SSRN logo
Public User
Advanced Search

Susan M. Wachter

University of Pennsylvania - Wharton School, Department of Real Estate

Co-director, Penn Institute for Urban Research (Penn IUR) and Albert Sussman Professor of Real Estate

The Wharton School

3620 Locust Walk

Philadelphia, PA 19104-6330

United States

http://real.wharton.upenn.edu/~wachter/index.html

University of Pennsylvania - Accounting Department

Professor

3641 Locust Walk

Philadelphia, PA 19104-6365

United States

http://real.wharton.upenn.edu/~wachter/index.html

  • University of Pennsylvania - Wharton School, Department of Real Estate

    • Email
    • Tel: 215-898-6355

  • University of Pennsylvania - Accounting Department

SCHOLARLY PAPERS

82

DOWNLOADS
Rank 598

SSRN RANKINGS

Top 598

in Total Papers Downloads

29,003

CITATIONS
Rank 1,384

SSRN RANKINGS

Top 1,384

in Total Papers Citations

401

Scholarly Papers (82)

Actions:
Email selected abstracts
1.

Explaining the Housing Bubble

Georgetown Law Journal, Vol. 100, No. 4, pp. 1177-1258, University of Pennsylvania Institute for Law & Economics Research Paper No. 10-15, Georgetown Public Law Research Paper No. 10-60, Georgetown Law and Economics Research Paper No. 10-16
Number of pages: 82 Posted: 01 Sep 2010 Last Revised: 07 May 2015
Adam J. Levitin and Susan M. Wachter
Georgetown University Law Center and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 6,388 (546)
Citation 4

Abstract:

housing bubble, securitization, mortgage, MBS, RMBS, CMBS, PLS, Fannie Mae, Freddie Mac, GSE, informational asymmetries, community reinvestment act, affordable housing goals, irrational exuberance, standardization, housing finance, real estate

2.

Securitization: Cause or Remedy of the Financial Crisis?

Georgetown Law and Economics Research Paper No. 1462895, U of Penn, Inst for Law & Econ Research Paper No. 09-31
Number of pages: 19 Posted: 28 Aug 2009 Last Revised: 16 May 2012
Adam J. Levitin, Andrey D. Pavlov and Susan M. Wachter
Georgetown University Law Center, Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 1,684 (5,995)
Citation 2

Abstract:

securitization, mortgages, subprime, bubble, housing finance, MBS, mortgage-backed securities, credit default swaps, mispricing

3.

Systemic Risk through Securitization: The Result of Deregulation and Regulatory Failure

Connecticut Law Review, Vol. 41, p. 493, May 2009
Number of pages: 49 Posted: 26 Mar 2009 Last Revised: 16 May 2012
Patricia A. McCoy, Andrey D. Pavlov and Susan M. Wachter
Boston College Law School, Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 1,490 (7,317)
Citation 3

Abstract:

Securitization, credit default swap, subprime, mortgage, asset bubble

4.

The Commercial Real Estate Bubble

Harvard Business Law Review, Vol. 3, pp. 83-118 (2013), Georgetown Law and Economics Research Paper No. 12-005, Georgetown Public Law Research Paper No. 12-018
Number of pages: 36 Posted: 16 Feb 2012 Last Revised: 17 Jul 2013
Adam J. Levitin and Susan M. Wachter
Georgetown University Law Center and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 877 (15,386)

Abstract:

commercial real estate, CMBS, CDO, bubble, securitization, B-piece, Basel, rating agencies, capital requirements, residential real estate, housing, REMIC

5.

Bank Lending and Real Estate in Asia: Market Optimism and Asset Bubbles

Number of pages: 20 Posted: 04 Dec 2004
Winston T.H. Koh, Roberto S. Mariano, Andrey D. Pavlov, Sock Yong Phang, Augustine H.H. Tan and Susan M. Wachter
Singapore Management University - School of Social Sciences, Singapore Management University, Simon Fraser University (SFU) - Finance Area, Singapore Management University - School of Economics, Singapore Management University - School of Social Sciences and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 866 (20,356)
Citation 8

Abstract:

Real estate bubble, lender optimism, disaster myopia, Asian financial crisis

6.

State and Local Anti-Predatory Lending Laws: The Effect of Legal Enforcement Mechanisms

Journal of Economics and Business, Vol. 60, p. 47, 2008
Number of pages: 47 Posted: 10 Aug 2007 Last Revised: 26 Oct 2012
Raphael W. Bostic, Kathleen C. Engel, Patricia A. McCoy, Anthony Pennington-Cross and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Atlanta, Suffolk University Law School, Boston College Law School, Marquette University - Dept. of Finance and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 818 (22,141)
Citation 23

Abstract:

Subprime lending, enforcement mechanisms, predatory lending, anti-predatory lending laws, mortgage lending, homeownership

7.

Subprime Lending and Real Estate Markets

U of Penn, Inst for Law & Econ Research Paper No. 08-35, MORTGAGE AND REAL ESTATE FINANCE, Stefania Perrucci, ed., Risk Books, 2008
Number of pages: 17 Posted: 24 Dec 2008
Susan M. Wachter, Andrey D. Pavlov and Zoltan Pozsar
University of Pennsylvania - Wharton School, Department of Real Estate, Simon Fraser University (SFU) - Finance Area and Credit Suisse
Downloads 805 (21,023)
Citation 20

Abstract:

Real Property, real estate, realty, mortgages, housing prices, credit crunch, foreclosures, financial engineering, lending standards, housing market collapse, underpriced financing, interest only mortgages, negative amortization mortgages, leverage, cyclicality, housing bubble

8.

