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Determinants of the ARM Share of National and Regional Lending

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  • Nothaft, Frank E
  • Wang, George H K

Abstract

The authors model the ARM share of mortgage lending and provide several unique contributions to the mortgage choice literature. First, they motivate the use of the price spread between fixed- and adjustable-rate credit as a regressor by constraining the effect of FRM and ARM prices to be symmetric and show that the data support this restriction. Second, their data span a far longer time period (six years) than previous research. Third, they estimate separate share equations by region, allowing them to contrast geographic variation in ARM shares. Fourth, they examine the effect of convertible ARMs--which became prevalent in mid-1987--on overall ARM lending. Copyright 1992 by Kluwer Academic Publishers

Suggested Citation

  • Nothaft, Frank E & Wang, George H K, 1992. "Determinants of the ARM Share of National and Regional Lending," The Journal of Real Estate Finance and Economics, Springer, vol. 5(2), pages 219-234, June.
    • Handle: RePEc:kap:jrefec:v:5:y:1992:i:2:p:219-34
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    Cited by:

    1. Brahima Coulibaly & Geng Li, 2009. "Choice of Mortgage Contracts: Evidence from the Survey of Consumer Finances," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(4), pages 659-673, December.
    2. Hancock, Diana & Passmore, Wayne, 2016. "Cost of funds indexed mortgage contracts with government-backed catastrophic insurance (COFI-Cats): A realistic alternative to the 30-year fixed-rate mortgage?," Journal of Economics and Business, Elsevier, vol. 84(C), pages 109-130.
    3. Jan K. Brueckner & Kangoh Lee, 2014. "Optimal Risk-Sharing in Mortgage Contracts: The Effects of Potential Prepayment and Default," CESifo Working Paper Series 4979, CESifo.
    4. Frederick T. Furlong & David Lang & Yelena Takhtamanova, 2014. "Mortgage Choice in the Housing Boom: Impacts of House Price Appreciation and Borrower Type," Working Paper Series 2014-5, Federal Reserve Bank of San Francisco.
    5. Passmore, Stuart Wayne & von Hafften, Alexander H., 2020. "Financing affordable and sustainable homeownership with Fixed-COFI mortgages," Regional Science and Urban Economics, Elsevier, vol. 80(C).

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