An analysis of default risk in the Home Equity Conversion Mortgage (HECM) program
Tài liệu tham khảo
Agarwal, 2006, Credit lines and credit utilization, Journal of Money, Credit and Banking, 38, 1, 10.1353/mcb.2006.0010
Agarwal, 2006, An empirical analysis of home equity loan and line performance, Journal of Financial Intermediation, 15, 444, 10.1016/j.jfi.2005.03.002
Agarwal, 2007, The reaction of consumer spending and debt to tax rebates—evidence from consumer credit data, Journal of Political Economy, 115, 986, 10.1086/528721
Ambrose, 1998, Modeling the conditional probability of foreclosure in the context of single-family mortgage default resolutions, Real Estate Economics, 26, 391, 10.1111/1540-6229.00751
Anderson, N.B., Dokko, J., 2011. Liquidity Problems and Early Payment Default Among Subprime Mortgages. FEDS Working Paper No. 2011-09. SSRN: <http://ssrn.com/abstract=1810079>.
Archer, 1996, The effect of income and collateral constraints on residential mortgage terminations, Regional Science and Urban Economics, 26, 235, 10.1016/0166-0462(95)02115-9
Avery, 1996, Credit risk, credit scoring, and the performance of home mortgages, Federal Reserve Bulletin, 82, 621, 10.17016/bulletin.1996.82-7
Bishop, T.B., Shan, H., 2008. Reverse Mortgages: A Closer Look at HECM Loans. Working Paper 08-Q2. National Bureau of Economic Research, Cambridge.
Consumer Financial Protection Bureau. 2012. Reverse Mortgages: Report to Congress, Consumer Financial Protection Bureau.
Davidoff, T., 2013. Can “High Costs” Justify Weak Demand for the Home Equity Conversion Mortgage? Working Paper, Sauder School of Business, University of British Columbia. SSRN: <http://ssrn.com/abstract=2146988>.
Davidoff, T., 2014. Reverse Mortgage Demographics and Collateral Performance. Working Paper, Sauder School of Business, University of British Columbia. SSRN: <http://ssrn.com/abstract=2399942>.
Davidoff, T., Welke, G., 2007. Selection and Moral Hazard in the Reverse Mortgage Market. Working Paper, Haas School of Business, UC Berkeley. SSRN: <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=608666>.
Demyanyk, 2011, Understanding the subprime mortgage crisis, Review of Financial Studies, 24, 1848, 10.1093/rfs/hhp033
Deng, 2000, Mortgage terminations, heterogeneity, and the exercise of mortgage options, Econometrica, 68, 275, 10.1111/1468-0262.00110
Department of Housing and Urban Development, 2006. HUD Strategic Plan FY 2006 – FY 2011. Washington.
Department of Housing and Urban Development, 2014. Annual Report to Congress Regarding the Financial Status of the FHA Mutual Mortgage Insurance Fund: Fiscal Year 2014. Washington. <http://portal.hud.gov/hudportal/documents/huddoc?id=FY2014FHAAnnRep11_17_14.pdf>.
Dey, S., 2005. Lines of Credit and Consumption Smoothing: The Choice between Credit Cards and Home Equity Lines of Credit. Working Paper 2005-18, Bank of Canada. <http://www.bankofcanada.ca/wp-content/uploads/2010/02/wp05-18.pdf>.
Elul, 2010, What” triggers” mortgage default?, The American Economic Review, 100, 490, 10.1257/aer.100.2.490
Elmer, 1999, Insolvency, trigger events, and consumer risk posture in the theory of single-family mortgage default, Journal of Housing Research, 10, 1, 10.1080/10835547.1999.12091941
Foote, 2008, Negative equity and foreclosure: theory and evidence, Journal of Urban Economics, 64, 234, 10.1016/j.jue.2008.07.006
Haurin, D.R., Ma, C., Moulton, S., Schmeiser, M., Seligman, J., Shi, W., 2014. Spatial variation in reverse mortgages usage: house price dynamics and consumer selection. Journal of Real Estate Finance and Economics, forthcoming.
