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Zero Down Payment Mortgage Default

Author

Listed:
  • Austin Kelly

    (Office of Federal Housing Enterprise Oversight)

Abstract

Previous research has focused on equity as a prime determinant of mortgage default propensities. This paper extends the analysis of mortgage default to include mortgages that require no down payment from the purchaser.

Suggested Citation

  • Austin Kelly, 2007. "Zero Down Payment Mortgage Default," FHFA Staff Working Papers 07-05, Federal Housing Finance Agency.
    • Handle: RePEc:hfa:wpaper:07-05
    as

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    File URL: https://www.fhfa.gov/sites/default/files/2023-04/2007-08_WorkingPaper_07-5_N508.pdf
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    File URL: https://www.fhfa.gov/research/papers/wp0705
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Austin Kelly finds that Zero Down Mortgages perform really badly
      by Richard K. Green in Richard's Real Estate and Urban Economics Blog on 2008-03-24 07:45:00

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Xudong An & Yongheng Deng & Eric Rosenblatt & Vincent Yao, 2012. "Model Stability and the Subprime Mortgage Crisis," The Journal of Real Estate Finance and Economics, Springer, vol. 45(3), pages 545-568, October.
    2. Itzhak Ben‐David, 2019. "High Leverage and Willingness to Pay: Evidence from the Residential Housing Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 47(3), pages 643-684, September.
    3. Richard K. Green & Eric Rosenblatt & Vincent Yao, 2010. "Sunk Costs and Mortgage Default," Working Paper 9097, USC Lusk Center for Real Estate.
    4. Michael LaCour-Little & Zhenguo Lin & Wei Yu, 2020. "Assumable Financing Redux: A New Challenge for Appraisal?," The Journal of Real Estate Finance and Economics, Springer, vol. 60(1), pages 3-39, February.
    5. Ken Lam & Robert Dunsky & Austin Kelly, 2013. "Impacts of Down Payment Underwriting Standards on Loan Performance," FHFA Staff Working Papers 13-03, Federal Housing Finance Agency.
    6. Agarwal, Sumit & Green, Richard K. & Rosenblatt, Eric & Yao, Vincent, 2015. "Collateral pledge, sunk-cost fallacy and mortgage default," Journal of Financial Intermediation, Elsevier, vol. 24(4), pages 636-652.
    7. Hyeongjun Kim & Hoon Cho & Doojin Ryu, 2018. "Characteristics of Mortgage Terminations: an Analysis of a Loan-Level Dataset," The Journal of Real Estate Finance and Economics, Springer, vol. 57(4), pages 647-676, November.
    8. Xudong An & Yongheng Deng & Joseph Nichols & Anthony Sanders, 2013. "Local Traits and Securitized Commercial Mortgage Default," The Journal of Real Estate Finance and Economics, Springer, vol. 47(4), pages 787-813, November.
    9. Saty Patrabansh, 2015. "The Marginal Effect of First-Time Homebuyer Status on Mortgage Default and Prepayment," FHFA Staff Working Papers 15-02, Federal Housing Finance Agency.
    10. Erik Hembre & Stephanie Moulton & Matthew Record, 2021. "Low‐Income Homeownership and the Role of State Subsidies: A Comparative Analysis of Mortgage Outcomes," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 40(1), pages 78-106, January.
    11. Bree Lang & Ellen Hurst, 2014. "The Effect of Down Payment Assistance on Mortgage Choice," The Journal of Real Estate Finance and Economics, Springer, vol. 49(3), pages 329-351, October.
    12. Richard K. Green & Gary Painter & Michelle J. White, 2012. "Measuring the Benefits of Homeowning: Effects on Children Redux," Working Paper 9102, USC Lusk Center for Real Estate.
    13. Richard T. Carson & Samuel R. Dastrup, 2013. "After The Fall: An Ex Post Characterization Of Housing Price Declines Across Metropolitan Areas," Contemporary Economic Policy, Western Economic Association International, vol. 31(1), pages 22-43, January.

    More about this item

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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