Mortgage default and low downpayment loans: the costs of public subsidy

Article Abstract:

The default and prepayment attitude of householders are characterized in a proportional hazard framework model which treats the two behaviors as competing hazards. This model is employed in the analysis of a present housing subsidy policy proposal that would provide zero downpayment mortgage loans for families of low income. Default and prepayment characteristics each relies on both the house values and the interest rates with default being chosen when the equity of the borrower is negative. Program costs should then depend on the actual rating of mortgages to the mortgagors.

Economic aspects, Finance, Homeowners, Mortgages, Default (Finance), Debt prepayment, Rent subsidies

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Giving households credit: how changes in the U.S. tax code could promote homeownership

Article Abstract:

Research was conducted to examine the implications of different modifications in the homeownership deduction rules for the encouragement of homeownership in the aggregate and across various household classes. A user-cost framework is applied to a probit tenure-choice model which is estimated by means of two approaches. Results indicate that the revenue-neutral replacement of the current structure of deductions with a level tax credit to all US homeowners could increase homeownership by 3% to 5% in the aggregate and up to 8% among the lowest-income households.

Public Finance Activities, Personal Income Taxes, Income tax, Personal income tax

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Radial differences in homeownership: the effect of residential location

Article Abstract:

Research indicates that race does not contribute to lower home ownership rates or choice of locations among African Americans.

United States, Science & research, Public affairs, Social aspects, African Americans

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