State and local anti-predatory lending laws: The effect of legal enforcement mechanisms

被引：47

作者：

Bostic, Raphael W. ^{[1
]}

Engel, Kathleen C. ^{[2
]}

McCoy, Patricia A. ^{[3
]}

Pennington-Cross, Anthony ^{[4
]}

Wachter, Susan M. ^{[5
]}

机构：

[1] Univ Southern Calif, Sch Policy Planning & Dev, RGL 326, Los Angeles, CA 90089 USA

[2] Cleveland State Univ, Cleveland Marshall Coll Law, Cleveland, OH 44115 USA

[3] Univ Connecticut, Sch Law, Hartford, CT 06105 USA

[4] Marquette Univ, Dept Finance, Milwaukee, WI 53233 USA

[5] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA

来源：

JOURNAL OF ECONOMICS AND BUSINESS | 2008年 / 60卷 / 1-2期

关键词：

Subprime lending; Enforcement mechanisms; Anti-predatory lending laws; Mortgage lending; Homeowner-ship;

D O I：

10.1016/j.jeconbus.2007.09.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Subprime mortgage lending has grown rapidly and so has enactment of state anti-predatory lending laws. Our analysis suggests that anti-predatory lending laws influence subprime market dynamics and that disaggre-gating them into component parts is essential for understanding their market impact. Restrictions, coverage, and enforcement provisions all have significant relationships with subprime outcomes, the latter being a new finding. One finding, that broader coverage is associated with higher subprime origination likelihoods, is consistent with a reverse lemons hypothesis. There is also evidence that newer mini-HOEPA laws affect the subprime market above and beyond the older preexisting laws, particularly for subprime originations. (C) 2007 Elsevier Inc. All rights reserved.

引用

页码：47 / 66

页数：20

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