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Two essays on subprime mortgage lending.

Yu, Wei.

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Two essays on subprime mortgage lending.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Two essays on subprime mortgage lending./
作者:	Yu, Wei.
面頁冊數:	126 p.
附註:	Adviser: Darius Palia.
Contained By:	Dissertation Abstracts International68-12A.
標題:	Business Administration, Banking. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3293911
ISBN:	9780549378365

Two essays on subprime mortgage lending.
Yu, Wei.

Two essays on subprime mortgage lending. - 126 p.

Adviser: Darius Palia.

Thesis (Ph.D.)--Rutgers The State University of New Jersey - Newark, 2007.

This dissertation consists of two essays that examine different issues in the subprime mortgage lending market in New Jersey. The following is the abstract of these two essays which are presented as two chapters in this PhD thesis.

ISBN: 9780549378365Subjects--Topical Terms:

1018458
Business Administration, Banking.

Two essays on subprime mortgage lending.
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520 $a This dissertation consists of two essays that examine different issues in the subprime mortgage lending market in New Jersey. The following is the abstract of these two essays which are presented as two chapters in this PhD thesis.
520 $a The first essay examines lending discrimination in the subprime mortgage market. The recent development of the subprime mortgage lending market allows me to examine implications of the taste-based and information-based theories of discrimination in an important asset class, namely, residential real estate. The existing single equation studies on race-based discrimination in mortgage lending assume race is uncorrelated with the disturbance term in the loan denial regression. At the individual loan-level, I show that race is correlated with both observable and unobservable risk variables and is therefore correlated with the disturbance term. To rectify this problem I specify a system of equations and use a novel econometric technique (Full Information Maximum Likelihood) that does not need to identify instrumental variables for system identification. Using a unique data set I find that African Americans and Minorities are no more likely to be rejected than Whites in both prime and subprime markets, suggesting no support for either the taste-based or information-based theories of discrimination. The individual loan-level FIML results are robust with the results at the neighborhood-level which uses two-stage least squares.
520 $a The second essay investigates the impact of the New Jersey Home Ownership Security Act (NJHOSA) on the price and quantity of subprime mortgage loans. In doing so, I examine the differential impact of the different stages of the law. Controlling for a broad set of neighborhood demographic, property, borrower and lender characteristics, I find that access to credit for subprime borrowers has decreased after the law was discussed and passed using both the ban-level and the neighborhood-level regressions. When examining the impact of the NJHOSA on subprime loan prices. I find that the subprime interest premium increased after the law was discussed, passed, effective and amended. I construct a unique dataset from a number of data sources, while using the Bloom-Killingworth incidental truncation model to correct for sample selection bias.
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