The effect of neighborhood contagion on mortgage selection
Ruben Hernandez-Murillo () and
No 2011-036, Working Papers from Federal Reserve Bank of St. Louis
In this paper we conduct an empirical investigation of how neighborhood mortgage adoption contagion affects mortgage product choice, with an emphasis on Hispanic borrowers. We use loan-level mortgage data for metropolitan areas in California and Florida during 2004 and 2005, the peak years of the subprime mortgage boom. We identify an important and statistically significant effect of contagion on consumer choice of hybrid mortgage products that were popular during this period, especially for Hispanic borrowers.
Keywords: Subprime mortgage; Home Mortgage Disclosure Act; Hispanic Americans (search for similar items in EconPapers)
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