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Interest Rates and Equity Extraction During the Housing Boom
Credit record panel data from 1999-2010 indicates that the likelihood of home equity extraction (borrowing, on average, about $40,000 against one's home) peaked in 2003 when mortgage rates reachedExpand
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Payday Loan Choices and Consequences
High‐cost consumer credit has proliferated in the past two decades, raising regulatory scrutiny. We match administrative data from a payday lender with nationally representative credit bureau filesExpand
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The Depth of Negative Equity and Mortgage Default Decisions
A central question in the literature on mortgage default is at what point underwater homeowners walk away from their homes even if they can afford to pay. We study borrowers from Arizona, California,Expand
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Consumer Ruthlessness and Mortgage Default During the 2007 to 2009 Housing Bust
From 2007 to 2009 house prices in the U.S. plunged and mortgage defaults surged. Media anecdotes portray strategic default behavior as widespread, but survey evidence indicates that Americans by andExpand
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Board of Governors of the Federal Reserve System International Finance Discussion Papers Number 838 August 2005 General-to-speci fi c Modeling : An Overview and Selected Bibliography
This paper discusses the econometric methodology of general-to-specific modeling, in which the modeler simplifies an initially general model that adequately characterizes the empirical evidenceExpand
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Payday Loans and Consumer Financial Health
The annualized interest rate for a payday loan often exceeds 10 times that of a typical credit card, yet this market grew immensely in the 1990s and 2000s, elevating concerns about the risk paydayExpand
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The Depth of Negative Equity and Mortgage Default Decisions
A central question in the literature on mortgage default is at what point underwater homeowners walk away from their homes even if they can afford to pay. We study borrowers from Arizona, California,Expand
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The Ins and Outs of Mortgage Debt During the Housing Boom and Bust
From 1999 to 2013, U.S. mortgage debt doubled before contracting sharply. I estimate mortgage inflows and outflows that shed light on the sources of volatility. During the boom, inflows from realExpand
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The 2013 Home Mortgage Disclosure Act Data
This article provides an overview of the 2013 data reported under the Home Mortgage Disclosure Act of 1975 (HMDA) and documents mortgage market activity over time as well as lending patterns acrossExpand
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Consumer Borrowing after Payday Loan Bans
High-interest payday loans have proliferated in recent years; so too have efforts to regulate them. Yet how borrowers respond to such regulations remains largely unknown. Drawing on bothExpand
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