LIAR'S LOAN? EFFECTS OF ORIGINATION CHANNEL AND INFORMATION FALSIFICATION ON MORTGAGE DELINQUENCY

被引：2

作者：

Jiang, Wei ^{[1
]}

Nelson, Ashlyn Aiko ^{[2
]}

Vytlacil, Edward ^{[3
]}

机构：

[1] Columbia Business Sch, New York, NY 10027 USA

[2] Indiana Univ, Bloomington, IN 47405 USA

[3] NYU, New York, NY 10003 USA

来源：

REVIEW OF ECONOMICS AND STATISTICS | 2014年 / 96卷 / 01期

关键词：

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper presents an analysis of mortgage delinquency between 2004 and 2008 using a loan-level data set from a major national mortgage bank. Our analysis highlights two problems underlying the mortgage crisis: a reliance on mortgage brokers who tend to originate lower-quality loans and a prevalence of low-documentation loans-known in the industry as "liar's loans''-that result in borrower information falsification. While over three-quarters of the difference in delinquency rates between bank and broker channels can be attributed to observable loan and borrower characteristics, the delinquency difference between full-and low-documentation mortgages is due to unobservable heterogeneity, about half of it potentially due to income falsification.

引用

页码：1 / 18

页数：18