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Staff Reports, Federal Reserve Bank of New York >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/60960
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Morgan, Donald P. | | en_US |
| dc.contributor.author | | Iverson, Benjamin | | en_US |
| dc.contributor.author | | Botsch, Matthew | | en_US |
| dc.date.accessioned | | 2010-04-30 | | en_US |
| dc.date.accessioned | | 2012-08-17T14:38:36Z | | - |
| dc.date.available | | 2012-08-17T14:38:36Z | | - |
| dc.date.issued | | 2009 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/60960 | | - |
| dc.description.abstract | | We argue that the 2005 bankruptcy abuse reform (BAR) contributed to the surge in subprime foreclosures that followed its passage. Before BAR, over-indebted mortgagors could free up income to pay the mortgage by filing bankruptcy and having their unsecured debts discharged. BAR blocks that maneuver for better-off filers by way of a means test. We identify the effects of BAR using state home equity bankruptcy exemptions; filers in low-exemption states were not very protected before BAR, so they would be less affected by the reform. Difference-in-difference regressions confirm four predictions implied by that identification strategy. Our findings add to research trying to explain the surge in subprime foreclosures and to a broader literature on household bankruptcy demand and credit supply. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Federal Reserve Bank of New York New York, NY | | en_US |
| dc.relation.ispartofseries | | Staff Report, Federal Reserve Bank of New York 358 | | en_US |
| dc.subject.jel | | G21 | | en_US |
| dc.subject.jel | | G33 | | en_US |
| dc.subject.jel | | K35 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Bankruptcy | | en_US |
| dc.subject.keyword | | subprime foreclosures | | en_US |
| dc.subject.keyword | | subprime mortgages | | en_US |
| dc.subject.keyword | | unsecured debt | | en_US |
| dc.subject.keyword | | credit card debt | | en_US |
| dc.subject.keyword | | home equity exemptions | | en_US |
| dc.subject.keyword | | cram-down | | en_US |
| dc.title | | Seismic effects of the bankruptcy reform | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 593786254 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Staff Reports, Federal Reserve Bank of New York
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