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Mortgage Product Substitution and State Anti-Predatory Lending Laws: Better Loans and Better Borrowers?Raphael W. BosticUniversity of Southern California - School of Policy Planning and Development (SPPD) Souphala ChomsisengphetGovernment of the United States of America - Office of the Comptroller of the Currency (OCC) Kathleen C. EngelSuffolk University Law School Patricia A. McCoyUniversity of Connecticut - School of Law Anthony Pennington-CrossMarquette University - Dept. of Finance Susan M. WachterUniversity 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 SeriesDate posted: August 26, 2009 ; Last revised: October 24, 2012Suggested CitationContact Information
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