Policy incentives and the extension of mortage credit : (Record no. 32377)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 02465naa a2200193uu 4500 |
| 001 - CONTROL NUMBER | |
| control field | 0041609232737 |
| 003 - CONTROL NUMBER IDENTIFIER | |
| control field | OSt |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20190211170941.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 100416s2009 xx ||||gr |0|| 0 eng d |
| 999 ## - SYSTEM CONTROL NUMBERS (KOHA) | |
| Koha Dewey Subclass [OBSOLETE] | PHL2MARC21 1.1 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | eng |
| 100 1# - MAIN ENTRY--PERSONAL NAME | |
| Personal name | AN, Xudong |
| 9 (RLIN) | 39463 |
| 245 10 - TITLE STATEMENT | |
| Title | Policy incentives and the extension of mortage credit : |
| Remainder of title | increasing market discipline for subprime lending |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Place of publication, distribution, etc. | Hoboken : |
| Name of publisher, distributor, etc. | Wiley-Blackwell, |
| Date of publication, distribution, etc. | Summer 2009 |
| 520 3# - SUMMARY, ETC. | |
| Summary, etc. | The lax underwriting in non-prime mortgage markets is widely perceived as one cause of the recent difficulties in the housing market. Policymakers are currently considering moves such as enforcing more careful underwriting to provide additional discipline to mortgage markets. This research explores the possibility of another approach to supplement or replace some of these efforts, namely the use of policy to create incentives for Fannie Mae and Freddie Mac (together, the GSEs) to help check behavior in non-prime markets. The hypothesis is that the GSE Act affordable housing goals have increased GSE focus on targeted loan purchases, which in turn has led prime market lenders to compete more aggressively for borrowers on the margin between prime and subprime credit quality. As a consequence, these marginal borrowers will be more inclined to take prime mortgages rather than higher-cost subprime loans. We test this hypothesis and find empirical support for it. We observe a negative relationship between the growth in GSE market share and the growth in subprime market share over time, and find that the impact of the GSEs on subprime lending tends to be stronger in high-minority neighborhoods, where subprime lending has been concentrated and growing the fastest. Simulations show that a 10 percent increase in GSE market share (for example, from 20 to 22 percent) can cause 45,000 borrowers using prime instead of subprime loans a cost savings of about $1.7 billion. These results suggest that the GSEs, regardless of their postconservatorship form, should continue to devote attention to serving underserved populations and suggest that significant welfare benefits will accrue. © 2009 by the Association for Public Policy Analysis and Management. |
| 700 1# - ADDED ENTRY--PERSONAL NAME | |
| Personal name | BOSTIC, Raphael W. |
| 9 (RLIN) | 39464 |
| 773 08 - HOST ITEM ENTRY | |
| Title | Journal of Policy Analysis and Management |
| Related parts | 28, 3, p. 340-365 |
| Place, publisher, and date of publication | Hoboken : Wiley-Blackwell, Summer 2009 |
| International Standard Serial Number | ISSN 02768739 |
| Record control number | |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Koha item type | Periódico |
| 998 ## - LOCAL CONTROL INFORMATION (RLIN) | |
| -- | 20100416 |
| Operator's initials, OID (RLIN) | 0923^b |
| Cataloger's initials, CIN (RLIN) | Daiane |
| 998 ## - LOCAL CONTROL INFORMATION (RLIN) | |
| -- | 20100420 |
| Operator's initials, OID (RLIN) | 1532^b |
| Cataloger's initials, CIN (RLIN) | Carolina |
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