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Information Externalities and Home Mortgage Underwriting

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  • Ling, David C.
  • Wachter, Susan M.

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  • Ling, David C. & Wachter, Susan M., 1998. "Information Externalities and Home Mortgage Underwriting," Journal of Urban Economics, Elsevier, vol. 44(3), pages 317-332, November.
  • Handle: RePEc:eee:juecon:v:44:y:1998:i:3:p:317-332
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    References listed on IDEAS

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    1. Peter Linneman & Susan Wachter, 1989. "The Impacts of Borrowing Constraints on Homeownership," Real Estate Economics, American Real Estate and Urban Economics Association, pages 389-402.
    2. Schill, Michael H & Wachter, Susan M, 1994. "Borrower and Neighborhood Racial and Income Characteristics and Financial Institution Mortgage Application Screening," The Journal of Real Estate Finance and Economics, Springer, pages 223-239.
    3. Duca, John V & Rosenthal, Stuart S, 1994. "Do Mortgage Rates Vary Based on Household Default Characteristics? Evidence on Rate Sorting and Credit Rationing," The Journal of Real Estate Finance and Economics, Springer, pages 99-113.
    4. Diamond, Peter A., 1971. "A model of price adjustment," Journal of Economic Theory, Elsevier, vol. 3(2), pages 156-168, June.
    5. Lang, William W. & Nakamura, Leonard I., 1990. "The dynamics of credit markets in a model with learning," Journal of Monetary Economics, Elsevier, pages 305-318.
    6. Leonard I. Nakamura, 1993. "Information externalities: why lending may sometimes need a jump start," Business Review, Federal Reserve Bank of Philadelphia, issue Jan, pages 3-14.
    7. Glenn B. Canner & Wayne Passmore, 1994. "Residential lending to low-income and minority families: evidence from the 1992 HMDA data," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), pages 79-108.
    8. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, pages 393-410.
    9. Rosengren, Eric S, 1993. " Defaults of Original Issue High-Yield Convertible Bonds," Journal of Finance, American Finance Association, vol. 48(1), pages 345-362, March.
    10. Charles W. Calomiris & Charles M. Kahn & Stanley D. Longhofer, 1994. "Housing-finance intervention and private incentives: helping minorities and the poor," Proceedings, Federal Reserve Bank of Cleveland, pages 634-678.
    11. Calem, Paul S, 1996. "Mortgage Credit Availability in Low- and Moderate-Income Minority Neighborhoods: Are Information Externalities Critical?," The Journal of Real Estate Finance and Economics, Springer, pages 71-89.
    12. Yezer, Anthony M J & Phillips, Robert F & Trost, Robert P, 1994. "Bias in Estimates of Discrimination and Default in Mortgage Lending: The Effects of Simultaneity and Self-Selection," The Journal of Real Estate Finance and Economics, Springer, pages 197-215.
    13. Terri Johnsen & Forest Myers, 1996. "New Community Reinvestment Act regulation : what have been the effects?," Financial Industry Perspectives, Federal Reserve Bank of Kansas City, pages 1-11.
    14. James A. Berkovec & John L. Goodman, 1996. "Turnover as a Measure of Demand for Existing Homes," Real Estate Economics, American Real Estate and Urban Economics Association, pages 421-440.
    15. Munnell, Alicia H. & Geoffrey M. B. Tootell & Lynn E. Browne & James McEneaney, 1996. "Mortgage Lending in Boston: Interpreting HMDA Data," American Economic Review, American Economic Association, pages 25-53.
    16. Glenn B. Canner & Dolores S. Smith, 1991. "Home Mortgage Disclosure Act: expanded data on residential lending," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), pages 859-881.
    17. Leonard I. Nakamura & William W. Lang, 1994. "Information and screening in real estate finance: an introduction," Working Papers 94-15, Federal Reserve Bank of Philadelphia.
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    Citations

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    Cited by:

    1. Lin, Emily Y., 2001. "Information, Neighborhood Characteristics, and Home Mortgage Lending," Journal of Urban Economics, Elsevier, vol. 49(2), pages 337-355, March.
    2. Calem, Paul S. & Firestone, Simon & Wachter, Susan M., 2010. "Credit impairment and housing tenure status," Journal of Housing Economics, Elsevier, vol. 19(3), pages 219-232, September.
    3. Lei Ding & Leonard Nakamura, 2016. "The Impact of the Home Valuation Code of Conduct on Appraisal and Mortgage Outcomes," Real Estate Economics, American Real Estate and Urban Economics Association, pages 658-690.
    4. Blackburn, McKinley & Vermilyea, Todd, 2007. "The role of information externalities and scale economies in home mortgage lending decisions," Journal of Urban Economics, Elsevier, vol. 61(1), pages 71-85, January.
    5. Harrison, David M., 2001. "The Importance of Lender Heterogeneity in Mortgage Lending," Journal of Urban Economics, Elsevier, vol. 49(2), pages 285-309, March.
    6. Lei Ding & Leonard Nakamura, 2016. "The Impact of the Home Valuation Code of Conduct on Appraisal and Mortgage Outcomes," Real Estate Economics, American Real Estate and Urban Economics Association, pages 658-690.
    7. AKM Rezaul Hossain, 2005. "A Simple Model of Credit Rationing with Information Externalities," Working papers 2005-11, University of Connecticut, Department of Economics.
    8. David Harrison & Michael Seiler, 2015. "The Paradox of Judicial Foreclosure: Collateral Value Uncertainty and Mortgage Rates," The Journal of Real Estate Finance and Economics, Springer, pages 377-411.
    9. Bostic, Raphael W. & Gabriel, Stuart A., 2006. "Do the GSEs matter to low-income housing markets? An assessment of the effects of the GSE loan purchase goals on California housing outcomes," Journal of Urban Economics, Elsevier, vol. 59(3), pages 458-475, May.
    10. Neil Bhutta, 2011. "The Community Reinvestment Act and Mortgage Lending to Lower Income Borrowers and Neighborhoods," Journal of Law and Economics, University of Chicago Press, vol. 54(4), pages 953-983.
    11. Calem, Paul S. & Lambie-Hanson, Lauren & Nakamura, Leonard I., 2015. "Information losses in home purchase appraisals," Working Papers 15-11, Federal Reserve Bank of Philadelphia.
    12. Calem, Paul S. & Lambie-Hanson, Lauren & Nakamura, Leonard I., 2017. "Appraising Home Purchase Appraisals," Working Papers 17-23, Federal Reserve Bank of Philadelphia.
    13. Neil Bhutta, 2008. "Giving credit where credit is due? the Community Reinvestment Act and mortgage lending in lower-income neighborhoods," Finance and Economics Discussion Series 2008-61, Board of Governors of the Federal Reserve System (U.S.).

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