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How does working in a finance profession affect mortgage delinquency?

Sumit Agarwal, Souphala Chomsisengphet and Yunqi Zhang

Journal of Banking & Finance, 2017, vol. 78, issue C, 1-13

Abstract: This paper uses a dataset from a leading American subprime lender, which contains detailed information on borrower and loan characteristics. We find that financial professionals are less likely to become delinquent. This effect cannot be explained by borrower characteristics, such as income, education, loan terms, property characteristics, geographic effects, or strategic default. We also find variation in the effect of working in a financial profession across borrowers of different ages and income levels. We discuss explanations for these results.

Keywords: Mortgage; Financial crisis; Household finance; Financial professional (search for similar items in EconPapers)
JEL-codes: D10 R20 G01 G21 (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:eee:jbfina:v:78:y:2017:i:c:p:1-13