Regressive Mortgage Credit Redistribution in the Post-Crisis Era

2021 ◽  
Author(s):  
Francesco D’Acunto ◽  
Alberto G Rossi
Keyword(s):  
Financial Crisis ◽  
Secular Trends ◽  
Approval Rate ◽  
Mortgage Credit ◽  
Economic Mechanisms ◽  
Loan Size ◽  
Mortgage Origination ◽  
Loan Limit ◽  
Over Time

Abstract We document four secular trends about U.S. mortgage origination by traditional and FinTech lenders after the 2008-2009 financial crisis. First, since 2011, the overall number, size, and approval rate of small and medium-sized loans have been decreasing over time, relative to large loans. Second, the largest lenders redistribute their lending the most. Third, this loan-size redistribution of credit increases in the size of the lender. Fourth, the effects are stronger for mortgages further away from the conforming loan limit(s) in both directions. We argue that the supply of credit drives these secular trends, and we assess several potential economic mechanisms.

scholarly journals Secular trends in emergency department encounters for concussion at US children's hospitals by age group (2008–2017)

Neurology ◽  
2018 ◽  
Vol 91 (23 Supplement 1) ◽  
pp. S22.2-S22
Author(s):  
Amy Linabery ◽  
Kara Seaton ◽  
Alicia Zagel ◽  
Alicen Spaulding ◽  
Gretchen Cutler ◽  
...  
Keyword(s):  
Emergency Department ◽  
Public Awareness ◽  
Weighted Least Squares ◽  
Age Groups ◽  
Secular Trends ◽  
Medical Attention ◽  
Age Group ◽  
Admission Rates ◽  
Pediatric Hospitals ◽  
Over Time

BackgroundIncreased concussion rates in US youth have been documented since 2000. Concomitant rises in healthcare utilization for concussion are likely attributable to public health, media, and legislative initiatives aimed at increasing public awareness of the importance of seeking medical attention after injury. Utilization trends in young children have not been well-documented, however.ObjectiveTo characterize recent secular trends in pediatric emergency department (ED) encounters for concussion by 4-year age group.MethodsUsing Children's Hospital Association's Pediatric Health Information System data, we examined a retrospective cohort of patients aged 2–17 years with an ED encounter for concussion at 22 US pediatric hospitals with continuous data between 2008 and 2017. Average annual change in rates of ED visits for concussion and sports-/recreation-related concussion, imaging, and admissions were estimated via weighted least-squares regression.ResultsED encounters with a primary indication of concussion comprised 0.8% (n = 86,393) of all ED encounters in 2008–2017. Over time, ED concussion visits in 6–17-year-olds increased by 0.5–1.1 per 1,000 ED encounters per year (all Ptrend< 0.0001), while rates among 2-5-year-olds remained stable (Ptrend = 0.72). Rates for sports-/recreation-related concussions increased significantly across all age groups (<0.0001 ≤ Ptrend ≤ 0.01). Absolute number undergoing any imaging increased in all age groups; however, due to increased ED concussion encounters, the rate of imaging decreased overall (−29.7/1,000 ED concussion encounters/year; Ptrend < 0.0001) and across all age groups; the imaging rate decreased less for 2-5-year-olds (−19.6/1,000 encounters/year; Ptrend < 0.0001). Likewise, admission rates declined significantly over time overall (−10.1/1,000 encounters/y; Ptrend = 0.0006) and for all age groups.ConclusionsED concussion encounter rates in US youth aged 6–17 years continue to increase at pediatric hospitals, suggesting awareness efforts have been effective. Conversely, imaging and admission rates have decreased, indicating efforts to curtail unnecessary irradiation and intervention have also been successful. Trends in 2-5-year-olds were somewhat different from older youth and should be explored further.

scholarly journals Secular Changes in Mortality and Hospitalization over Time in People with Kidney Failure or Severe CKD as Compared with Other Noncommunicable Diseases

