Did bankruptcy reform lead to looser mortgage lending standards? Evidence from the U.S. mortgage market 2000-2007

Autores/as

  • Prajakta Bhide New York University
  • Lucia Fiorito New York University
  • Zachary Noteman New York University
  • Kunal Sawardekar New York University

Palabras clave:

Quiebra, prueba de medios, incumplimiento de hipoteca, estándares de préstamos

Resumen

El presente trabajo intenta encontrar una causa exógena al deterioro, a partir de 2005, en los
estándares de crédito hipotecario que contribuyeron a la crisis subprime en los Estados Unidos.
Sostenemos que la nueva provisión de la prueba de medios de la ley Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) de 2005 fue dicho shock exógeno en el mercado hipotecario. Mostramos que la prueba de medios, que impide solicitar la bancarrota bajo Chapter 7 a los deudores con mayores ingresos relativos, causó un desplazamiento de la oferta de crédito hipotecario de deudores con mayores ingresos a deudores con menores ingresos relativos. Simultáneamente, observamos que todos los deudores debieron pagar tasas de interés más altas, independientemente del nivel de ingresos. Nuestros resultados implican que la ley BAPCPA podría ser un factor que contribuyó al deterioro en los estándares de crédito en el mercado hipotecario de los Estados Unidos.

Descargas

Los datos de descargas todavía no están disponibles.

Citas

Baily, Martin Neil, Litan, Robert E., and Johnson, Matthew S. (2008). “The Origins of the Financial Crisis”, The Brookings Institution Initiative on Business and Public Policy.

Berkowitz, J. and R. Hynes (1999). “Bankruptcy exemptions and the market for mortgage loans.” Journal of Law and Economics, 42(2), 809–830.

Cagan, Christopher L. (2007). “Mortgage Payment Reset: The Rumor and the Reality.” First American CoreLogic.

Dell’Ariccia, Giovanni, Igan, Deniz and Laeven, Luc A. (2008). “Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market”, IMF Working Paper No 08/106

Flynn, Ed, Bermant, Gordon and Hazard, Suzanne. (2002). “Bankruptcy by the Numbers: Chapter 7 Asset Cases”, US Trustee Program Library of Bankruptcy Articles http://www.usdoj.gov/ust/eo/public_affairs/articles/docs/abi122002.htm

Gerardi, Kristopher S., Shapiro, Adam Hale and Willen, Paul (2007). “Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures”, Federal Reserve Bank of Boston Working Paper No. 07-15.

Haughwout, Andrew, Peach, Richard and Tracy, Joseph (2008). “Juvenile delinquent mortgages: Bad credit or bad economy?” Journal of Urban Economics, 64, 246–257

Jacoby, Melissa B. (2007). “Bankruptcy Reform and Homeownership Risk”, University of Illinois Law Review, 2007; UNC Legal Studies Research Paper No. 918006

Keys, Benjamin J., Mukherjee, Tanmoy K., Seru, Amit and Vig, Vikrant. (2008), “Did Securitization Lead to Lax Screening? Evidence from Subprime Loans”, EFA 2008 Athens Meetings Paper

Lin, Emily Y. and White, Michelle J. (2001). Bankruptcy and the Market for Mortgage and Home Improvement Loans. Journal of Urban Economics, 50, pp 138-162.

Livshits, I., MacGee, J. and Tertilt, M. (2003). “Consumer Bankruptcy: A Fresh Start” Federal Reserve Bank of Minneapolis Working Paper No. 617.

Mayer, Christopher J., Pence, Karen M. and Sherlund, Shane M. (2008). “The Rise in Mortgage Defaults,” Finance and Economics Discussion Series 2008-59, Board of Governors of the Federal Reserve System

Mian, Atif R. and Sufi, Amir (2008). “The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis” Forthcoming, Quarterly Journal of Economics.

Morgan, Donald P., Iverson, Benjamin Charles and Botsch, Matthew (2008). “Seismic Effects of the Bankruptcy Reform”, Federal Reserve of New York Staff Report No. 358.

White, Michelle J. (2007). “Abuse or Protection: The Economics of Bankruptcy Reform under BAPCPA”, University of Illinois Law Review, vol. 2007:1, pp. 275-304.

White, Michelle J. (2008). “Bankruptcy: Past Puzzles, Recent Reforms and the Mortgage Crisis”, National Bureau of Economic Research Working Paper. 14549

Descargas

Publicado

08-11-2019

Cómo citar

Bhide, P., Fiorito, L., Noteman, Z., & Sawardekar, K. (2019). Did bankruptcy reform lead to looser mortgage lending standards? Evidence from the U.S. mortgage market 2000-2007. Ensayos De Política Económica, 1(4), 88–107. Recuperado a partir de https://e-revistas.uca.edu.ar/index.php/ENSAYOS/article/view/2405