Mortgage Lending, Sample Selection and Default
研究了传统抵押贷款违约模型因忽略贷款审批过程而产生的样本选择偏差，利用1990年波士顿联储贷款申请样本和1992年FHA止赎样本估计了校正后的模型，并检验了基于偏见的歧视。
Traditional models of mortgage default suffer from sample‐selection bias because they do not control for the loan approval process. This paper estimates a sample‐selection‐corrected default model using the 1990 Boston Federal Reserve loan application sample and the 1992 Federal Housing Authority (FHA) foreclosure sample. A single‐equation FHA default model appears to suffer from substantial selection bias, but the bias primarily arises from the omission of credit history and other variables that are only in the application sample. Therefore, default models that contain detailed information on applicants may not suffer from substantial selection bias. Finally, a test for prejudice‐based discrimination is developed and conducted, but the findings are inconclusive.