2020 ◽  
Vol 31 (11) ◽  
pp. 2631-2641
Author(s):  
Marcello Tonelli ◽  
Natasha Wiebe ◽  
Matthew T. James ◽  
Scott W. Klarenbach ◽  
Braden J. Manns ◽  
...  
Keyword(s):  
Kidney Failure ◽  
Absolute Risk ◽  
Secular Trends ◽  
Noncommunicable Disease ◽  
Noncommunicable Diseases ◽  
Absolute Reduction ◽  
Risk Of Mortality ◽  
New Treatments ◽  
Hospital Days ◽  
Over Time

BackgroundFew new treatments have been developed for kidney failure or CKD in recent years, leading to perceptions of slower improvement in outcomes associated with CKD or kidney failure than for other major noncommunicable diseases.MethodsOur retrospective cohort study included 548,609 people with an incident noncommunicable disease, including cardiovascular diseases, diabetes, various cancers, and severe CKD or kidney failure treated with renal replacement (KF-RRT), treated in Alberta, Canada, 2004–2015. For each disease, we assessed presence or absence of 8 comorbidities; we also compared secular trends in relative (compared to a referent year of 2004) and absolute risks of mortality and mean annual days in the hospital associated with each disease after 1 year and 5 years.ResultsComorbidities increased significantly in number over time for all noncommunicable diseases except diabetes, and increased most rapidly for CKD and KF-RRT. Significant but relatively small reductions over time in the risk ratio of mortality at 1 year occurred for nearly all noncommunicable diseases. Secular trends in the absolute risk of mortality were similar; CKD and KF-RRT had a relatively favorable ranking at 1 year. Breast cancer, KF-RRT, diabetes, and colorectal cancer displayed the largest relative reductions in number of hospital days at 1 year. Significant absolute reductions in the number of hospital days were observed for both KF-RRT and CKD; the former had the highest absolute reduction among all noncommunicable diseases. Results were similar at 5 years.ConclusionsWe observed secular reductions in mortality and annual hospital days at 1 year and 5 years among incident patients with KF-RRT and severe CKD, as well as several other common noncommunicable diseases.

scholarly journals Secular trends in weight, height and weight for height among children under 7 years in nine cities of China, 1975–2015: results from five repeated cross-sectional surveys

BMJ Open ◽  
2019 ◽  
Vol 9 (10) ◽  
pp. e029201 ◽  
Author(s):  
Ya Qin Zhang ◽  
Hui Li ◽  
Hua Hong Wu ◽  
Xin Nan Zong
Keyword(s):  
Outcome Measures ◽  
Mean Value ◽  
Secular Trends ◽  
Healthy Children ◽  
Sample Sizes ◽  
Older Children ◽  
Cross Sectional ◽  
The Mean ◽  
Increasing Trends ◽  
Over Time

ObjectiveTo analyse the secular trends in mean value and distribution of weight, height and weight for height in children under 7 years in developed regions in China.DesignFive repeated cross-sectional surveys were conducted using the same methods at the same sites during 1975–2015.SettingNine cities in northern, central and southern regions of China.PopulationHealthy children under 7 years; the sample sizes were 94 496 in 1975, 79 177 in 1985, 79 152 in 1995, 69 760 in 2005 and 83 583 in 2015.Main outcome measuresWeight and height were measured by the same methods in the five surveys.ResultsThe increasing trends in the mean value of weight, height and weight for height were observed and their distribution was found to have shifted upwards. There were unbalanced increments in various centiles and the relative increments in the 3rd centile of height for children under 7 years were larger than those in the 50th and 97th centiles. Although the relative increments in the 3rd centile of weight for children under 2 years were larger than those in the 50th and 97th centiles, the increments in the 97th centile for children older than 2 years became the largest compared with other centiles. The changes in each centile of weight for height were similar with those of weight. The annual increments of height and weight increased over time and were more significant between birth and 2 years of age for height and between ages 4 years and 6 years for weight. The per-decade increments in 1975–1985, 1985–1995 and 1995–2005 became larger, while those in 2005–2015 slowed down.ConclusionsThe rapid increasing trends of weight, height and weight for height had slowed down since 2005 in developed regions of China. The relative increments in the low centile of height were more significant, while the high centile of weight and weight for height increased more significantly in older children.

