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

49 Pages Posted: 24 Mar 2010

See all articles by Daniel Bergstresser

Daniel Bergstresser

Brandeis International Business School

John Beshears

Harvard University - Business School (HBS); National Bureau of Economic Research (NBER)

Multiple version iconThere are 2 versions of this paper

Date Written: March 17, 2010

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, Brokers, Adjustable-Rate Mortgages.

Suggested Citation

Bergstresser, Daniel B. and Beshears, John, Who Selected Adjustable-Rate Mortgages? Evidence from the 1989-2007 Surveys of Consumer Finances (March 17, 2010). Harvard Business School Finance Working Paper No. 10-083. Available at SSRN: https://ssrn.com/abstract=1573625 or http://dx.doi.org/10.2139/ssrn.1573625

Daniel B. Bergstresser (Contact Author)

Brandeis International Business School ( email )

Waltham, MA 02454
United States
6174162324 (Phone)

John Beshears

Harvard University - Business School (HBS) ( email )

Soldiers Field Road
Morgan 270C
Boston, MA 02163
United States

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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