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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.58,Issue2,P.159-200

语言

英文

关键字

Mortgage lending; Mortgage default; Foreclosure laws; Border identification strategy; DEFAULT; SECURITIZATION; HETEROGENEITY; TERMINATION; BANKRUPTCY; EXERCISE; MODELS

作者单位

[Zhao, Daxuan] Renmin Univ China, Sch Business, Dept Finance, 59 Zhongguancun St, Beijing 100872, Peoples R China. [Wang, Yonglin] City Univ Hong Kong, Dept Econ & Finance, 9-F Lau Ming Wai Acad Bldg,Tat Chee Ave, Kowloon, Hong Kong, Peoples R China. [Sing, Tien Foo] Natl Univ Singapore, Inst Real Estate Studies, 4 Architecture Dr, Singapore 117566, Singapore. [Sing, Tien Foo] Natl Univ Singapore, Dept Real Estate, 4 Architecture Dr, Singapore 117566, Singapore. Wang, YL (reprint author), City Univ Hong Kong, Dept Econ & Finance, 9-F Lau Ming Wai Acad Bldg,Tat Chee Ave, Kowloon, Hong Kong, Peoples R China. E-Mail: yonglin.lw@gmail.com

摘要

This paper measures the impact of three types of defaulter-friendly foreclosure laws on the behaviors of mortgage lenders in loan origination, and borrowers in default decision. To disentangle the pure influence of foreclosure laws from that of unobserved regional factors, we use the border identification strategy to sort the loan sample in the zip codes on both sides of a border dividing states by the foreclosure laws adopted. Unlike the previous research, we find no conclusive evidence on the causal effects of foreclosure laws on loan supply and default risk. The empirical results are highly sensitive to fixed effect specifications, time period, and sample selection.