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Servicer distress and mortgage renegotiation.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Servicer distress and mortgage renegotiation./
Author:	Lu, Chenfei.
Description:	1 online resource (61 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 77-12(E), Section: A.
Contained By:	Dissertation Abstracts International77-12A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9781339875026

Servicer distress and mortgage renegotiation.
Lu, Chenfei.

Servicer distress and mortgage renegotiation. - 1 online resource (61 pages)

Source: Dissertation Abstracts International, Volume: 77-12(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

We argue the financial health of lenders affects their renegotiation decisions. We connect proprietary data on mortgage loans and renegotiation outcomes to credit-default-swap data to investigate how the distress of lenders in late 2008 affected renegotiation outcomes. We exploit each lender's differential exposure to house-price shocks in regions outside the location of a distressed loan to account for unobservable shocks that may drive renegotiation outcomes. We show that during the peak of the financial crisis, more distressed mortgage lenders were more likely to foreclose on and less likely to modify troubled loans. A one-standard-deviation increase in lender distress in late 2008 was associated with a 3.6- to 13-percentage-point increase in the probability of foreclosure and a 3.0- to 4.7-percentage-point decrease in the probability of modification within one quarter. Evidence on short sales and time in foreclosure are consistent with the view that distressed banks change their renegotiation behavior to increase short-term financial health. Our findings suggest policies that seek to enhance renegotiation activity in times of economic distress should also consider the health of intermediaries engaged in such activity.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9781339875026Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Servicer distress and mortgage renegotiation.
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040 $a MiAaPQ $b eng $c MiAaPQ
099 $a TUL $f hyy $c available through World Wide Web
100 1 $a Lu, Chenfei. $3 1179072
245 1 0 $a Servicer distress and mortgage renegotiation.
264 0 $c 2016
300 $a 1 online resource (61 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 77-12(E), Section: A.
500 $a Advisers: Amir Sufi; Amit Seru.
502 $a Thesis (Ph.D.) $c The University of Chicago $d 2016.
504 $a Includes bibliographical references
520 $a We argue the financial health of lenders affects their renegotiation decisions. We connect proprietary data on mortgage loans and renegotiation outcomes to credit-default-swap data to investigate how the distress of lenders in late 2008 affected renegotiation outcomes. We exploit each lender's differential exposure to house-price shocks in regions outside the location of a distressed loan to account for unobservable shocks that may drive renegotiation outcomes. We show that during the peak of the financial crisis, more distressed mortgage lenders were more likely to foreclose on and less likely to modify troubled loans. A one-standard-deviation increase in lender distress in late 2008 was associated with a 3.6- to 13-percentage-point increase in the probability of foreclosure and a 3.0- to 4.7-percentage-point decrease in the probability of modification within one quarter. Evidence on short sales and time in foreclosure are consistent with the view that distressed banks change their renegotiation behavior to increase short-term financial health. Our findings suggest policies that seek to enhance renegotiation activity in times of economic distress should also consider the health of intermediaries engaged in such activity.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a The University of Chicago. $b Business. $3 1179073
773 0 $t Dissertation Abstracts International $g 77-12A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10129611 $z click for full text (PQDT)