Bankruptcy Exemption, Home Equity and Mortgage Credit
研究了州级破产房屋豁免政策如何影响抵押贷款申请，发现更慷慨的豁免鼓励购房者买更大房子、贷更多款，但固定房价下会减少贷款、增加房屋净值，且对贷款人利大于弊。
This article examines the impact of state bankruptcy homestead exemptions on mortgage application outcomes. The empirical analysis controls for endogeneity problems by focusing on 55 urban areas that cross state borders using the Home Mortgage Disclosure Act files from 2001 to 2008. The results indicate that holding the loan‐to‐value ratio constant, a more generous homestead exemption encourages borrowers to buy more housing and take out larger mortgages. However, holding house value constant, a more generous homestead exemption discourages mortgage borrowing and results in more home equity. Moreover, benefits of the homestead exemption outweigh the costs of it to mortgage lenders.