Outcomes : Risky Mortgages , Homeownership Experiences , and Foreclosures

  title={Outcomes : Risky Mortgages , Homeownership Experiences , and Foreclosures},
  author={Kristopher S. Gerardi and Frb Boston and Adam Hale Shapiro Boston and Paul S. Willen},
  • Kristopher S. Gerardi, Frb Boston, +1 author Paul S. Willen
  • Published 2007
This paper provides the first rigorous assessment of the homeownership experiences of subprime borrowers. We consider homeowners who used subprime mortgages to buy their homes, and estimate how often these borrowers end up in foreclosure. In order to evaluate these issues, we analyze homeownership experiences in Massachusetts over the 1989-2007 period using a competing risks, proportional hazard framework. We present two main findings. First, homeownerships that begin with a subprime purchase… CONTINUE READING

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