Financial Education versus Costly Counseling: How to Dissuade Borrowers from Choosing Risky Mortgages?
基于2006年伊利诺伊州的立法试点，研究强制第三方审查抵押合同对消费者选择的影响，发现强制咨询对低信用评分者无效，但高信用评分者为避免咨询而减少选择高风险合同。
This paper explores the effects of mandatory third-party review of mortgage contracts on consumer choice. The study is based on a legislative pilot carried out in Illinois in 2006, under which mortgage counseling was triggered by applicant credit scores or by their choice of “risky mortgages.” Low-credit score applicants for whom counselor review was mandatory did not materially alter their contract choice. Conversely, higher credit score applicants who could avoid counseling by choosing nonrisky mortgages did so, decreasing their propensity for high-risk contracts between 10 and 40 percent. In the event, one of the key goals of the legislation—curtailment of high-risk mortgage products—was only achieved among the population that was not counseled.