scholarly journals The Interest Rate Elasticity of Mortgage Demand: Evidence from Bunching at the Conforming Loan Limit

2017 ◽  
Vol 9 (1) ◽  
pp. 210-240 ◽  
Author(s):  
Anthony A. DeFusco ◽  
Andrew Paciorek
Keyword(s):  
Interest Rate ◽  
Interest Rates ◽  
Fixed Rate ◽  
Mortgage Debt ◽  
Percentage Point Increase ◽  
Fannie Mae ◽  
The Interest Rate ◽  
Loan Size ◽  
Loan Limit ◽  
Mortgage Demand

This paper provides novel estimates of the interest rate elasticity of mortgage demand by measuring the degree of bunching in response to a discrete jump in interest rates at the conforming loan limit—the maximum loan size eligible for purchase by Fannie Mae and Freddie Mac. The estimates indicate that a 1 percentage point increase in the rate on a 30-year fixed-rate mortgage reduces first mortgage demand by between 2 and 3 percent. One-third of this response is driven by borrowers who take out second mortgages, which implies that total mortgage debt only declines by 1.5 to 2 percent. (JEL D14, G21, R21, R31)

scholarly journals A first-ever dedicated comprehensive review of incidence of epilepsy in South America and Caribbean

2017 ◽  
Vol 04 (01) ◽  
pp. 065-069
Author(s):  
Devender Bhalla ◽  
Saloni Kapoor ◽  
Ani Kapoor ◽  
Elham Lotfalinezhad ◽  
Fatemah Amini ◽  
...  
Keyword(s):  
South America ◽  
Random Effect ◽  
Secular Trends ◽  
South American ◽  
Population Differences ◽  
Incidence Data ◽  
Urban Rural ◽  
To Come ◽  
Multiple Languages ◽  
Over Time

AbstractIn order to understand true incident burden of epilepsy in South America and Caribbean, several sources were searched in multiple languages using keywords and combinations. The results were presented as counts, proportions, means, and/or medians along with their 95% confidence intervals (CI). No information was found from Caribbean and no information was available from six South American countries. Based on 14 estimates, annual median incidence (N = 185319, 1984–2010, 7 in rural area) of epilepsy for South America was 115.2/100,000 (95% CI 61.0–133.4, range 0.0–410.0). Random-effect pooled annual epilepsy incidence was 84.8/100,000 (95% CI 65.2–104.5). The 25th and 75th percentile of annual epilepsy incidence were 62.2/100,000 and 130.9/100,000 respectively with an interquartile range (IQR) of 68.7. Between-study variance attributable to each explanatory factor was estimated to be: 38.8% from study year, 18.1% from urban-rural milieu, 15.4% from case size, and 0.6% from study size. Descriptively, on average, 445824 (between 236070 and 516258) new cases of epilepsy are possibly occurring every year in South America. In conclusion, Caribbean needs to come forward for its own epilepsy incidence data especially when risk from numerous factors such as substance abuse, mental health, etc. deems high. Epilepsy incidence in South America is likely to be slightly lower than previously reported although this varies considerably for each country. Inter-population differences are in-part (more than 50%) related to urban-rural differences and variations over time. Our work is especially important to monitor secular trends of epilepsy incidence especially when new data would emerge and countries continue to undergo transitions.

scholarly journals Systemic Risk Contribution and Contagion of Industrial Sectors in China: From the Global Financial Crisis to the COVID-19 Pandemic

2021 ◽  
Vol 2021 ◽  
pp. 1-16
Author(s):  
Jianxu Liu ◽  
Yangnan Cheng ◽  
Yefan Zhou ◽  
Xiaoqing Li ◽  
Hongyu Kang ◽  
...  
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Systemic Risk ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Spillover Effect ◽  
Industrial Sectors ◽  
Risk Contribution ◽  
The Global Financial Crisis ◽  
Over Time

This paper investigates the risk contribution of 29 industrial sectors to the China stock market by using one-factor with Durante generator copulas (FDG) and component expected shortfall (CES) analyses. Risk contagion between the systemically most important sector and other sectors is examined using a copula-based ∆CoVaR approach. The data cover the 2008 global financial crisis and the beginning of the COVID-19 pandemic. The empirical results show that the banking sector contributed most to systemic risk before and during the global financial crisis. Nonbank finance became equally important in 2020, and the COVID-19 pandemic promoted the position of the computer and pharmaceuticals sectors. The spillover effect diminishes over time, but there remains risk contagion between sectors. The risk spillover trend is consistent with that of systemic risk.

