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We document four secular trends about U.S. mortgage origination by traditional and FinTech lenders after the 2008-2009 financial crisis. First, since 2011, the overall number, size, and approval rate of small and medium-sized loans have been decreasing over time, relative to large loans. Second, the largest lenders redistribute their lending the most. Third, this loan-size redistribution of credit increases in the size of the lender. Fourth, the effects are stronger for mortgages further away from the conforming loan limit(s) in both directions. We argue that the supply of credit drives these secular trends, and we assess several potential economic mechanisms. [ABSTRACT FROM AUTHOR]

On entering the digital era, the Ministry of Agrarian Affairs and Spatial Planning/National Land Agency introduced electronic land services, including electronic mortgage rights. To facilitate investment needs by applying for bank loans and to improve mortgage rights services in meeting the principles of transparency, timeliness, speed, convenience, effectiveness, and efficiency. This research aims to describe and analyze the arrangement of electronic mortgage rights system services, and the advantages and disadvantages faced by the organizers and users of the electronic mortgage rights system services. The type of research used is descriptive normative legal research. Secondary data were analyzed qualitatively. For the conclusion deductive logic was used. The research results showed that the types of services in the electronic mortgage rights system include registration of mortgage rights, transfer of mortgage rights, change of creditor name, and cancellation of liability electronically integrated mortgage rights service mechanisms. The land deed officials, creditors, and the land office experienced problems while registering mortgage rights in the electronic system. There are advantages and disadvantages to an electronic mortgage rights system. There are unclear settings. It is proposed that the rules regarding electronic mortgage rights must be revised regarding the improvement period for electronic mortgage rights applications. The provisions of Article 10 paragraph (3) of the Mortgage Rights Law cannot be implemented because the Electronic Mortgage Rights are based on land data that has been legalized and registered with the local land office. The provisions of Article 10 paragraph (3) of the Mortgage Rights Law must accommodate. [ABSTRACT FROM AUTHOR]

Using a unique nationwide mortgage servicing dataset, this paper investigates the underreporting of second liens in portfolio mortgages and compares underreporting in portfolio versus privately securitized mortgages. Portfolio loans have more than 40% of the second liens underreported. Low documentation securitized loans have a 47% (in relative terms) lower misreporting rate than observably similar portfolio loans. The portfolio setting allows us to provide strong evidence that misreporting happens in the early stages of intermediation by lenders. The decreased occurrence of misreporting in sold loans subjected to more rigorous screening indicates the effectiveness of MBS issuers' screening, though its overall effect remains limited. Further, we show that the lender‐MBS issuer affiliation also plays a role in misreporting. [ABSTRACT FROM AUTHOR]

Although the foreclosure crisis is considered over, some areas of the U.S. continue to suffer from high foreclosure rates. This research presents findings from in-depth interviews conducted with 18 service providers who worked with families to prevent their foreclosures in Cleveland, Ohio. The research focused on better understanding the landscape of the Cleveland foreclosure experience. Service providers provided insight into families' experiences with the foreclosure process. The three main themes developed from the interviews included: (1) clients lacked knowledge about the mortgage process; (2) lenders exploited clients' lack of knowledge, setting them up to fail with predatory mortgages and targeting specific groups; and (3) mortgage servicers were inflexible, inconsistent, incompetent, and lacked regard for clients, except for local servicers. The findings provide implications for housing research, policy, and practice. [ABSTRACT FROM AUTHOR]

We study incentive problems associated with the compensation of servicers during default remediation. First, we fill a gap in the literature by identifying stylized facts about servicing fees. Next, we present evidence showing that servicing fees drive mortgage modifications and foreclosures, likely to the detriment of investors. Servicers modify loans paying high servicing fees and delay their foreclosure to protect servicing cash flows. These effects are causal. Voluntary mortgage renegotiation by servicers is unlikely to reduce foreclosures. In addition to ex post government intervention, special servicing and innovative mortgage contracts allowing for affordable modifications that benefit investors may improve renegotiation outcomes. This paper was accepted by Tomasz Piskorski, finance. [ABSTRACT FROM AUTHOR]