The American Mortgage in Historical and International Context

Journal of Economic Perspectives, Vol. 19, No. 4, pp. 93-114, Fall 2005, U of Penn, Inst for Law & Econ Research Paper No. 06-12
Number of pages: 23 Posted: 14 Jun 2006
Richard K. Green and Susan M. Wachter
University of Southern California - Lusk Center for Real Estate and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 744 (25,819)
Citation 31

Abstract:

home mortgages, mortgage debt, historical evolution of U.S. mortgage structure

9.

Inflation and Real Estate Investments

U of Penn, Inst for Law & Econ Research Paper No. 11-33
Number of pages: 23 Posted: 29 Nov 2011 Last Revised: 18 Aug 2016
Bradford Case and Susan M. Wachter
National Association of Real Estate Investment Trusts® and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 735 (20,629)

Abstract:

Property, securities, real estate investment trusts, REIT, REITs, hedge effectiveness, illiquid assets, portfolio allocation, Sharpe ratio, inflation protection, inflation sensitivity

10.

Subprime Lending and Real Estate Prices

Downloads 654 ( 31,570)
Citation 12

Subprime Lending and Real Estate Prices

Real Estate Economics, Forthcoming, U of Penn, Inst for Law & Econ Research Paper No. 09-36
Number of pages: 32 Posted: 19 Oct 2009
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 651 (31,282)
Citation 12

Abstract:

housing, real property, mortgages, house prices, interest only loans, negative amortization, aggressive lending instruments, innovation, financial deregulation, empirical, underpriced credit, asset price inflation, market bubbles

Subprime Lending and Real Estate Prices

Real Estate Economics, Vol. 39, Issue 1, pp. 1-17, 2011
Number of pages: 17 Posted: 14 Mar 2011
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 3 (553,797)
Citation 12

Abstract:

Subprime Lending and Real Estate Prices

Real Estate Economics, Vol. 39, 2010
Posted: 23 Aug 2010 Last Revised: 16 May 2012
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

Subprime Lending, Aggressive Lending, Mortgage Crisis

11.

The Neighborhood Distribution of Subprime Mortgage Lending

Downloads 515 ( 43,291)
Citation 28

The Neighborhood Distribution of Subprime Mortgage Lending

U of Penn, Inst for Law & Econ Research Paper 03-39
Number of pages: 32 Posted: 12 Dec 2003
Paul S. Calem, Kevin Gillen and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania, Wharton and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 515 (42,750)
Citation 28

Abstract:

Subprime lending, mortgage market, low-income households, minority households, mortgage lending patterns

The Neighborhood Distribution of Subprime Mortgage Lending

Journal of Real Estate Finance and Economics, Vol. 29, No. 4
Posted: 10 Feb 2004
Paul S. Calem, Kevin Gillen and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania, Wharton and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

12.

REITS and Underlying Real Estate Markets: Is There a Link?

U of Penn, Inst for Law & Econ Research Paper No. 11-20
Number of pages: 71 Posted: 07 Jul 2011
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 491 (36,354)
Citation 2

Abstract:

property price index, real estate investment trusts, real estate returns, commercial real estate, property prices, local agglomeration effects, closed-end mutual fund

13.

The Housing Finance Revolution

U of Penn, Inst for Law & Econ Research Paper No. 09-37
Number of pages: 32 Posted: 22 Oct 2009
Richard K. Green and Susan M. Wachter
University of Southern California - Lusk Center for Real Estate and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 491 (32,590)
Citation 10

Abstract:

Real estate, mortgages, housing, capital markets, securitization, mortgage security infrastructure, liquidity, subprime mortgage-backed securities, MBS, marked to model, systemic underpricing of risk, speculation, pricing of risks, default risk, underpriced credit

14.

Neighborhood Patterns of Subprime Lending: Evidence from Disparate Cities

U of Penn, Inst. for Law & Econ Research Paper 04-14
Number of pages: 31 Posted: 02 Sep 2004
Paul S. Calem, Jonathan E. Hershaff and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 434 (51,245)
Citation 14

Abstract:

Subprime mortgages, Mortgage lending and race, Mortgage lending and neighborhood

15.

Why Housing?

Housing Policy Debate, Vol. 23, pp. 5-27 (2013), U of Penn, Inst for Law & Econ Research Paper No. 12-28, Georgetown Law and Economics Research Paper No. 12-035, Georgetown Public Law Research Paper No. 12-127
Number of pages: 24 Posted: 22 Aug 2012 Last Revised: 17 Jul 2013
Adam J. Levitin and Susan M. Wachter
Georgetown University Law Center and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 433 (42,950)

Abstract:

bubble, mortgage, housing, interest rates, securitization, agency, CDO

16.

Real Estate Booms and Banking Busts: An International Perspective

Downloads 427 ( 54,617)
Citation 39

Real Estate Booms and Banking Busts: An International Perspective

The Wharton School Research Paper No. 99-27
Number of pages: 110 Posted: 09 Jan 2015
Richard J. Herring and Susan M. Wachter
University of Pennsylvania - Finance Department and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 427 (54,075)
Citation 39

Abstract:

17.

