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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.55,Issue4,P.457-475

语言

英文

关键字

HARP; Refinance; Mortgage default; Fuzzy RDD; DESIGN

作者单位

[Karamon, Kadiri; McManus, Douglas] Freddie Mac, Mclean, VA USA. [Zhu, Jun] Urban Inst, Washington, DC 20037 USA. Zhu, J (reprint author), Urban Inst, Washington, DC 20037 USA. E-Mail: kadiri_karamon@freddiemac.com; Douglas_McManus@freddiemac.com; jzhu@urban.org

摘要

This paper examines the impact of refinancing on mortgage defaults based on an empirical investigation of the Home Affordable Refinance Program (HARP). We study a unique dataset from Freddie Mac which includes loans funded right before and after the HARP eligibility cutoff date, an exogenous event. Using a Fuzzy Regression Discontinuity Design method, we show that receiving a HARP refinance decreases the expected monthly default rate by about 48-62 percent using different bandwidth specifications.