Mortgage Default and Prepayment Risks among Moderate‐ and Low‐Income Households
利用社区再投资贷款数据，研究极低收入家庭相比中低收入家庭更易违约、更少提前还款，且收入越低时传统风险因素影响不同。
Using a unique sample of community reinvestment loans, we study the propensity of very low‐income households to terminate a mortgage and compare it to the outcomes for low‐income and moderate‐income households. The results indicate that, even within moderate‐ and low‐income segments, lower or very low income is associated with higher default and lower prepayment probabilities. In addition, depending on how low the borrower's income is, classic determinants of loan termination such as credit scores, the amount of equity in the home and local labor market conditions can have different impacts on default and prepayment probabilities.