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Mortgage Product Substitution and State Anti-Predatory Lending Laws: Better Loans and Better Borrowers?


Raphael W. Bostic


University of Southern California - Sol Price School of Public Policy

Souphala Chomsisengphet


US Department of Treasury - Office of the Comptroller of the Currency (OCC)

Kathleen C. Engel


Suffolk University Law School

Patricia A. McCoy


Boston College Law School

Anthony Pennington-Cross


Marquette University - Dept. of Finance

Susan M. Wachter


University of Pennsylvania - Wharton School, Department of Real Estate

May 12, 2009

Atlantic Economic Journal, Vol. 40, p. 273, 2012
U of Penn, Inst for Law & Econ Research Paper No. 09-27
Suffolk University Law School Research Paper No. 09-44

Abstract:     
Mounting foreclosures and recent disclosures of abusive lending practices have led many states to adopt new anti-predatory lending laws. Researchers have examined the impact of such laws on credit flows and the cost of credit. This research extends the literature by examining if the market responded to these laws by substituting different mortgage products for those restricted by anti-predatory lending provisions. The evidence indicates that the new laws were effective in restricting loans with targeted characteristics and that the market substituted other product types to maintain affordability in the face of these restrictions.

Number of Pages in PDF File: 51

Keywords: Real estate, mortgages, housing, abusive lending, predatory lending, mortgage products, product substitution, adjustment to prohibition

JEL Classification: G21, K29

Accepted Paper Series


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Date posted: August 26, 2009 ; Last revised: October 24, 2012

Suggested Citation

Bostic, Raphael W. and Chomsisengphet, Souphala and Engel, Kathleen C. and McCoy, Patricia A. and Pennington-Cross, Anthony and Wachter, Susan M., Mortgage Product Substitution and State Anti-Predatory Lending Laws: Better Loans and Better Borrowers? (May 12, 2009). U of Penn, Inst for Law & Econ Research Paper No. 09-27; Atlantic Economic Journal, Vol. 40, p. 273, 2012; U of Penn, Inst for Law & Econ Research Paper No. 09-27; Suffolk University Law School Research Paper No. 09-44. Available at SSRN: http://ssrn.com/abstract=1460871 or http://dx.doi.org/10.2139/ssrn.1460871

Contact Information

Raphael W. Bostic
University of Southern California - Sol Price School of Public Policy ( email )
Los Angeles, CA 90089-0626
United States
213-740-1220 (Phone)
HOME PAGE: http://priceschool.usc.edu/raphael-bostic/
Souphala Chomsisengphet
US Department of Treasury - Office of the Comptroller of the Currency (OCC) ( email )
400 7th Street, SW
Washington, DC 20219
United States
202-649-5533 (Phone)
Kathleen Engel
Suffolk University Law School ( email )
120 Tremont Street
Boston, MA 02108-4977
United States
617-994-6831 (Phone)
HOME PAGE: http://www.law.suffolk.edu/directories/administrator.cfm?InstructorID=1111

Patricia Ann McCoy
Boston College Law School ( email )
885 Centre Street
Newton, MA 02459-1163
United States

Anthony N. Pennington-Cross (Contact Author)
Marquette University - Dept. of Finance ( email )
P.O. Box 1881
Milwaukee, WI 53201-1881
United States
Susan M. Wachter
University of Pennsylvania - Wharton School, Department of Real Estate ( email )
The Wharton School
3620 Locust Walk
Philadelphia, PA 19104-6330
United States
215-898-6355 (Phone)

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