Predatory lending and the subprime crisis

被引：71

作者：

Agarwal, Sumit ^{[1
]}

Amromin, Gene ^{[2
]}

Ben-David, Itzhak ^{[3
,4
]}

Chomsisengphet, Souphala ^{[5
]}

Evanoff, Douglas D. ^{[2
]}

机构：

[1] Natl Univ Singapore, Singapore 119077, Singapore

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

[3] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA

[4] NBER, Cambridge, MA 02138 USA

[5] Off Comptroller Currency, Washington, DC 20219 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2014年 / 113卷 / 01期

关键词：

Predatory lending; Subprime crisis; Household finance; Default; PAYDAY; COSTS; LOANS;

D O I：

10.1016/j.jfineco.2014.02.008

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We measure the effect of a 2006 antipredatory pilot program in Chicago on mortgage default rates to test whether predatory lending was a key element in fueling the subprime crisis. Under the program, risky borrowers or risky mortgage contracts or both triggered review sessions by housing counselors who shared their findings with the state regulator. The pilot program cut market activity in half, largely through the exit of lenders specializing in risky loans and through a decline in the share of subprime borrowers. Our results suggest that predatory lending practices contributed to high mortgage default rates among subprime borrowers, raising them by about a third. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：29 / 52

页数：24

共 37 条

[31] DID SECURITIZATION LEAD TO LAX SCREENING? EVIDENCE FROM SUBPRIME LOANS [J].