Collateral damage: Refinancing constraints and regional recessions

被引：46

作者：

Caplin, A ^{[1
]}

Freeman, C ^{[1
]}

Tracy, J ^{[1
]}

机构：

[1] FED RESERVE BANK NEW YORK,NEW YORK,NY

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 1997年 / 29卷 / 04期

关键词：

NET WORTH;

D O I：

10.2307/2953710

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In the current structure of the U.S. residential mortgage market, a decrease in property values may make it very difficult for homeowners to refinance their mortgages to take advantage of declining interest rates. In this paper, we show that this form of collateral constraint has greatly reduced refinancing in states with depressed property markets. We outline the interaction between regional recessions and refinancing constraints.

引用

页码：496 / 516

页数：21

共 24 条

[1]

ARCHER W, 1995, REGIONAL SCI URBAN E, V26, P235

[2]

AZFAR O, 1993, UNPUB RESTRICTING CH

[3]

BECKETTI S, 1990, PREPAYMENT EXPT FNMA

[4]

BERNANKE B, 1989, AM ECON REV, V79, P14

[5] GENERALIZED AUTOREGRESSIVE CONDITIONAL HETEROSKEDASTICITY [J].

BOLLERSLEV, T .

JOURNAL OF ECONOMETRICS, 1986, 31 (03) :307-327

[6]

CAPLIN A, 1993, NATL BUREAU EC RES W, V4531

[7]

*DEP HOUS URB DEV, 1994, SURV MORTG LEND

[8]

*DEP HOUS URB DEV, 1993, SURV MORTG LEND ACT, V1

[9] AUTOREGRESSIVE CONDITIONAL HETEROSCEDASTICITY WITH ESTIMATES OF THE VARIANCE OF UNITED-KINGDOM INFLATION [J].

ENGLE, RF .

ECONOMETRICA, 1982, 50 (04) :987-1007

[10]

Fabozzi F.J. F. Modigliani., 1992, Mortgage and Mortgage-Backed Securities Markets

← 1 2 3 →