W31218733491 @default.
- W3121873349 hasOpenAccess W3121873349 @default.
- W3121873349 hasPrimaryLocation W31218733491 @default.
- W3121873349 hasRelatedWork W101236903 @default.
- W3121873349 hasRelatedWork W1728721431 @default.
- W3121873349 hasRelatedWork W1901631560 @default.
- W3121873349 hasRelatedWork W1980614102 @default.
- W3121873349 hasRelatedWork W2126686739 @default.
- W3121873349 hasRelatedWork W2188074864 @default.
- W3121873349 hasRelatedWork W2226016473 @default.
- W3121873349 hasRelatedWork W2345812556 @default.
- W3121873349 hasRelatedWork W2617097980 @default.
- W3121873349 hasRelatedWork W2738805304 @default.
- W3121873349 hasRelatedWork W2884601174 @default.
- W3121873349 hasRelatedWork W306145399 @default.
- W3121873349 hasRelatedWork W3114215961 @default.
- W3121873349 hasRelatedWork W3121319687 @default.
- W3121873349 hasRelatedWork W3121836226 @default.
- W3121873349 hasRelatedWork W3124123652 @default.
- W3121873349 hasRelatedWork W3124796484 @default.
- W3121873349 hasRelatedWork W3140564298 @default.
- W3121873349 hasRelatedWork W3144718416 @default.
- W3121873349 hasRelatedWork W3158313516 @default.
- W3121873349 isParatext "false" @default.
- W3121873349 isRetracted "false" @default.
- W3121873349 magId "3121873349" @default.
- W3121873349 workType "article" @default.