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Bankruptcy exemptions and the market for mortgage loans

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Author Info
Richard Hines
Jeremy Berkowitz
Abstract

The recent explosion in personal bankruptcy filings has motivated research into whether credit markets are being adversely affected by generous legal provisions. Empirically, this question is examined by comparing credit conditions and bankruptcy exemptions across states. We note that the literature has focused on aggregate household credit, making no distinction between secured and unsecured credit. We argue that such aggregation obscures important differences in forms of credit. Most significantly, property exemptions do not prevent the home mortgage lender from foreclosing on the home if not fully repaid.

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Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 1998-07.

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Date of creation: 1998
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Handle: RePEc:fip:fedgfe:1998-07

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Related research
Keywords: Bankruptcy ; Mortgages;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Gropp, Reint & Scholz, John Karl & White, Michelle J, 1997. "Personal Bankruptcy and Credit Supply and Demand," The Quarterly Journal of Economics, MIT Press, vol. 112(1), pages 217-51, February.
    Other versions:
  2. Alan Schwartz, 1997. "Priority Contracts and Priority in Bankruptcy," Yale School of Management Working Papers ysm72, Yale School of Management. [Downloadable!]
  3. Peterson, Richard L. & Aoki, Kiyomi, 1984. "Bankruptcy filings before and after implementation of the bankruptcy reform law," Journal of Economics and Business, Elsevier, vol. 36(1), pages 95-105, February. [Downloadable!] (restricted)
  4. Schwartz, Alan., . "Security Interests and Bankruptcy Priorities: A Review of Current Theories," Working Papers 334, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  5. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November. [Downloadable!] (restricted)
  6. Arthur B. Kennickell & Martha Starr-McCluer & Annika E. Sunden, 1997. "Family finances in the U.S.: recent evidence from the Survey of Consumer Finances," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jan, pages 1-24. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Charles GRANT, 2003. "Evidence on the Effect of US Consumer Bankruptcy Exemptions," Economics Working Papers ECO2003/19, European University Institute. [Downloadable!]
  2. Charles GRANT, 2002. "Consumer Bankruptcy Law, Credit Constraints and Insurance: Some Empirics," Economics Working Papers ECO2002/08, European University Institute. [Downloadable!]
  3. Charles Grant, 2000. "Bankruptcy, Credit Constraints, and Insurance: Some Empirics," CSEF Working Papers 40, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy. [Downloadable!]
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This page was last updated on 2009-11-7.

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