The Cost of Foreclosure Delay
利用美国住房危机前后的大样本住房抵押贷款数据，估计了与时间相关的止赎成本，发现司法审查州的成本上升尤为显著，可能影响贷款服务实践和信贷可得性。
We measure the cost of foreclosure delay by estimating time‐related foreclosure costs using a large national sample of residential mortgages before, during, and after the recent U.S. housing crisis. The large volume of foreclosures, coupled with an unprecedented series of government interventions in mortgage servicing practices, significantly extended foreclosure timelines during and after the crisis. Costs were especially pronounced in judicial review states, which saw average foreclosure costs go up 15 percentage points, 24 percentage points in the highest cost state. Cost increases of this magnitude are likely to have consequences for servicing practices and mortgage credit availability.