Information Failure and the U.S. Mortgage Crisis

In THE AMERICAN MORTGAGE SYSTEM: RETHINK AND REFORM, Susan Wachter and Marty Smith, eds., University of Pennsylvania Press, Forthcoming , University of Pennsylvania Institute for Law & Economics Research Paper No. 10-19
Number of pages: 40 Posted: 06 Oct 2010 Last Revised: 28 Nov 2012
Adam J. Levitin and Susan M. Wachter
Georgetown University Law Center and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 405 (48,808)

Abstract:

Credit Crunch, Financial Crisis, Mortgage Pools, Rating Agencies, Subprime Mortgage Credit, Asset Bubbles, Open Information, Transparency, MBS, Informationally Shrouded Mortgages, Default Risk, Securitization, Standardization

18.

Subprime Lending and House Price Volatility

U of Penn, Inst for Law & Econ Research Paper No. 08-33
Number of pages: 29 Posted: 22 Dec 2008 Last Revised: 16 May 2012
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 391 (58,114)
Citation 6

Abstract:

Real Property, real estate, realty, mortgages, housing prices, aggressive lending, interest only mortgages, negative amortization mortgages, leverage, real estate cycle, housing bubble, price peaks, price declines, negative demand shock

19.

Do Cities and Suburbs Cluster?

Cityscape, Vol. 3, No. 3, 1998
Number of pages: 12 Posted: 05 Apr 1999
William N. Goetzmann, Matthew I. Spiegel and Susan M. Wachter
Yale School of Management - International Center for Finance, Yale University - Yale School of Management, International Center for Finance and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 368 (63,329)
Citation 2

Abstract:

20.

Underpriced Lending and Real Estate Markets

Number of pages: 26 Posted: 15 Apr 2007
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 360 (61,410)
Citation 13

Abstract:

real estate bubble, lender optimism, disaster myopia, Asian financial crisis

21.

The Dodd-Frank Act and Housing Finance: Can It Restore Private Risk Capital to the Securitization Market?

Yale Journal on Regulation, Forthcoming, U of Penn, Inst for Law & Econ Research Paper No. 11-35, Georgetown Law and Economics Research Paper No. 11-32
Number of pages: 27 Posted: 10 Dec 2011 Last Revised: 15 May 2012
Adam J. Levitin, Andrey D. Pavlov and Susan M. Wachter
Georgetown University Law Center, Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 319 (65,528)

Abstract:

Real estate, mortgages, financial regulation, reform, Dodd-Frank Act, mortgage-backed securities, lending models, credit risk information, securitized assets, information shrouding, underpricing, standardization, information asymmetry, risk pricing

22.

Immigration and the Neighborhood

FRB of Philadelphia Working Paper No. 06-22, IZA Discussion Paper No. 2503
Number of pages: 60 Posted: 21 Sep 2006
Albert Saiz and Susan M. Wachter
University of Pennsylvania - The Wharton School and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 301 (69,722)
Citation 10

Abstract:

Immigration, housing prices

23.

Systemic Risk and Market Institutions

Yale Journal on Regulation, Vol. 26, No. 2, 2009, University of Pennsylvania, Institute for Law & Economics Research Paper No. 09-26
Number of pages: 15 Posted: 27 Aug 2009
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 293 (79,535)
Citation 7

Abstract:

Real estate, mortgages, housing, mortgage-backed securities, pricing of risks, default risk, incentive misalignments, underpriced credit, asset price inflation, market bubbles

24.

Explaining the United States' Uniquely Bad Housing Market

Wharton Real Estate Review, Forthcoming, U of Penn, Inst for Law & Econ Research Paper No. 08-34
Number of pages: 29 Posted: 26 Dec 2008
Jesse M. Abraham, Andrey D. Pavlov and Susan M. Wachter
affiliation not provided to SSRN, Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 293 (80,622)
Citation 2

Abstract:

Real Property, real estate, realty, mortgages, housing prices, aggressive lending, credit expansion, lending standards, leverage, real estate cycle, housing bubble, housing market declines

25.

Subprime Lending: Neighborhood Patterns Over Time in US Cities

U of Penn, Inst for Law & Econ Research Paper No. 06-19
Number of pages: 32 Posted: 31 Jul 2006
Susan M. Wachter, Karl Russo and Jonathan E. Hershaff
University of Pennsylvania - Wharton School, Department of Real Estate, University of Pennsylvania - The Wharton School and Board of Governors of the Federal Reserve System
Downloads 293 (80,933)
Citation 2

Abstract:

subprime lending patterns, high credit risk, high borrowing costs, low income, minority, nationwide study, Hispanic, education, income

26.

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

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
Number of pages: 51 Posted: 26 Aug 2009 Last Revised: 24 Oct 2012
Raphael W. Bostic, Souphala Chomsisengphet, Kathleen C. Engel, Patricia A. McCoy, Anthony Pennington-Cross and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Atlanta, Office of the Comptroller of the Currency (OCC), Suffolk University Law School, Boston College Law School, Marquette University - Dept. of Finance and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 273 (84,420)
Citation 4

Abstract:

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

27.