Electoral Choice—Voter Demand and Party Supply

2018 ◽  
Author(s):  
Russell J. Dalton
Keyword(s):  
Financial Crisis ◽  
2008 Financial Crisis ◽  
Party Positions ◽  
Electoral Choice ◽  
The 2008 Financial Crisis ◽  
European Election ◽  
Voting Decisions ◽  
Election Studies ◽  
The Impact ◽  
Over Time

This chapter examines the impact of the economic and cultural cleavages on Europeans’ voting choices over time. There is a strong and persisting influence of the economic cleavage on voting choices with little change after the 2008 financial crisis. There is also a growing importance of the cultural cleavage. In recent elections, the cultural cleavage outweighs the influence on the economic cleavage. The polarization of party positions on the cultural cleavage increases the influence of this cleavage, but the same pattern is not apparent for the economic cleavage. The salience of each cleavage also affects its weight in voting decisions. European voters and parties have realigned their positions so that both cleavages are now important for electoral choice. The analyses are based on the European Election Studies in 1979, 2009, and 2014.

Neighborhood Impacts of the Foreclosure Crisis

2017 ◽  
Author(s):  
Martha Martinez
Keyword(s):  
Financial Crisis ◽  
Ethnic Minorities ◽  
Vulnerable Populations ◽  
Urban Policy ◽  
Lower Income ◽  
Mortgage Loans ◽  
Foreclosure Crisis ◽  
Income Groups ◽  
Mortgage Credit ◽  
Neighborhood Impacts

Near universal homeownership has been a cornerstone of neoliberal urban policy. However, policies that concentrate on making mortgage credit available rather than affordable precipitated the financial crisis and ensured that the most vulnerable populations, ethnic minorities and lower income groups, suffered the most from the collapse of the housing market in late 2007. Because of a prevalence of expensive subprime loans, Black and Latino neighborhoods suffered the highest levels of foreclosure filings and REOs in Chicago. A tightening of credit policies after the crisis also disproportionally affected Blacks and Latinos. The dynamics of the foreclosure crisis indicates that credit markets favoring expensive but easy mortgage loans are not a substitute for government intervention to face housing challenges in global cities.

Mortgage Origination and Securitization in the Financial Crisis

2012 ◽  
pp. 57-82 ◽  
Author(s):  
Matthew Richardson ◽  
Dwight Jaffee ◽  
Anthony W. Lynch ◽  
Matthew Richardson ◽  
Stijn Van Nieuwerburgh
Keyword(s):  
Financial Crisis ◽  
Mortgage Origination

Mortgage Foreclosures and Older Americans

2020 ◽  
pp. 106-115
Author(s):  
Lori A. Trawinski
Keyword(s):  
Financial Crisis ◽  
Mortgage Market ◽  
Economic Conditions ◽  
Mortgage Loans ◽  
Older Americans ◽  
Mortgage Debt ◽  
Home Prices ◽  
The Past ◽  
Mortgage Foreclosures ◽  
Over Time

Economic conditions improved since the 2008–09 mortgage market crisis, and home prices recovered in many areas. Nevertheless, over time, growing numbers of older households have taken on greater mortgage debt than in the past. These families are also carrying mortgage loans into retirement, far more than they did in the past. Foreclosure rates for all loans have decreased to pre-recession levels for borrowers under age 50, while for borrowers age 50+, foreclosure rates in 2017 were higher than in 2007. This means that many older homeowners may face the loss of their homes, despite the fact that the economy improved after the financial crisis.

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