Refinancing Trends among Lower Income and Minority Homeowners during the Housing Boom and Bust
研究了住房市场繁荣和萧条期间低收入和少数族裔房主的抵押贷款再融资活动变化，发现繁荣期他们再融资更频繁但多非理性，萧条期则更难再融资。
This article examines trends in mortgage refinancing activity during the housing boom and bust, with a focus on homeowners in lower income and minority market (LIMM) areas. Unlike any other period in recent history, during the boom LIMM homeowners refinanced their mortgages more frequently than non‐LIMM homeowners. This occurred primarily among borrowers for whom the refinance option was not in‐the‐money, and it is likely attributable to the concurrent growth of subprime, cash‐out refinancing. Following the 2007 mortgage market collapse, however, LIMM homeowners were less likely to refinance. This can be explained in part by systematic differences in home equity levels across borrowers.