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Who Selected Adjustable-Rate Mortgages? Evidence from the 1989-2007 Surveys of Consumer Finances

John Beshears
National Bureau of Economic Research (NBER); Harvard University - Department of Economics

Daniel Bergstresser
Harvard Business School

November 4, 2009

Abstract:
We find evidence that households selecting Adjustable Rate Mortgages (ARMs) during the recent decade were disproportionately those who were less suspicious or who may have had difficulty understanding complicated ARM features that became commonplace prior to the financial crisis.

Keywords: Mortgages, ARMs

JEL Classifications: G21

Working Paper Series

Date posted: November 05, 2009 ; Last revised: November 05, 2009

Suggested Citation

Beshears, John and Bergstresser, Daniel B., Who Selected Adjustable-Rate Mortgages? Evidence from the 1989-2007 Surveys of Consumer Finances (November 4, 2009). Available at SSRN: http://ssrn.com/abstract=1499959

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Contact Information

Daniel B. Bergstresser (Contact Author) Harvard Business School ( email ) Soldiers Field Road Morgan 270C Boston, MA 02163 United States
John Beshears National Bureau of Economic Research (NBER) ( email ) 1050 Massachusetts Avenue Cambridge, MA 02138 United States
Harvard University - Department of Economics ( email ) Littauer Center Cambridge, MA 02138 United States

Abstract

Date posted: November 05, 2009 ; Last revised: November 05, 2009

Suggested Citation

Contact Information

Daniel B. Bergstresser (Contact Author)

John Beshears