The Inevitability of Market-Wide Underpricing of Mortgage Default Risk

Real Estate Economics, Forthcoming, U of Penn, Inst for Law & Econ Research Paper No. 06-14
Number of pages: 34 Posted: 23 Jun 2006
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 268 (86,408)
Citation 9

Abstract:

mortgage underpricing, mortgage default

28.

The Option Value of Non-Recourse Lending and Inflated Asset Prices

Number of pages: 35 Posted: 13 Mar 2002
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 256 (91,711)
Citation 2

Abstract:

29.

The Ongoing Financial Upheaval: Understanding the Sources and Way Out

U of Penn, Inst for Law & Econ Research Paper No. 09-30
Number of pages: 18 Posted: 31 Aug 2009
Susan M. Wachter
University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 243 (98,568)

Abstract:

Real estate, mortgages, housing, speculation, foreclosure, mortgage-backed securities, MBS, pricing of risks, default risk, incentive misalignments, underpriced credit, asset price inflation, market bubbles

30.

Does Credit Quality Matter for Homeownership?

U of Penn Law & Econ Research Paper 03-40
Number of pages: 32 Posted: 14 Dec 2003
Irina Barakova, Raphael W. Bostic, Paul S. Calem and Susan M. Wachter
Government of the United States of America - Office of the Comptroller of the Currency (OCC), Federal Reserve Banks - Federal Reserve Bank of Atlanta, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 224 (101,983)
Citation 18

Abstract:

Credit quality, homeownership, barriers to homeownership, household credit rating, financial constraints and homeownership

31.

Underpriced Default Spread Exacerbates Market Crashes

U of Penn, Inst for Law & Econ Research Paper No. 06-13
Number of pages: 34 Posted: 23 Jun 2006
Winston T.H. Koh, Roberto S. Mariano, Andrey D. Pavlov, Sock Yong Phang, Augustine H.H. Tan and Susan M. Wachter
Singapore Management University - School of Social Sciences, Singapore Management University, Simon Fraser University (SFU) - Finance Area, Singapore Management University - School of Economics, Singapore Management University - School of Social Sciences and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 218 (105,902)
Citation 3

Abstract:

real estate bubble, lender optimism, disaster myopia, Asian financial crisis

32.

Sustainable Homeownership

Number of pages: 29 Posted: 22 Mar 2009
Paul Calem, Susan M. Wachter and Marsha Courchane
Board of Governors of the Federal Reserve System, University of Pennsylvania - Wharton School, Department of Real Estate and Charles River Associates (CRA)
Downloads 207 (114,098)
Citation 1

Abstract:

Homeownership, Mortgage Lending, Subprime Lending

33.

What is a Tree Worth? Green-City Strategies and Housing Prices

Downloads 179 (139,311)
Citation 2

What is a Tree Worth? Green-City Strategies and Housing Prices

Real Estate Economics, Vol. 36, No. 2, 2008
Number of pages: 30 Posted: 17 Jan 2008
Susan M. Wachter and Grace Wong Bucchianeri
University of Pennsylvania - Wharton School, Department of Real Estate and University of Pennsylvania - Real Estate Department
Downloads 151 (161,955)
Citation 2

Abstract:

Housing price, social capital, signaling, tree planting

What is a Tree Worth? Green-City Strategies and Housing Prices

Number of pages: 30 Posted: 03 Jul 2011
Grace Wong Bucchianeri and Susan M. Wachter
University of Pennsylvania - Real Estate Department and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 28 (415,294)
Citation 2

Abstract:

Housing price, Social capital, Signaling, Tree planting

34.

Urban Governance and Development of Informality in China and India

Informal Real Estate Markets, Eugenie Birch, Shahana Chattaraj and Susan Wachter, eds, University of Pennsylvania Press, Forthcoming
Number of pages: 27 Posted: 21 Aug 2014 Last Revised: 09 Sep 2014
Arthur Acolin, Shahana Chattaraj and Susan M. Wachter
University of Southern California - Price School of Public Policy, University of Pennsylvania and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 175 (105,902)

Abstract:

Urbanization; China; India; Urban Governance; Informal Markets; Comparative Urban Development

35.

The Public Option in Housing Finance

46:4 UC Davis Law Review 1111-1173 (2013), U of Penn, Inst for Law & Econ Research Paper 11-34, Georgetown Public Law Research Paper No. 1966550, Georgetown Law and Economics Research Paper No. 1966550
Number of pages: 63 Posted: 13 Dec 2011 Last Revised: 19 May 2015
Adam J. Levitin and Susan M. Wachter
Georgetown University Law Center and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 167 (126,886)
Citation 1

Abstract:

Real estate, mortgage, housing market, housing finance regulation, financial regulation, government intervention, government sponsored enterprises, public good, mortgage-backed securities, securitization, Great Depression, New Deal, HOLC, Fannie Mae, FHA, Freddie Mac, Dodd-Frank Act

36.

Second-Liens and the Leverage Option

Vanderbilt Law Review, Vol. 68, 2015, U of Penn, Inst for Law & Econ Research Paper No. 15-13
Number of pages: 45 Posted: 30 Jan 2015 Last Revised: 26 Mar 2015
Adam J. Levitin and Susan M. Wachter
Georgetown University Law Center and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 160 (118,324)

Abstract:

second-lien, junior mortgage, leverage, loan-to-value, LTV, CLTV, embedded option

37.

