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Who Defaults on their Home Mortgage?

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Author Info

  • Eric Doviak
  • Sean MacDonald

Abstract

Since Feb. 13, 2010, detailed information on every home mortgage default and foreclosure in New York State must be filed with the New York State Department of Financial Services (DFS). The data come from pre-foreclosure filing (PFF) notices that mortgage servicers must send to both the borrower and the DFS 90 days prior to initiating the foreclosure process and when a foreclosure has commenced. Pairing the PFF data with data on originations from the Home Mortgage Disclosure Act (HMDA) reveals the race and ethnicity of borrowers who defaulted on their home mortgages. HMDA analyses consistently reveal strong racial and ethnic disparities in lending practices. Our analysis shows that the same disparities reappear in the default data (i.e the PFF data), which suggests that lending disparities contributed to the higher default rates that we observe among black and Latino borrowers. Our analysis also suggests that labor market recovery would do the most to reduce the rate of mortgage default.

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Bibliographic Info

Article provided by New York State Economics Association (NYSEA) in its journal New York Economic Review.

Volume (Year): 43 (2012)
Issue (Month): 1 ()
Pages: 75-98

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Handle: RePEc:nye:nyervw:v:43:y:2012:i:1:p:75-98

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References

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  1. Mark Doms & Fred Furlong & John Krainer, 2007. "Subprime mortgage delinquency rates," Working Paper Series 2007-33, Federal Reserve Bank of San Francisco.
  2. Doviak, Eric & MacDonald, Sean, 2011. "Who enters the foreclosure process?," MPRA Paper 34276, University Library of Munich, Germany.
  3. Kristopher S. Gerardi & Paul S. Willen, 2009. "Subprime mortgages, foreclosures, and urban neighborhoods," Working Paper 2009-01, Federal Reserve Bank of Atlanta.
  4. Elizabeth Laderman, 2001. "Subprime mortgage lending and the capital markets," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue dec28.
  5. Lee C. Adkins, 2009. "An Instrumental Variables Probit Estimator Using Gretl," EHUCHAPS, Universidad del País Vasco - Facultad de Ciencias Económicas y Empresariales.
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Cited by:
  1. Chan, Sewin & Gedal, Michael & Been, Vicki & Haughwout, Andrew, 2011. "The role of neighborhood characteristics in mortgage default risk: evidence from New York City," MPRA Paper 33941, University Library of Munich, Germany.
  2. Doviak, Eric & MacDonald, Sean, 2011. "Who enters the foreclosure process?," MPRA Paper 34276, University Library of Munich, Germany.

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