http://www.bis.org/cbhub/list/author/author_6131/index.rss Research hub papers by author Paul Willen en http://www.frbatlanta.org/pubs/wp/working_paper_2010-8.cfm Atlanta Fed Working papers by Manuel Adelino, Kristopher Gerardi, and Paul Willen What Explains Differences in Foreclosure Rates? A Response to Piskorski, Seru, and Vig 2010-04-28T12:45:00Z Responding to earlier research, the authors find that early payment defaults are not a valid way of studying foreclosure rates and that using modification rates of delinquent mortgages allows better study of renegotiation activity. What Explains Differences in Foreclosure Rates? A Response to Piskorski, Seru, and Vig 2010-04-28T12:45:00Z Abstract http://www.frbatlanta.org/pubs/wp/working_paper_2010-8.cfm Paul Willen Kristopher Gerardi Manuel Adelino Manuel Adelino, Kristopher Gerardi, and Paul Willen 2010-03-23 Atlanta Fed Working papers D11 D12 G21 http://www.frbatlanta.org/filelegacydocs/wp0915.pdf Atlanta Fed Working papers by Christopher Foote, Kristopher Gerardi, Lorenz Goette, and Paul Willen Reducing Foreclosures: No Easy Answers 2009-05-24T17:38:59Z This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. We use an economic model to focus on two key decisions: the borrower's choice to default on a mortgage and the lender's subsequent choice whether to renegotiate or modify the loan. The theoretical model and econometric analysis illustrate that unaffordable loans, defined as those with high mortgage payments relative to income at origination, are unlikely to be the main reason that borrowers decide to default. In addition, this paper provides theoretical results and empirical evidence supporting the hypothesis that the efficiency of foreclosure for investors is a more plausible explanation for the low number of modifications to date than contract frictions related to securitization agreements between servicers and investors. While investors might be foreclosing when it would be socially efficient to modify, there is little evidence to suggest they are acting against their own interests when they do so. An important implication of our analysis is that policies designed to reduce foreclosures should focus on ameliorating the immediate effects of job loss and other adverse life events rather than modifying loans to make them more affordable on a long-term basis. Reducing Foreclosures: No Easy Answers 2009-05-24T17:38:59Z Abstract http://www.frbatlanta.org/invoke.cfm?objectid=40662C37-5056-9F12-12DF3ACF262C1176&method=display Full text http://www.frbatlanta.org/filelegacydocs/wp0915.pdf Lorenz Goette Paul Willen Kristopher Gerardi Christopher Foote Christopher Foote, Kristopher Gerardi, Lorenz Goette, and Paul Willen 2009-05 Atlanta Fed Working papers D11 D12 G21 http://www.bos.frb.org/economic/econbios/willen.htm Boston Fed Working papers by Kristopher Gerardi, Adam Shapiro, and Paul Willen Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures 2007-12-03T07:18:00Z This paper provides the first rigorous assessment of the homeownership experiences of subprime borrowers. We consider homeowners who used subprime mortgages to buy their homes, and estimate how often these borrowers end up in foreclosure. In order to evaluate these issues, we analyze homeownership experiences in Massachusetts over the 1989–2007 period using a competing risks, proportional hazard framework. We present two main findings. First, homeownerships that begin with a subprime purchase mortgage end up in foreclosure almost 20 percent of the time, or more than 6 times as often as experiences that begin with prime purchase mortgages. Second, house price appreciation plays a dominant role in generating foreclosures. In fact, we attribute most of the dramatic rise in Massachusetts foreclosures during 2006 and 2007 to the decline in house prices that began in the summer of 2005. Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures 2007-12-03T07:18:00Z Abstract http://www.bos.frb.org/economic/wp/wp2007/wp0715.htm Full text http://www.bos.frb.org/economic/econbios/willen.htm Adam Shapiro Paul Willen Kristopher Gerardi Kristopher Gerardi, Adam Shapiro, and Paul Willen 2007-12 Boston Fed Working papers http://www.bos.frb.org/economic/wp/wp2005/wp057.pdf Boston Fed Working papers by Steven J. Davis, Felix Kubler, and Paul Willen 05-7 2005-06-04T07:12:59Z 05-7 2005-06-04T07:12:59Z Abstract http://www.bos.frb.org/economic/econbios/willen.htm Full text http://www.bos.frb.org/economic/wp/wp2005/wp057.pdf Paul Willen Felix Kubler Steven J. Davis Steven J. Davis, Felix Kubler, and Paul Willen 2005-06 Boston Fed Working papers D91 G11 http://www.bos.frb.org/economic/wp/wp2004/wp048.pdf Boston Fed Working papers by Paul Willen Incomplete Markets and Trade 2004-12-30T07:10:59Z Incomplete Markets and Trade 2004-12-30T07:10:59Z Abstract http://www.bos.frb.org/economic/wp/wp2004/wp048.htm Full text http://www.bos.frb.org/economic/wp/wp2004/wp048.pdf Paul Willen Paul Willen 2004-12 Boston Fed Working papers D52 F30