Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide

We investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by settlement of US state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to s...

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Veröffentlicht in:	The American economic review 2014-09, Vol.104 (9), p.2830-2857
Hauptverfasser:	Mayer, Christopher, Morrison, Edward, Piskorski, Tomasz, Gupta, Arpit
Format:	Artikel
Sprache:	eng
Schlagworte:	Adjustable rate mortgages Borrowing Business schools Control groups Costs Credit cards Debt cancellation Default Delinquency Economic models Economic statistics Economic theory Estimation Externality Financial services Foreclosure Home ownership Homeowners Law schools Lenders Litigation Loan defaults Loan payments Loan rates Loans Modifications Mortgage loans Mortgages Real estate Settlements & damages Strategic behavior Studies U.S.A
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