Repeat Sales House Price Index Methodology

Downloads 160 (153,841)
Citation 1

Repeat Sales House Price Index Methodology

Journal of Real Estate Literature, Forthcoming
Number of pages: 36 Posted: 09 Dec 2012 Last Revised: 11 Dec 2012
Chaitra H Nagaraja, Lawrence D. Brown and Susan M. Wachter
Gabelli School of Business, Fordham University, University of Pennsylvania - The Wharton School and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 108 (211,034)
Citation 1

Abstract:

repeat sales, time series, housing, index evaluation

Repeat Sales House Price Index Methodology

Number of pages: 25 Posted: 25 Jun 2014
Chaitra H Nagaraja, Lawrence D. Brown and Susan M. Wachter
Gabelli School of Business, Fordham University, University of Pennsylvania - The Wharton School and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 52 (326,225)
Citation 1

Abstract:

38.

The Housing and Credit Bubbles in the US and Europe: A Comparison

Number of pages: 10 Posted: 11 Oct 2014 Last Revised: 15 Oct 2014
Susan M. Wachter
University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 144 (115,621)

Abstract:

39.

The Public Interest in Consumer and Mortgage Credit Markets

University of Pennsylvania Institute for Law & Economic Research Paper No. 10-05
Number of pages: 34 Posted: 01 Apr 2010
Eric S. Belsky and Susan M. Wachter
Harvard University and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 133 (166,432)
Citation 1

Abstract:

Banking and Finance, Law and Economics, Credit Market Regulation, Externalities, Equal Access to Credit, Asymmetric Information, Principle-Agent Problems, Market Structure, Securitization, Mortgage Credit Crunch, Loan Quality and Pricing Information

40.

Real Estate Prices in Beijing, 1644 to 1840

Explorations in Economic History, Forthcoming
Number of pages: 54 Posted: 16 Nov 2012 Last Revised: 05 Dec 2012
Daniel M. G. Raff, Susan M. Wachter and Se Yan
University of Pennsylvania - Management Department, University of Pennsylvania - Wharton School, Department of Real Estate and Peking University - Guanghua School of Management
Downloads 128 (142,930)

Abstract:

Historic House Price Index, China Housing Market, Long Term House Price Index

41.

Misaligned Incentives and Mortgage Lending in Asia

U of Penn, Inst for Law & Econ Research Paper No. 08-27
Number of pages: 33 Posted: 22 Oct 2008 Last Revised: 04 Sep 2013
Richard K. Green, Roberto S. Mariano, Andrey D. Pavlov and Susan M. Wachter
University of Southern California - Lusk Center for Real Estate, Singapore Management University, Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 117 (193,125)
Citation 1

Abstract:

real estate, mortgage securitization, banking, instability, mortgage-backed securities, MBS markets, Asia

42.

The Impacts of Borrowing Constraints on Homeownership

The American Real Estate and Urban Economics Association (AREUEA), Reprinted from Journal of the American Real Estate and Urban Economics Association, Vol. 17, No. 4, pp. 389-402, Winter 1989
Number of pages: 15 Posted: 22 Dec 2009
Peter Linneman and Susan M. Wachter
University of Pennsylvania - Real Estate Department and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 103 (204,598)
Citation 45

Abstract:

Economics, Economic Development and Real Estate, Housing and Community Development

43.

Credit Impairment and Housing Tenure Choice

U of Penn, Inst for Law & Econ Research Paper No. 08-31
Number of pages: 43 Posted: 02 Dec 2008
Paul S. Calem, Simon Firestone and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Freddie Mac - Housing Analysis and Research and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 95 (221,809)

Abstract:

real estate, housing, barriers to homeownership, underwriting standards, credit history, low-income homeownership, choice of property tenure, property forms

44.

The Performance of New Private-Label Mortgage Loan Modifications after 2009

Number of pages: 54 Posted: 06 Jul 2012
Arthur Acolin, Ren S. Essene, Min Hwang, Jacob Liebschutz, Patricia A. McCoy, Jessica Russell and Susan M. Wachter
University of Southern California - Price School of Public Policy, Consumer Financial Protection Bureau, George Washington University - Department of Finance, Harvard University - Harvard Kennedy School (HKS), Boston College Law School, Consumer Financial Protection Bureau and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 75 (242,860)

Abstract:

mortgage, loan modification

45.

Implications of the Housing Market Bubble for Sustainable Homeownership

THE AMERICAN MORTGAGE SYSTEM: RETHINK AND REFORM, Susan Wachter and Marty Smith, eds., University of Pennsylvania Press, Forthcoming, U of Penn, Inst for Law & Econ Research Paper No. 10-27
Number of pages: 33 Posted: 03 Nov 2010
Paul Calem, Leonard I. Nakamura and Susan M. Wachter
Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 74 (248,341)

Abstract:

Mortgage, High Risk Mortgage, High Risk Lending, Securitization, Risk Transfer, Housing Bubble

46.

The Affordability Challenge: Inclusionary Housing and Community Land Trusts in a Federal System

Value Capture and Land Policies, Gregory K. Ingram and Yu-Hung Hong, eds., Lincoln Institute of Land Policy, 2012
Number of pages: 33 Posted: 29 Nov 2012
Richard Voith and Susan M. Wachter
Econsult Corporation and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 73 (241,186)

Abstract:

Housing Affordability, Inclusionary Zoning, Community Land Trusts

47.

