Credit Experiences

Jaime Luque
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Jaime Luque: 1University of Wisconsin-Madison, USA

Chapter 10 in The Subprime Crisis:Lessons for Business Students, 2017, pp 81-89 from World Scientific Publishing Co. Pte. Ltd.

Abstract: One consequence a homeowner faces if he is forced to foreclose on a property is the credit implications of failing to honor a loan. Namely, credit scores take a huge hit, which in turn makes borrowing more expensive, and in some cases, makes credit inaccessible. Consumers’ economic activity is heavily influenced by the cost of borrowing they face. Decreased household spending only exacerbates an economic environment subject to a subprime mortgage crisis. Understanding the implications that foreclosures have on individual credit can help us prevent an economic contraction such as the Great Recession…

Keywords: Subprime Crisis; Great Recession; 2009 Recession; Mortgage; Financial Market; Preventing Recession; 2009 Crisis; Interest Rates (search for similar items in EconPapers)
JEL-codes: G01 G1 (search for similar items in EconPapers)
Date: 2017
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