Environmental Hazards and Mortgage Credit Risk: Evidence from Texas Pipeline Incidents
研究了2005-2011年德克萨斯州管道事件对抵押贷款信用风险的影响，发现管道存在区域贷款发放率永久降低1.9%，事件发生后额外降低1.8%，反映了贷款人对抵押品价值和环境责任的担忧。
Abstract This study examines the effects of pipeline hazards on credit risk using evidence from the 2005–2011 home mortgage loans in Texas. Difference‐in‐difference analyses show a permanently lower origination rate by 1.9% in the pipeline‐present areas compared to the pipeline‐free areas, which was further enlarged by 1.8% whenever pipeline incidents happened. Evidence suggests that the permanent difference in credit access reflects lenders’ concerns about collateral value and borrowers’ repayment ability. The elevated post‐incident risk perceptions indicate lenders’ aversion to environmental liabilities. Lenders’ risk management strategies differed by borrowers’ income and evolved with the tightening of the securitization market.