How Does Working in a Finance Profession Affect Mortgage Delinquency?
Journal of Banking and Finance, Forthcoming
Georgetown McDonough School of Business Research Paper No. 2904846
Posted: 25 Jan 2017
There are 2 versions of this paper
How Does Financial Literacy Affect Mortgage Default?
Date Written: January 23, 2017
Abstract
This paper uses a data set from a leading American subprime lender, which contains detailed information on borrower and loan characteristics. We find that financial professionals are less likely to become delinquent. This effect cannot be explained by borrower characteristics, such as income, education, loan terms, property characteristics, geographic effects, or strategic default. We also find variation in the effect of working in a financial profession across borrowers of different ages and income levels. We discuss explanations for these results.
Keywords: Mortgage, Financial crisis, Household finance, Financial professional
JEL Classification: D10, R20, G01, G21
Suggested Citation: Suggested Citation
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