The role of the economic environment on mortgage defaults during the Great Recession
AbstractThis article shows that the rise in unemployment played a very significant factor in the rise of mortgage delinquencies during the Great Recession. Estimation results, moreover, show that changes in the Unemployment Rate (UR; from loan origination) as opposed to the level of the UR explain mortgage default. Mortgage default is found to be significantly less responsive to declines than to increases in the UR.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Financial Economics.
Volume (Year): 22 (2012)
Issue (Month): 3 (February)
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Web page: http://www.tandfonline.com/RAFE20
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- Ronel Elul & Nicholas S. Souleles & Souphala Chomsisengphet & Dennis & Glennon & Robert Hunt, 2010.
"What "triggers" mortgage default?,"
10-13, Federal Reserve Bank of Philadelphia.
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