scholarly journals Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications

2016 ◽  
Author(s):  
Christopher Foote ◽  
Lara Loewenstein ◽  
Paul Willen
Keyword(s):  
Cross Sectional ◽  
Mortgage Debt ◽  
Housing Boom

scholarly journals Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications

2020 ◽  
Author(s):  
Christopher L Foote ◽  
Lara Loewenstein ◽  
Paul S Willen
Keyword(s):  
Interest Rates ◽  
Low Income ◽  
House Price ◽  
Data Sets ◽  
Subprime Lending ◽  
Cross Sectional ◽  
Mortgage Debt ◽  
Exogenous Shock ◽  
Housing Boom ◽  
Price Growth

Abstract In this paper, we use two comprehensive micro-data sets to study how the distribution of mortgage debt evolved during the 2000s housing boom. We show that the allocation of mortgage debt across the income distribution remained stable, as did the allocation of real estate assets. Any theory of the boom must replicate these facts, and a general equilibrium model shows that doing so requires two elements: (1) an exogenous shock that increases expected house price growth or, alternatively, reduces interest rates and (2) financial markets that endogenously relax borrowing constraints in response to the shock. Empirically, the endogenous relaxation of constraints was largely accomplished with subprime lending, which allowed the mortgage debt of low-income households to increase at the same rate as that of high-income households.

scholarly journals Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession

2020 ◽  
Vol 110 (6) ◽  
pp. 1603-1634 ◽  
Author(s):  
Carlos Garriga ◽  
Aaron Hedlund
Keyword(s):  
Portfolio Choice ◽  
House Prices ◽  
Equilibrium Analysis ◽  
Tenure Choice ◽  
Cross Sectional ◽  
Mortgage Debt ◽  
Balance Sheets ◽  
The Great Recession ◽  
Model Features

Using a quantitative heterogeneous agents macro-housing model and detailed microdata, this paper studies the drivers of the 2006–2011 housing bust, its spillovers to consumption and the credit market, and the ability of mortgage rate interventions to accelerate the recovery. The model features tenure choice between owning and renting, rich portfolio choice, long-term defaultable mortgages, and endogenously illiquid housing from search frictions. The equilibrium analysis and empirical evidence suggest that the deterioration in house prices and liquidity, transmitted to consumption via balance sheets that vary in composition and depth, is central to explaining the observed aggregate and cross-sectional patterns. (JEL E23, E32, E44, G21, R31)

scholarly journals Subprime May Not Have Caused the 2000s Housing Crisis: Evidence from Cleveland, Ohio

2020 ◽  
pp. 1-8
Author(s):  
Lara Loewenstein
Keyword(s):  
House Price ◽  
Causal Role ◽  
Housing Crisis ◽  
Ground Zero ◽  
Mortgage Debt ◽  
Foreclosure Crisis ◽  
National Media ◽  
Housing Boom ◽  
Price Growth ◽  
Stark Contrast

During the 2000s housing bust, Cleveland’s Slavic Village was dubbed “ground zero of the foreclosure crisis” by the national media. Despite this, during the preceding housing boom Cleveland had stable house price growth and relatively low mortgage debt growth, a stark contrast to circumstances in areas such as California that had exceptionally high house price and mortgage debt growth. What explains the relatively minor housing boom and perceived sharp downturn in Cleveland? In this Commentary I show that while subprime debt was a prominent source of debt in Cleveland and especially in its Slavic Village neighborhood during the 2000s, it is difficult to peg subprime debt as playing a causal role in the subsequent foreclosure crisis.

scholarly journals The Financial Transmission of Housing Booms: Evidence from Spain

2021 ◽  
Vol 111 (3) ◽  
pp. 1013-1053
Author(s):  
Alberto Martín ◽  
Enrique Moral-Benito ◽  
Tom Schmitz
Keyword(s):  
Financial Constraints ◽  
Quantitative Model ◽  
Crowding Out ◽  
Cross Sectional ◽  
Credit Growth ◽  
Net Worth ◽  
Credit Supply ◽  
Housing Boom ◽  
Credit Demand

How does a housing boom affect credit to non-housing firms? Using bank, firm, and loan-level microdata, we show that the Spanish housing boom reduced non-housing credit growth during its first years, but stimulated it later on. These patterns can be rationalized by financial constraints for banks. Constrained banks initially accommodated higher housing credit demand by reducing non-housing credit. Eventually, however, the housing boom increased bank net worth and expanded credit supply. A quantitative model, disciplined by our cross-sectional estimates, indicates that the crowding-out effect was substantial but temporary, and had been fully absorbed by the end of the boom. (JEL E32, E44, G21, R21, R31)

Automated Image Analysis Of Nuclear And Cytoplasmic Changes In Exfoliated Cells From Tracheas Treated With Carcinogen

1977 ◽  
Vol 35 ◽  
pp. 220-221
Author(s):  
S.F. Stinson ◽  
J.C. Lilga ◽  
M.B. Sporn
Keyword(s):  
Image Analysis ◽  
Pattern Analysis ◽  
Relative Proportion ◽  
Automated Image Analysis ◽  
Image Analyzer ◽  
Cross Sectional ◽  
Exfoliated Cells ◽  
Neoplastic Lesions ◽  
Analysis System ◽  
Morphologic Criterion

Increased nuclear size, resulting in an increase in the relative proportion of nuclear to cytoplasmic sizes, is an important morphologic criterion for the evaluation of neoplastic and pre-neoplastic cells. This paper describes investigations into the suitability of automated image analysis for quantitating changes in nuclear and cytoplasmic cross-sectional areas in exfoliated cells from tracheas treated with carcinogen.Neoplastic and pre-neoplastic lesions were induced in the tracheas of Syrian hamsters with the carcinogen N-methyl-N-nitrosourea. Cytology samples were collected intra-tracheally with a specially designed catheter (1) and stained by a modified Papanicolaou technique. Three cytology specimens were selected from animals with normal tracheas, 3 from animals with dysplastic changes, and 3 from animals with epidermoid carcinoma. One hundred randomly selected cells on each slide were analyzed with a Bausch and Lomb Pattern Analysis System automated image analyzer.

X-Ray Replication of Submicrometer Linewidth Patterns

1977 ◽  
Vol 35 ◽  
pp. 136-137
Author(s):  
Henry I. Smith ◽  
D.C. Flanders
Keyword(s):  
Electron Beam Lithography ◽  
Cross Sectional ◽  
X Ray ◽  
Electron Backscattering ◽  
Spatial Frequencies ◽  
Cross Sectional Profile ◽  
Carbon Foils ◽  
Sectional Profile ◽  
And Control ◽  
Soft Radiation

Scanning electron beam lithography has been used for a number of years to write submicrometer linewidth patterns in radiation sensitive films (resist films) on substrates. On semi-infinite substrates, electron backscattering severely limits the exposure latitude and control of cross-sectional profile for patterns having fundamental spatial frequencies below about 4000 Å(l),Recently, STEM'S have been used to write patterns with linewidths below 100 Å. To avoid the detrimental effects of electron backscattering however, the substrates had to be carbon foils about 100 Å thick (2,3). X-ray lithography using the very soft radiation in the range 10 - 50 Å avoids the problem of backscattering and thus permits one to replicate on semi-infinite substrates patterns with linewidths of the order of 1000 Å and less, and in addition provides means for controlling cross-sectional profiles. X-radiation in the range 4-10 Å on the other hand is appropriate for replicating patterns in the linewidth range above about 3000 Å, and thus is most appropriate for microelectronic applications (4 - 6).

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