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The real consequences of bank mortgage lending standards
Journal of Financial Intermediation ( IF 5.979 ) Pub Date : 2019-10-24 , DOI: 10.1016/j.jfi.2019.100846
Cindy M. Vojtech , Benjamin S. Kay , John C. Driscoll

We examine the real effects of changes in bank mortgage loan underwriting standards by combining responses to the Federal Reserve’s Senior Loan Officer Opinion Survey, application information from the Home Mortgage Disclosure Act, and local housing market measures over 1990 to 2013. Tightened standards are associated with a 1 percentage point increase in denial rates and a 5% fall in loan issuance, controlling for applicant pool changes, but no change for predominantly-securitizing banks. In areas with more exposure to banks that have tightened standards, mortgage delinquency rates, house prices, new home sales, and residential construction employment fall substantially.



中文翻译:

银行抵押贷款标准的实际后果

我们结合对美联储高级贷款官员意见调查的回应,《住房抵押贷款披露法》的应用信息以及1990年至2013年的当地住房市场措施,研究了银行抵押贷款承保标准变化的实际影响。拒绝率提高了1个百分点,贷款发行减少了5%,从而控制了申请人总数的变化,但对于主要是证券化银行的变化却没有变化。在收紧银行标准的地区,抵押贷款违约率,房价,新房销售和住宅建设就业人数大幅下降。

更新日期:2019-10-24
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