Integrated Financial Engineering, 2011
Integrated Financial Engineering, 2012
Integrated Financial Engineering, 2013
Integrated Financial Engineering, 2014
Kumar, A., 2014. Do Restrictions on Home Equity Extraction Contribute to Lower Mortgage Defaults? Evidence from a Policy Discontinuity at the Texas’ Border. Working Paper, SSRN: <http://ssrn.com/abstract=2460347>.
Laufer, S., 2011. Equity Extraction and Mortgage Default. Working Paper, New York University. <http://www.federalreserve.gov/pubs/feds/2013/201330/201330pap.pdf>.
Lusardi, 2007, Baby boomer retirement security: the roles of planning, financial literacy, and housing wealth, Journal of Monetary Economics, 54, 205, 10.1016/j.jmoneco.2006.12.001
Lusardi, A., Mitchell, O.S., 2011. Financial literacy and planning: implications for retirement wellbeing. Working Paper w17078, National Bureau of Economic Research.
Mayer, 2009, The rise in mortgage defaults, Journal of Economic Perspectives, 23, 27, 10.1257/jep.23.1.27
Mian, 2011, House prices, home equity-based borrowing, and the US Household Leverage Crisis, American Economic Review, 101, 2132, 10.1257/aer.101.5.2132
Miceli, 1994, Reverse mortgages and borrower maintenance risk, Real Estate Economics, 22, 433, 10.1111/1540-6229.00641
Mortgagee Letter 2013-01, 2013. Department of Housing and Urban Development.
Mortgagee Letter 2013-27, 2013. Department of Housing and Urban Development.
Mortgagee Letter 2013-28, 2013. Department of Housing and Urban Development.
Mortgagee Letter 2014-22, 2014. Department of Housing and Urban Development.
Mortgagee Letter 2015-06, 2015. Department of Housing and Urban Development.
Mortgagee Letter 2015-11, 2015. Department of Housing and Urban Development.
Moulton, S., Haurin, D.R., Shi, W., 2014. Who gets a reverse mortgage? Identifying household level determinants of reverse mortgage choice and the influence of counseling. Working Paper, Ohio State University.
Nakajima, M., Telyukovaz, I.A., 2013. Reverse mortgage loans: A quantitative analysis. Working Paper No. 13-27, Federal Reserve Bank of Philadelphia. <http://econweb.ucsd.edu/~itelyukova/rmlnt-paper.pdf>.
Pennington-Cross, 2003, Credit history and the performance of prime and nonprime mortgages, Journal of Real Estate Finance and Economics, 27, 279, 10.1023/A:1025891223226
Rodda, 2004, Stochastic modeling of Federal Housing Administration Home Equity Conversion Mortgages with low-cost refinancing, Real Estate Economics, 32, 589, 10.1111/j.1080-8620.2004.00104.x
Ross, 2000, Mortgage lending, sample selection and default, Real Estate Economics, 28, 581, 10.1111/1540-6229.00813
Shan, 2010, Property taxes and elderly mobility, Journal of Urban Economics, 67, 194, 10.1016/j.jue.2009.08.004
Shan, 2011, Reversing the trend: the recent expansion of the reverse mortgage market, Real Estate Economics, 39, 743, 10.1111/j.1540-6229.2011.00310.x
Shiller, 2000, Moral hazard in home equity conversion, Real Estate Economics, 28, 1, 10.1111/1540-6229.00791
Szymanoski, 2007, Home Equity Conversion Mortgage terminations: information to enhance the developing secondary market, Cityscape: A Journal of Policy Development and Research, 9, 5
Tax Foundation, 2013. Median Effective Property Tax Rates By County, Ranked by Total Taxes Paid, 3-Year Average, 2008–2010. <http://taxfoundation.org/article_ns/median-effective-property-tax-rates-county-ranked-total-taxes-paid-3-year-average-2008-2010>.
Vandell, 1995, How ruthless is mortgage default? the evidence, Journal of Housing Research, 6, 245
Waldhart, 2012, Property tax delinquency and the number of payment installments, Public Finance & Management, 12, 316