Complex Mortgages

被引：31

作者：

Amromin, Gene ^{[1
]}

Huang, Jennifer ^{[2
]}

Sialm, Clemens ^{[3
,4
]}

Zhong, Edward ^{[5
]}

机构：

[1] Fed Reserve Bank Chicago, Chicago, IL 60604 USA

[2] Cheung Kong Grad Sch Business, Beijing, Peoples R China

[3] Univ Texas Austin, Austin, TX 78712 USA

[4] NBER, Cambridge, MA 02138 USA

[5] Farallon Capital Management, San Francisco, CA USA

来源：

REVIEW OF FINANCE | 2018年 / 22卷 / 06期

关键词：

Mortgages; Default; Bankruptcy; House prices; HOUSING-MARKET; SECURITIZATION; DEFAULT; CONSUMPTION; DYNAMICS; FINANCE; CRISIS; IMPACT; MODEL;

D O I：

10.1093/rof/rfy016

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Complex mortgages became a popular borrowing instrument during the bullish housing market of the early 2000s but vanished rapidly during the subsequent downturn. These non-traditional loans, including interest-only and negative-amortization mortgages, enable households to postpone loan repayment in contrast to fully amortizing traditional mortgages. Contrary to common perception, complex mortgages are used by households with high-income levels and prime credit scores, quite unlike the low-income population targeted by subprime mortgages. Nonetheless, we find that complex-mortgage borrowers become delinquent on their mortgages at rates twice as high as borrowers with plain-vanilla fixed-rate contracts even after controlling for household and loan characteristics. Our findings suggest a link between innovations in mortgage markets focused on prime borrowers and the financial crisis.

引用

页码：1975 / 2007

页数：33

共 58 条

[1] Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class [J].