The Market Structure of Securitisation and the US Housing Bubble

Number of pages: 24 Posted: 11 Oct 2014 Last Revised: 08 May 2015
Susan M. Wachter
University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 68 (193,125)

Abstract:

mortgage securitisation, credit risk, housing bubble, housing finance

48.

Price Revelation and Efficient Mortgage Markets

Number of pages: 7 Posted: 02 Dec 2009
Susan M. Wachter
University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 65 (272,212)
Citation 3

Abstract:

49.

Homeownership Counseling Performance: How Can it Be Measured?

Housing Policy Debate, Vol. 7, No. 1, 1996
Number of pages: 26 Posted: 02 Mar 2010
Roberto Quercia and Susan M. Wachter
University of North Carolina (UNC) at Chapel Hill - Department of City and Regional Planning and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 61 (280,977)
Citation 8

Abstract:

Homeownership, Low-income housing, Programs

50.

Mortgage Default Option Mispricing and Procyclicality

Number of pages: 32 Posted: 21 Jun 2013 Last Revised: 31 Oct 2013
Andrew Davidson, Alex Levin and Susan M. Wachter
Andrew Davidson and Co., Inc., Andrew Davidson and Co., Inc. and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 48 (292,509)

Abstract:

Mortgage, Default, Option, Mispricing, Procyclicality

51.

Borrowing Constraints and the Tenure Choice of Young Households

NBER Working Paper No. w5630
Number of pages: 30 Posted: 13 Apr 1998
Donald R. Haurin, Patric H. Hendershott and Susan M. Wachter
Ohio State University (OSU) - Economics, University of Aberdeen - Centre for Property Research and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 46 (318,438)
Citation 23

Abstract:

52.

Wealth Accumulation and Housing Choices of Young Households: An Exploratory Investigation

Downloads 45 (342,100)

Wealth Accumulation and Housing Choices of Young Households: An Exploratory Investigation

NBER Working Paper No. w5070
Number of pages: 59 Posted: 11 Jun 2000
Donald R. Haurin, Susan M. Wachter and Patric H. Hendershott
Ohio State University (OSU) - Economics, University of Pennsylvania - Wharton School, Department of Real Estate and University of Aberdeen - Centre for Property Research
Downloads 45 (348,228)
Citation 19

Abstract:

Wealth Accumulation and Housing Choices of Young Households: An Exploratory Investigation

J. OF HOUSING RESEARCH
Posted: 13 Sep 1996
Donald R. Haurin, Patric H. Hendershott and Susan M. Wachter
Ohio State University (OSU) - Economics, University of Aberdeen - Centre for Property Research and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

53.

Credit Supply and Housing Prices in National and Local Markets

Number of pages: 18 Posted: 11 Oct 2014 Last Revised: 23 May 2015
Susan M. Wachter
University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 41 (270,055)

Abstract:

Real estate economics; Housing economics; Systemic risk

54.

Borrowing Constraints during the Housing Bubble

Number of pages: 29 Posted: 07 Mar 2013 Last Revised: 21 Dec 2013
Irina Barakova, Paul Calem and Susan M. Wachter
Government of the United States of America - Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 38 (318,438)

Abstract:

tenure choice, borrowing constraint, credit constraint, mortgage supply, homeownership, credit bubble

55.

Expected Home Ownership and Real Wealth Accumulation of Youth

NBER Working Paper No. w5629
Number of pages: 29 Posted: 23 Apr 1998
Donald R. Haurin, Susan M. Wachter and Patric H. Hendershott
Ohio State University (OSU) - Economics, University of Pennsylvania - Wharton School, Department of Real Estate and University of Aberdeen - Centre for Property Research
Downloads 34 (361,634)

Abstract:

56.

The Role of Speculation in Real Estate Cycles

Number of pages: 44 Posted: 27 Mar 2015
Stephen Malpezzi and Susan M. Wachter
University of Wisconsin at Madison and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 17 (302,280)
Citation 11

Abstract:

Cycles, Speculation, Asset Pricing, Expectations

57.

Global Food Prices and Domestic Inflation: Some Cross-Country Evidence

IMF Working Paper No. 15/133
Number of pages: 35 Posted: 21 Jul 2015
Davide Furceri, Prakash Loungani, John A. Simon and Susan M. Wachter
International Monetary Fund (IMF), International Monetary Fund (IMF), Reserve Bank of Australia - Economic Research and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 14 (391,516)

Abstract:

Food prices, External shocks, Inflation, Developed countries, Emerging markets, Cross country analysis, pass-through, economies, food price inflation, advanced economies, monetary policy, money, consumption, inflation expectations, domestic inflation

58.

The Impact of State Antipredatory Lending Laws: Policy Implications and Insights

BORROWING TO LIVE: CONSUMER AND MORTGAGE CREDIT REVISITED, Joint Center for Housing Studies, Harvard University and Brookings Institution Press, 2008, 3rd Annual Conference on Empirical Legal Studies Papers
Number of pages: 41 Posted: 03 Apr 2008 Last Revised: 25 Oct 2012
Raphael W. Bostic, Patricia A. McCoy, Anthony Pennington-Cross, Susan M. Wachter and Kathleen C. Engel
Federal Reserve Banks - Federal Reserve Bank of Atlanta, Boston College Law School, Marquette University - Dept. of Finance, University of Pennsylvania - Wharton School, Department of Real Estate and Suffolk University Law School
Downloads 12 (454,656)
Citation 1

Abstract:

subprime, lending regulations, mortgages, predatory lending

59.

