Foreclosure Externalities

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

Chapter 15 in The Subprime Crisis:Lessons for Business Students, 2017, pp 123-129 from World Scientific Publishing Co. Pte. Ltd.

Abstract: It is obvious that foreclosures have a destructive effect on the households which have to default on their loans and lose their homes. This destruction is not isolated, though, and often creates spillover effects that affect the communities around them. These spillover effects are called negative externalities, and understanding how these externalities play a part in the exacerbation of economic events is key to understanding the big picture of how the subprime mortgage crisis affected the economy as a whole…

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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