Copyright of Riwayat: Educational Journal of History & Humanities is the property of Riwayat: Educational Journal of History & Humanities and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Although low-income homeownership programs serving vulnerable families at the lower end of the income distribution have been the focus of housing policy in many countries over the past 50 years, little is known about the post-origination experiences of immigrant families participating in these programs. Notably absent from the extant literature are studies examining the sustainability of homeownership among immigrant homebuyers and their susceptibility to falling behind on payments and experiencing mortgage defaults, evictions, or short sales. Utilizing data from 8263 families participating in Norway's Starter Mortgage Program (Startlån) during the first three calendar years after mortgage origination, we examine the extent to which serious mortgage arrears varies by immigrant background. Two primary questions shape our research: (1) What is the incidence of serious mortgage arrears among Western, Eastern European, and non-Western immigrant homeowners relative to ethnic Norwegians participating in a public low-income homeownership program? and (2) What pre- and post-origination characteristics of applicants and households, mortgage terms at the time of origination, and experiences of household financial vulnerability or economic shocks predict heterogeneity in serious mortgage arrears by immigrant backgrounds? We found that 6.1% of ethnic Norwegian, 6.2% of Western, 4.9% of non-Western, and 3.2% of Eastern European immigrant homeowners participating in the Starter Mortgage Program were in serious mortgage arrears at least once during the first three calendar years after mortgage origination. Results from our negative binomial regression analyses suggest that program participants who were sole owners, with larger families, and higher debt were more likely to experience serious mortgage arrears; these effects were accentuated for ethnic Norwegians. Additionally, mortgage terms at the time of origination produced differential effects by immigrant background. Compared to Western and Eastern European immigrant homeowners, ethnic Norwegians were more likely to have experienced serious mortgage arrears if they purchased a single-family home, had larger LTV and DTI ratios, or if the Startlån share of their mortgages was higher. Non-Western immigrant mortgagors were more likely to make late mortgage payments if they had larger LTV ratios, interest-only mortgage servicing, or if they were more reliant on Startlån funds to finance their mortgages; however, this risk was reduced if they had fixed-rate mortgages. Financial vulnerability in terms of higher debt or fewer assets also increased the risk of serious mortgage arrears for ethnic Norwegians and non-Western immigrant homeowners, while increases in real wealth reduced that risk for all immigrant mortgagor groups. [ABSTRACT FROM AUTHOR]

Minsky, the father of the financial instability hypothesis was concerned with how instability in business sector balance sheets could contribute to overall financial instability. Minsky did not consider the household balance to be important, and until 1990 taking that perspective was not problematic. However, as the level of household net wealth increased significantly through the 1990s, the household sector became an important player in the financial sector balances game. This article analyzes the role of household debt in economic growth from the post-Keynesian approach. We find that household debt does matter to financial stability. It influences the consumption levels of households, the rate of return on mortgage and other debt held by banks and other financial institutions, the rate of return on the production of goods and services, and the overall well-being of households in our economy. The issue of household debt can be tackled from two sides. From the income side, creating a work environment favorable to unions and a job guarantee program would help. From the expenditure side, providing Medicare, childcare, eldercare, higher education, and potentially housing, would remove the reasons why household acquire sometimes unsustainable debt. [ABSTRACT FROM AUTHOR]

Failing to refinance a mortgage can cost a borrower thousands of dollars. Based on administrative data from a large financial institution, we show that around 50% of borrowers leave thousands of dollars on the table by not refinancing. Survey data indicate that, among all the behavioral factors examined, only suspicion of banks' motives is consistently related to the probability of accepting a refinancing offer. Finally, we report the results of three field experiments showing that enticing offers made by banks fail to increase participation and may even deepen suspicion. Our findings highlight the important role of trust in financial decisions. Received July 12, 2017; editorial decision April 3, 2018 by Editor Andrew Karolyi. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

The Community Reinvestment Act (CRA) encourages banks to lend to low‐ and moderate‐income individuals. This paper estimates the effect of the CRA on mortgage lending, exploiting variation in the set of banks whose lending performance is assessed in a given neighborhood due to redefinitions of Metropolitan Statistical Areas in 2003. Incorporating a typical tract into one additional banks' assessment area increased mortgage lending there by approximately 2%. Lending to low‐income borrowers was particularly affected. While income‐conditional default risk was little changed, CRA‐induced loans were riskier than average, due to their borrowers' lower incomes. [ABSTRACT FROM AUTHOR]

I estimate the extent to which modifications of privately securitized mortgages increased or forgave debt during the Great Recession and aftermath, from 2008 to 2014. I find that loan modifications weakened household balance sheets by adding $20 billion to household debt, with the net amount of debt added per modification doubling from 2010 to 2014. I also find that the increase in debt is consistent with capitalization of fees, but not missed interest payments. Capitalization of fees is significant because it has been associated with a principal-agent problem between investors and mortgage servicers preventing efficient loss mitigation, as well as consumer financial protection abuses. [ABSTRACT FROM AUTHOR]

This study examines the effect of Social Security benefits received in old age on food security among older adults. Using repeated cross sections from the Panel Study of Income Dynamics and an instrumental variable approach to address the endogeneity between the decision to claim Social Security and household food security, we find that an increase in Social Security benefits or becoming a Social Security beneficiary significantly increases the probability of being food secure. Our results were robust to changes of the dependent variable or the endogenous variable but were sensitive to some of the expansions or contractions of the sample. Related Content: Food insecurity among older adults in the U.S.: The role of mortgage borrowing Related Content: The effects of aging services and the supplemental nutrition assistance program on food insecurity among older Georgians: 2018–2020 Related Content: The long‐run prevalence of food insufficiency among older Americans Related Content: Do state Supplemental Nutrition Assistance Program policies influence program participation among seniors? [ABSTRACT FROM AUTHOR]

