Credit access following a mortgage default

William Hedberg and John Krainer

FRBSF Economic Letter, 2012, issue oct29

Abstract: Borrowers who default on mortgages return to the mortgage market at extremely slow rates. Only about 10% of borrowers with a prior serious delinquency regain access to the mortgage market within 10 years of their default. Borrowers who terminate mortgages for reasons other than default return to the market about two-and-a-half times faster than those who default. Renewed access to credit takes even longer for subprime borrowers with a serious delinquency on their record.

Keywords: Mortgages (search for similar items in EconPapers)
Date: 2012
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