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Dec 04 2007 12:00am EDT
Subprime Paper of the Day
Kristopher Gerardi, Adam Hale Shapiro, and Paul Willen of the Boston Fed:
This paper provides the first rigorous assessment of the homeownership experiences of subprime borrowers... We present two main findings. First, homeownerships that begin with a subprime purchase mortgage end up in foreclosure almost 20 percent of the time, or more than 6 times as often as experiences that begin with prime purchase mortgages. Second, house price appreciation plays a dominant role in generating foreclosures.
(Via Research Recap)
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