Foreclosures of Subprime Mortgages in Chicago: Analyzing the Role of Predatory Lending Practices

Foreclosures of Subprime Mortgages in Chicago: Analyzing the Role of Predatory Lending Practices

by Morgan J Rose

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Overview

A dramatic rise in subprime foreclosures over the past several years has led to calls for restrictions of, or prohibitions against, a range of lending practices loosely termed "predatory." Several cities and states have enacted legislation or regulations aimed at eliminating predatory practices, and some advocacy groups have endorsed action nationally. This working paper uses data from the Chicago metropolitan area to examine the impact of two frequently cited predatory lending practices, long prepayment penalty periods and balloon payments, on the probability of foreclosure on subprime refinance and home purchase mortgages. This paper also examines the impact of low- and no-documentation, and how combinations of low- and no-documentation, long prepayment penalty periods, and balloon payments affect foreclosure rates.


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Product Details

ISBN-13: 9781505309089
Publisher: CreateSpace Publishing
Publication date: 12/31/2014
Pages: 36
Product dimensions: 8.50(w) x 11.00(h) x 0.07(d)

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