LIAR'S LOAN? EFFECTS OF ORIGINATION CHANNEL AND INFORMATION FALSIFICATION ON MORTGAGE DELINQUENCY
成果类型：
Article
署名作者：
Jiang, Wei; Nelson, Ashlyn Aiko; Vytlacil, Edward
署名单位：
Columbia University; Indiana University System; Indiana University Bloomington; New York University
刊物名称：
REVIEW OF ECONOMICS AND STATISTICS
ISSN/ISSBN：
0034-6535
发表日期：
2014-03
页码：
1-18
关键词：
摘要：
This paper presents an analysis of mortgage delinquency between 2004 and 2008 using a loan-level data set from a major national mortgage bank. Our analysis highlights two problems underlying the mortgage crisis: a reliance on mortgage brokers who tend to originate lower-quality loans and a prevalence of low-documentation loans-known in the industry as liar's loans''-that result in borrower information falsification. While over three-quarters of the difference in delinquency rates between bank and broker channels can be attributed to observable loan and borrower characteristics, the delinquency difference between full-and low-documentation mortgages is due to unobservable heterogeneity, about half of it potentially due to income falsification.