Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program

被引：126

作者：

Agarwal, Sumit ^{[1
]}

Amromin, Gene ^{[2
]}

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

Chomsisengphet, Souphala ^{[5
]}

Piskorski, Tomasz ^{[4
,6
]}

Seru, Amit ^{[4
,7
]}

机构：

[1] Natl Univ Singapore, Singapore, Singapore

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

[3] Ohio State Univ, Columbus, OH 43210 USA

[4] Natl Bur Econ Res, Cambridge, MA 02138 USA

[5] Off Comptroller Currency, Washington, DC USA

[6] Columbia Univ, New York, NY 10027 USA

[7] Univ Chicago, Chicago, IL 60637 USA

来源：

JOURNAL OF POLITICAL ECONOMY | 2017年 / 125卷 / 03期

基金：

美国国家科学基金会;

关键词：

MORTGAGE DEFAULT CRISIS; UNITED-STATES; SECURITIZATION; PRICES;

D O I：

10.1086/691701

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We evaluate the effects of the 2009 Home Affordable Modification Program (HAMP) that provided intermediaries with sizable financial incentives to renegotiate mortgages. HAMP increased intensity of renegotiations and prevented a substantial number of foreclosures but reached just one-third of its targeted indebted households. This shortfall was in large part due to low renegotiation intensity of a few large intermediaries and was driven by intermediary-specific factors. Exploiting regional variation in the intensity of program implementation by intermediaries suggests that the program was associated with a lower rate of foreclosures, consumer debt delinquencies, house price declines, and an increase in durable spending.

引用

页码：654 / 712

页数：59

共 40 条

[1] The reaction of consumer spending and debt to tax rebates - Evidence from consumer credit data [J].