| 000 | 02461cam a22003857 4500 | ||
|---|---|---|---|
| 001 | w17315 | ||
| 003 | NBER | ||
| 005 | 20211020110816.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s2011 mau fo 000 0 eng d | ||
| 100 | 1 |
_aAmromin, Gene. _928194 |
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| 245 | 1 | 0 |
_aComplex Mortgages / _cGene Amromin, Jennifer Huang, Clemens Sialm, Edward Zhong. |
| 260 |
_aCambridge, Mass. _bNational Bureau of Economic Research _c2011. |
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| 300 |
_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w17315 |
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| 500 | _aAugust 2011. | ||
| 520 | 3 | _aWe investigate the characteristics and the default behavior of households who take out complex mortgages. Unlike traditional fixed rate or adjustable rate mortgages, complex mortgages are not fully amortizing and enable households to postpone loan repayment. We find that complex mortgages are used by sophisticated households with high income levels and prime credit scores, in contrast to the low income population targeted by subprime mortgages. Complex mortgage borrowers have significantly higher delinquency rates than traditional mortgage borrowers even after controlling for leverage, payment resets, and other household and loan characteristics. The difference in the delinquency rates between complex and traditional borrowers increases with measures of financial sophistication and leverage, suggesting that complex borrowers are more strategic in their default decisions than traditional borrowers. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aE60 - General _2Journal of Economic Literature class. |
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| 690 | 7 |
_aG01 - Financial Crises _2Journal of Economic Literature class. |
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| 690 | 7 |
_aG10 - General _2Journal of Economic Literature class. |
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| 690 | 7 |
_aH31 - Household _2Journal of Economic Literature class. |
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| 700 | 1 |
_aHuang, Jennifer. _928195 |
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| 700 | 1 |
_aSialm, Clemens. _920719 |
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| 700 | 1 | _aZhong, Edward. | |
| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w17315. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w17315 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w17315 |
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| 942 |
_2ddc _cW-PAPER |
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_c330807 _d289369 |
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