The Inevitability of Marketwide Underpricing of Mortgage Default Risk

Real Estate Economics, Vol. 34, No. 4, pp. 479-496, Winter 2006
Number of pages: 18 Posted: 16 Nov 2006
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 11 (490,818)
Citation 8

Abstract:

60.

What is a Tree Worth? Green-City Strategies, Signaling and Housing Prices

Real Estate Economics, Vol. 36, No. 2, pp. 213-239, Summer 2008
Number of pages: 27 Posted: 08 May 2008
Susan M. Wachter and Grace Wong Bucchianeri
University of Pennsylvania - Wharton School, Department of Real Estate and University of Pennsylvania - Real Estate Department
Downloads 2 (534,741)
Citation 2

Abstract:

61.

Real Estate and the Great Crisis: Lessons for Macro-Prudential Policy

Number of pages: 21 Posted: 05 Jul 2017
John V. Duca, Lilit Popoyan and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Dallas, Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM) and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 0 (500,678)

Abstract:

Macro-prudential policy, financial crises, credit crunches, real estate bubbles, regulatory arbitrage, risk-taking

62.

Why Cyclicality Matters to Access to Mortgage Credit

Boston College Journal of Law and Social Justice, Vol. XVII, Forthcoming, Boston College Law School Legal Studies Research Paper No. 440
Number of pages: 43 Posted: 04 Jan 2017 Last Revised: 10 Mar 2017
Patricia A. McCoy and Susan M. Wachter
Boston College Law School and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 0 (310,112)

Abstract:

Countercyclical Regulation, Housing Bubbles, Credit Bubbles, Access to Mortgage Credit

63.

Transparency in the Mortgage Market

Number of pages: 26 Posted: 18 Nov 2016
Andrey Pavlov, Susan M. Wachter and Albert Alex Zevelev
Independent, University of Pennsylvania - Wharton School, Department of Real Estate and Independent
Downloads 0 (428,656)

Abstract:

mortgage market, mortgage, transparency, transparent, mortgage lending

64.

The Consequences of REIT Index Membership for Return Patterns

Number of pages: 40 Posted: 20 Sep 2016 Last Revised: 04 Oct 2016
Andrey D. Pavlov, Eva Steiner and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area, School of Hotel Administration, Cornell University and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 0 (149,774)

Abstract:

Real Estate, Investment, Index Membership, REITs

65.

Coalescence in the Housing Finance Reform Debate?

6 Penn Wharton Public Policy Initiative Issue Brief No. 4, June 2016
Number of pages: 8 Posted: 14 Jul 2016 Last Revised: 02 Aug 2016
Susan M. Wachter and Patricia A. McCoy
University of Pennsylvania - Wharton School, Department of Real Estate and Boston College Law School
Downloads 0 (404,399)

Abstract:

Housing finance reform, Government Sponsored Entities

66.

Representations and Warranties: Why They Did Not Stop the Crisis

Evidence and Innovation in Housing Law and Policy (L. Fennell & B. Keys, eds., Cambridge University Press, 2017 Forthcoming), Boston College Law School Legal Studies Research Paper No. 402
Number of pages: 46 Posted: 02 Jun 2016 Last Revised: 08 Jul 2016
Patricia A. McCoy and Susan M. Wachter
Boston College Law School and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 0 (196,865)

Abstract:

Representations and warranties; put-back claims; buyback claims; repurchase claims; access to credit; procyclicality

67.

Why are Aggressive Mortgage Products Bad for the Housing Market?

Number of pages: 35 Posted: 28 Mar 2016
Andrew Davidson, Alex Levin, Andrey D. Pavlov and Susan M. Wachter
Andrew Davidson and Co., Inc., Andrew Davidson and Co., Inc., Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 0 (335,964)

Abstract:

68.

Borrowing Constraints and Homeownership Over the Recent Cycle

Number of pages: 27 Posted: 14 Mar 2016
Arthur Acolin, Jesse Bricker, Paul S. Calem and Susan M. Wachter
University of Southern California - Price School of Public Policy, Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 0 (241,186)

Abstract:

borrowing constraints, homeownership, credit supply

69.

REIT Capital Structure Choices: Preparation Matters

Real Estate Economics, Forthcoming
Posted: 06 Feb 2016 Last Revised: 26 Aug 2016
Andrey D. Pavlov, Eva Steiner and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area, School of Hotel Administration, Cornell University and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

Real estate investment; leverage; financial crisis

70.

A Renter or Homeowner Nation?

Cityscape, Forthcoming
Number of pages: 16 Posted: 22 Jan 2016 Last Revised: 11 Feb 2016
Arthur Acolin, Laurie S. Goodman and Susan M. Wachter
University of Southern California - Price School of Public Policy, The Urban Institute - Housing Finance Policy Center and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 0 (182,650)

Abstract:

Homeownership Rate, Future Housing Demand, America 2050

71.

