This paper proposes to examine the significance of both loan/borrower characteristics and macroeconomic factors in the mortgage default and foreclosure crisis in the New York City metropolitan area in the years immediately preceding the collapse of the housing bubble. Matching the full set of 2010 New York State pre-foreclosure filings to home loans originated from 2004 through 2008; the proposal seeks to expand upon the scope of earlier studies, incorporating measures of macroeconomic conditions together with loan characteristics and borrower demographics. Following a review of the literature and of the relative success of loan modification programs, we conclude with a brief proposal for a comprehensive study.
Sean P. MacDonald and Eric Doviak. "The Economic Dimensions of the Foreclosure Crisis." Proceedings of the New York State Economics Association. vol. 5, October 2012, p. 140-149
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