http://www.bis.org/cbhub/list/author/author_6985/index.rss Research hub papers by author Andra C. Ghent en http://research.stlouisfed.org/wp/2012/2012-005.pdf St Louis Fed Working Papers by Andra C. Ghent, Rubén Hernández-Murillo, and Michael T. Owyang Did Affordable Housing Legislation Contribute to the Subprime Securities Boom? 2012-03-14T06:25:00Z No. In this paper we use a regression discontinuity approach to investigate whether affordable housing policies influenced origination or affected prices of subprime mortgages. We use merged loan-level data on non-prime securitized mortgages with individual- and neighborhood-level data for California and Florida. We find no evidence that lenders increased subprime originations or altered pricing around the discrete eligibility cutoffs for the Government Sponsored Enterprises? (GSEs) affordable housing goals or the Community Reinvestment Act. Our results indicate that the extensive purchases of risky private-label mortgage-backed securities by the GSEs were not due to affordable housing mandates. Did Affordable Housing Legislation Contribute to the Subprime Securities Boom? 2012-03-14T06:25:00Z Abstract http://research.stlouisfed.org/wp/more/2012-005 Full text http://research.stlouisfed.org/wp/2012/2012-005.pdf Michael T. Owyang Andra C. Ghent Rubén Hernández-Murillo Andra C. Ghent, Rubén Hernández-Murillo, and Michael T. Owyang 2012-03 St Louis Fed Working Papers http://research.stlouisfed.org/wp/2011/2011-033.pdf St Louis Fed Working Papers by Andra C. Ghent, Rubén Hernández-Murillo, and Michael T. Owyang Race, Redlining, and Subprime Loan Pricing 2011-10-26T06:25:00Z We investigate whether race and ethnicity influenced subprime loan pricing during 2005, the peak of the subprime mortgage expansion. We combine loan-level data on the performance of non-prime securitized mortgages with individual- and neighborhood-level data on racial and ethnic characteristics for metropolitan areas in California and Florida. Using a model of rate determination that accounts for predicted loan performance, we evaluate the presence of statistical and taste-based discrimination, as well as disparate impact and disparate treatment discrimination, in mortgage rates. We find evidence of redlining as well as adverse pricing for blacks and Hispanics. Race, Redlining, and Subprime Loan Pricing 2011-10-26T06:25:00Z Abstract http://research.stlouisfed.org/wp/more/2011-033 Full text http://research.stlouisfed.org/wp/2011/2011-033.pdf Michael T. Owyang Andra C. Ghent Rubén Hernández-Murillo Andra C. Ghent, Rubén Hernández-Murillo, and Michael T. Owyang 2011-10 St Louis Fed Working Papers http://richmondfed.org/publications/research/working_papers/2009/pdf/wp09-10.pdf Richmond Fed Working Papers by Andra C. Ghent, Marianna Kudlyak Recourse and Residential Mortgage Default: Theory and Evidence from U.S. States 2009-07-10T07:18:00Z We analyze the impact of lender recourse on mortgage defaults theoretically and empirically across U.S. states. We study the effect of state laws regarding deficiency judgments in a model where lenders can use the threat of a deficiency judgment to deter default or to shorten the default process. Empirically, we find that recourse decreases the probability of default when there is a substantial likelihood that a borrower has negative home equity. We also find that, in states that allow deficiency judgments, defaults are more likely to occur through a lender-friendly procedure, such as a deed in lieu of foreclosure. Recourse and Residential Mortgage Default: Theory and Evidence from U.S. States 2009-07-10T07:18:00Z Abstract http://richmondfed.org/publications/research/working_papers/2009/wp_09-10.cfm Full text http://richmondfed.org/publications/research/working_papers/2009/pdf/wp09-10.pdf Marianna Kudlyak Andra C. Ghent Andra C. Ghent, Marianna Kudlyak 2009-07 Richmond Fed Working Papers E44 G21 G28 K11 R20 http://research.stlouisfed.org/wp/2009/2009-007.pdf St Louis Fed Working Papers by Andra C. Ghent, and Michael T. Owyang Is Housing the Business Cycle? Evidence from U.S. Cities 2009-03-27T12:39:59Z We analyze the relationship between housing and the business cycle in a set of 36 US cities. Most surprisingly, we find that falls in house prices are often not followed by declines in employment. We also find that the leading indicator property of residential investment is not consistent across cities and that, at the national level, the leading indicator property of residential investment is not robust to including financial factors as control variables. Is Housing the Business Cycle? Evidence from U.S. Cities 2009-03-27T12:39:59Z Abstract http://research.stlouisfed.org/wp/more/2009-007/ Full text http://research.stlouisfed.org/wp/2009/2009-007.pdf Andra C. Ghent Michael T. Owyang Andra C. Ghent, and Michael T. Owyang 2009-03 St Louis Fed Working Papers C32 E32 R11