Borrowing Constraints and Homeownership

American Economic Review, Vol. 106, No. 5, pp. 625-629, 2016
Number of pages: 9 Posted: 22 Jan 2016 Last Revised: 03 Aug 2016
Arthur Acolin, Jesse Bricker, Paul S. Calem and Susan M. Wachter
University of Southern California - Price School of Public Policy, Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 0 (142,930)

Abstract:

borrowing constraints, homeownership, credit supply

72.

Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities

Downloads 0 (558,014)

Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities

Real Estate Economics, Vol. 43, Issue 1, pp. 241-270, 2015
Number of pages: 30 Posted: 17 Feb 2015
Andrey D. Pavlov, Eva Steiner and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area, School of Hotel Administration, Cornell University and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 0

Abstract:

Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities

Real Estate Economics, Forthcoming
Posted: 06 Dec 2013
Andrey D. Pavlov, Eva Steiner and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area, School of Hotel Administration, Cornell University and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

Real estate investment firms, International asset pricing, Macroeconomic risk factors, Credit markets

73.

Interest Rates, User Cost of Capital, and Housing Price Dynamics

46th Annual AREUEA Conference Paper
Posted: 01 Dec 2010
Man Cho, Kyung-Hwan Kim and Susan M. Wachter
KDI School of Public Policy and Management, Sogang University and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

74.

The Effects of Land-Use Constraints on Housing Prices

Posted: 24 Feb 2010
Susan M. Wachter
University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

75.

Mortgage Put Options and Real Estate Markets

Journal of Real Estate Finance and Economics, Vol. 38, No. 1, 2009
Posted: 20 Oct 2008
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

real estate bubble, mortgage lending put options, Asian financial crisis

76.

Robbing the Bank: Non-recourse Lending and Asset Prices

Journal of Real Estate Finance and Economics, Vol. 28, No. 2
Posted: 01 Oct 2003
Andrey D. Pavlov and Susan M. Wachter
Simon Fraser University (SFU) - Finance Area and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

asset pricing, lending markets, price bubbles

77.

Racial Differences in Homeownership: The Effect of Residential Location

Regional Science and Urban Economics, Forthcoming
Posted: 22 Nov 2002
Yongheng Deng, Stephen L. Ross and Susan M. Wachter
National University of Singapore, Business School and the School of Design and Environment, University of Connecticut - Department of Economics and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

Homeownership, Residential Location, Race, Credit Constraints, Equity Risk

78.

Anisotropic Autocorrelation in House Prices

The Journal of Real Estate Finance & Economics, Vol. 23, No. 1
Posted: 30 Jun 2002
Kevin Gillen, Thomas G. Thibodeau and Susan M. Wachter
University of Pennsylvania, Wharton, University of Colorado at Boulder - Leeds School of Business and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

spatial autocorrelation, house price indices

79.

REIT Economies of Scale: Fact or Fiction?

Journal of Real Estate Finance & Economics, Vol. 20, No. 2, 2000
Posted: 19 Feb 2001
Brent W. Ambrose, Steven R. Ehrlich, William T. Hughes Jr. Jr. and Susan M. Wachter
Pennsylvania State University, Government of the United States of America - Office of Policy Development & Research, MIT Realty Advisors and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

REITs, Economies of Scale

80.

Community Reinvestment and Credit Risk: Evidence from an Affordable Home Loan Program

Real Estate Economics, Vol. 27, No. 1, 1999
Posted: 21 Jan 1999
Paul S. Calem and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

81.

Clustering Methods for Real Estate Portfolios

Real Estate Economics, Fall 1995
Posted: 03 Jul 1998
Susan M. Wachter and William N. Goetzmann
University of Pennsylvania - Wharton School, Department of Real Estate and Yale School of Management - International Center for Finance

Abstract:

82.

Suburbs and Cities

Posted: 15 Nov 1996
William N. Goetzmann, Matthew I. Spiegel and Susan M. Wachter
Yale School of Management - International Center for Finance, Yale University - Yale School of Management, International Center for Finance and University of Pennsylvania - Wharton School, Department of Real Estate

Abstract:

Other Papers (2)

Total Downloads: 129    Citations: 2
Actions:
Email selected abstracts
1.

What is a Tree Worth? Green-City Strategies and Housing Prices

Posted: 04 Aug 2006
Susan M. Wachter and Grace Wong Bucchianeri
University of Pennsylvania - Wharton School, Department of Real Estate and University of Pennsylvania - Real Estate Department

Abstract:

2.

What is a Tree Worth? Green-City Strategies and Housing Prices

Number of pages: 19 Posted: 04 Aug 2006
Susan M. Wachter and Grace Wong Bucchianeri
University of Pennsylvania - Wharton School, Department of Real Estate and University of Pennsylvania - Real Estate Department
Downloads 0 (139,311)
Citation 2

Abstract:

Submit a Paper Section 508 Text Only Pages

Quick Links

Research Paper Series Conference Papers Partners in Publishing Organization Homepages Newsletter Sign Up

Rankings

Top Papers Top Authors Top Organizations

About

SSRN Objectives Network Directors Presidential Letter Announcements Contact us FAQs
Elsevier logo
Copyright Terms and Conditions Privacy Policy

Cookies are used by this site. To decline or learn more, visit our Cookies page. This page was processed by apollobot1 in 3.126 seconds

Relx Group logo