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https://hdl.handle.net/10419/60960
Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Morgan, Donald P. | en |
dc.contributor.author | Iverson, Benjamin | en |
dc.contributor.author | Botsch, Matthew | en |
dc.date.accessioned | 2010-04-30 | - |
dc.date.accessioned | 2012-08-17T14:38:36Z | - |
dc.date.available | 2012-08-17T14:38:36Z | - |
dc.date.issued | 2009 | - |
dc.identifier.uri | http://hdl.handle.net/10419/60960 | - |
dc.description.abstract | We argue that the 2005 bankruptcy abuse reform (BAR) contributed to the surge in subprime foreclosures that followed its passage. Before BAR, over-indebted mortgagors could free up income to pay the mortgage by filing bankruptcy and having their unsecured debts discharged. BAR blocks that maneuver for better-off filers by way of a means test. We identify the effects of BAR using state home equity bankruptcy exemptions; filers in low-exemption states were not very protected before BAR, so they would be less affected by the reform. Difference-in-difference regressions confirm four predictions implied by that identification strategy. Our findings add to research trying to explain the surge in subprime foreclosures and to a broader literature on household bankruptcy demand and credit supply. | en |
dc.language.iso | eng | en |
dc.publisher | |aFederal Reserve Bank of New York |cNew York, NY | en |
dc.relation.ispartofseries | |aStaff Report |x358 | en |
dc.subject.jel | G21 | en |
dc.subject.jel | G33 | en |
dc.subject.jel | K35 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Bankruptcy | en |
dc.subject.keyword | subprime foreclosures | en |
dc.subject.keyword | subprime mortgages | en |
dc.subject.keyword | unsecured debt | en |
dc.subject.keyword | credit card debt | en |
dc.subject.keyword | home equity exemptions | en |
dc.subject.keyword | cram-down | en |
dc.title | Seismic effects of the bankruptcy reform | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 593786254 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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