The Hidden Peril: The Role of the Condo Loan Market in the Recent Financial Crisis*

被引：7

作者：

Agarwal, Sumit ^{[1
]}

Deng, Yongheng ^{[1
]}

Luo, Chenxi ^{[1
]}

Qian, Wenlan ^{[1
]}

机构：

[1] Natl Univ Singapore, Singapore 117548, Singapore

来源：

REVIEW OF FINANCE | 2016年 / 20卷 / 02期

关键词：

SUBPRIME MORTGAGE CRISIS; SECURITIZATION; DEFAULT; HETEROGENEITY; EXERCISE; MODELS;

D O I：

10.1093/rof/rfv015

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This article studies the condominium loan market, which experienced a 15-fold increase in origination and constituted 15% of the overall residential loan originations from 2001 to 2007. Condominium loan defaults grow at a faster rate than single-family (including subprime) loan defaults. Further analysis suggests that the greater default level and growth rate in later loan cohorts are consistent with the investor channel explanation: investor borrowers default more, especially when house prices start to decline. We also show that condo defaults have triggered more defaults of the same cohort subprime mortgages at the same location.

引用

页码：467 / 500

页数：34

共 50 条

[1] The Global Financial Crisis and Stock Market Reaction to Bank Loan Announcements
Liu, Ming-Hua
Xu, Cherrie Chen
FRONTIERS OF BUSINESS RESEARCH IN CHINA, 2016, 10 (02) : 176 - 219
[2] Loan fair values and the financial crisis
Chipalkatti, Niranjan
DiPierro, Massimo
Luft, Carl
Plamondon, John
JOURNAL OF RISK FINANCE, 2020, 21 (05) : 559 - 576
[3] The EMU effects on asset market holdings and the recent financial crisis
Palaiodimos, George
Tzavalis, Elias
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2015, 42 : 153 - 161
[4] Bank loan announcements and borrower stock returns before and during the recent financial crisis
Li, Chunshuo
Ongena, Steven
JOURNAL OF FINANCIAL STABILITY, 2015, 21 : 1 - 12
[5] The effects of financial innovation on the loan market
Liang, DP
Qi, ZY
PROCEEDINGS OF 2002 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING, VOLS I AND II, 2002, : 1629 - 1632
[6] Bank Loan Supply in the Financial Crisis: Evidence from the Role of Political Connection
Tsai, Wei-Che
Wang, Wei-Yuan
Ho, Po-Hsin
Lin, Chih-Yung
EMERGING MARKETS FINANCE AND TRADE, 2016, 52 (02) : 487 - 497
[7] The role of trade credit in the recent subprime financial crisis
Yang, Xiaolou
JOURNAL OF ECONOMICS AND BUSINESS, 2011, 63 (05) : 517 - 529
[8] Resilience of an online financial community to market uncertainty shocks during the recent financial crisis
Racca, P.
Casarin, R.
Squazzoni, F.
Dondio, P.
JOURNAL OF COMPUTATIONAL SCIENCE, 2016, 16 : 190 - 199
[9] Hidden Markov regimes in operational loss data: application to the recent financial crisis
Dionne, Georges
Hassani, Samir Saissi
JOURNAL OF OPERATIONAL RISK, 2017, 12 (01): : 23 - 51
[10] Hidden loan losses, moral hazard and financial crises
Niinimaki, J-P
JOURNAL OF FINANCIAL STABILITY, 2012, 8 (01) : 1 - 14

← 1 2 3 4 5 →