Low-Income Homeownership and the Role of State Subsidies: A Comparative Analysis of Mortgage Outcomes
成果类型：
Article
署名作者：
Hembre, Erik; Moulton, Stephanie; Record, Matthew
署名单位：
University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University System of Ohio; Ohio State University; California State University System; San Jose State University
刊物名称：
JOURNAL OF POLICY ANALYSIS AND MANAGEMENT
ISSN/ISSBN：
1520-6735
DOI：
10.1002/pam.22240
发表日期：
2021
页码：
78-+
关键词：
摘要：
Between the late 1970s through 2013, state Housing Finance Agencies (HFAs) financed nearly $300 billion in mortgages to low- and moderate-income first-time homebuyers. Descriptive evidence indicates that HFAs help households retain their homes at higher rates than similar households purchasing homes in the private mortgage market. Using a matched sample of HFA originations between 2005 and 2014, we estimate a multinomial logit model of mortgage default (or foreclosure) and prepayment. We find that HFA borrowers are about 30 percent less likely to default or foreclose on their mortgages than otherwise similar non-HFA borrowers. We find that 37 percent of this HFA effect can be explained by HFA origination and service delivery practices including direct servicing and homeownership counseling. (C) 2020 by the Association for Public Policy Analysis and Management
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