Senior participation in the Supplemental Nutrition Assistance Program (SNAP) has traditionally been lower than other groups among those eligible, with historical estimates below 50%. We examine the impacts of state SNAP policies on program participation among low‐income senior (age 60 and older) and nonsenior households using data from the 2001 to 2014 December Current Population Survey Food Security Supplement. Our results suggest that policies designed to expand SNAP eligibility modestly increased participation among seniors but led to larger increases among nonseniors. In contrast, we find little evidence of effects of policies related to transaction costs, stigma, or outreach on either group. Related Content: The effects of aging services and the supplemental nutrition assistance program on food insecurity among older Georgians: 2018–2020 Related Content: The long‐run prevalence of food insufficiency among older Americans Related Content: Food insecurity among older adults in the U.S.: The role of mortgage borrowing Related Content: Does Social Security promote food security? Evidence for older households [ABSTRACT FROM AUTHOR]

In this paper, I utilize proprietary servicer call transcripts between a single servicer and the corresponding borrowers, whose loans they service, to shed light on borrower responses to the mortgage forbearance program contained in the CARES Act. My analysis reveals that borrowers (especially with non-performing loans) did not actively seek out mortgage forbearance (conditional on communication) in response to this policy, which was intended to prevent a pandemic-induced foreclosure. This is an outcome of the servicer's differential treatment between government and private loans, as the CARES Act was designed for government loans only and left scope for servicer discretion for private loans. These results bring into question the effectiveness of ad hoc laws and the implementation thereof during the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía (Universidad Autónoma de Yucatán) is the property of Universidad Autonoma de Yucatan, Facultad de Economia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Guarantee agreements for immovable objects such as land/buildings, the provisions of Law Number 4 of 1996 concerning Mortgage on Land and objects. To improve mortgage services meet the principles of openness, timeliness, speed, convenience and affordability, it is necessary to utilize information technology, mortgage service procedures can be integrated electronically become more effective and efficient. Spatial Planning of the Head of the National Land Agency Number 9 of 2019 concerning Electronic Integrated Mortgage Services which has been effective since its promulgation. The Ministerial Regulation Number 3 of 2019 concerning the use of electronic systems and 7 of 2019 is concerning changes in the form of certificates. The various ministerial regulations is a step forward and expected to make it easier for the public to get services, especially Electronic HT registration by utilizing technological developments, considered suitable with the current situation of the Indonesian state which are facing the COVID-19 outbreak. [ABSTRACT FROM AUTHOR]

The loss of jobs and the decline in real incomes caused by the 2008 financial crisis and the COVID-19 pandemic have affected consumers' ability to repay their debts. These have led to high ratios of non-performing loans (NPLs), which affect the stability of the financial industry and undermine economic recovery. The result has been a need for faster debt enforcement and a drastic increase in abusive informal debt collection practices (IDCPs). In the EU, the need to regulate and harmonize abusive IDCPs surfaced in 2018 in connection to the Proposal for a Directive on Credit Servicers, Credit Purchasers and the Recovery of Collateral (CSDP). The directive would enable banks to outsource the servicing of NPLs to a specialized debt collector, but it contained no protection rules against abusive IDCPs. In this article, the researcher critically assesses the need for harmonization of the legal framework concerning abusive IDCPs in the EU, mainly from the standpoint of the initial and current text of the CSDP. Where necessary, the researcher will refer to both historical and comparative law perspectives. The researcher focuses on the legal character of informal debt collection, its relation to financial services, and its potential sui generis character. After that, the researcher will address the arguments for and against establishing pan-EU sector-specific legislation dedicated to IDCPs. Next, the researcher discusses the constitutional authority of the EU to regulate abusive IDCPs. Finally, the researcher will examine the interaction of the CSDP with other consumer (financial) protection instruments to identify the best solution for harmonizing abusive IDCPs at the EU level. The researcher will juxtapose several dichotomies: general versus sector-specific, procedural versus substantive, minimum versus maximum harmonization, and hard versus soft regulation. In the conclusion, the researcher shall synthesize the core problems and suggest an approach. [ABSTRACT FROM AUTHOR]

The article considers the principal legal implications of the key, general legislative framework on services regulation, the Services Directive (Directive 2006/123/EC on services in the internal market), exploring, several years since its implementation deadline and in view of the emerging litigation, the resilience of this regulatory endeavour at the heart of the EU's economy. In particular, the present contribution analyses focal aspects of the directive, especially as interpreted by the Court of Justice of the European Union, through the prism of the directive's objectives of legal certainty, acquis compatibility, and synchronization. In doing so, the study evaluates the contribution of the directive to positive harmonization and its interaction with the negative integration regime for the completion of the internal market in services. [ABSTRACT FROM AUTHOR]