The role of the economic environment on mortgage defaults during the Great Recession
This article shows that the rise in unemployment played a very significant factor in the rise of mortgage delinquencies during the Great Recession. Estimation results, moreover, show that changes in the Unemployment Rate (UR; from loan origination) as opposed to the level of the UR explain mortgage...
- Autores:
-
Sarmiento, Camilo
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2012
- Institución:
- Escuela Colombiana de Ingeniería Julio Garavito
- Repositorio:
- Repositorio Institucional ECI
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.escuelaing.edu.co:001/2590
- Acceso en línea:
- https://repositorio.escuelaing.edu.co/handle/001/2590
https://repositorio.escuelaing.edu.co/
- Palabra clave:
- Recesiones económicas
Crisis económica
Desempleo
Hipotecas
Economic recessions
Economic crisis
Unemployment
Mortgages
Mortgage
Default
Unemployment
Competing risk models
- Rights
- closedAccess
- License
- http://purl.org/coar/access_right/c_14cb
| Summary: | This article shows that the rise in unemployment played a very significant factor in the rise of mortgage delinquencies during the Great Recession. Estimation results, moreover, show that changes in the Unemployment Rate (UR; from loan origination) as opposed to the level of the UR explain mortgage default. Mortgage default is found to be significantly less responsive to declines than to increases in the UR. |
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