“汉青论坛”第十五期

【本期主题】Complex Mortgages

We investigate the characteristics and the default behavior of households who take out
complex mortgages. Unlike traditional fixed-rate or adjustable rate mortgages, complex
mortgages are not fully amortizing and enable households to postpone loan repayment.
We find that complex mortgages are used by sophisticated households with high income
levels and prime credit scores, in contrast to the low income population targeted by subprime mortgages. Complex mortgage borrowers have significantly higher delinquency
rates than traditional mortgage borrowers even after controlling for leverage, payment
resets, and other household and loan characteristics, suggesting a role for adverse selection
of borrowers into complex mortgage contracts. The difference in the delinquency
rates between complex and traditional borrowers increases with measures of financial
sophistication (like income or credit scores) or strategic default (like the LTV ratio).
Conditional on being delinquent on their mortgages, complex borrowers are less likely
to file for bankruptcy than traditional borrowers. These results suggest that complex.

【报告人】黄春燕      美国德克萨斯大学奥斯汀分校金融系副教授

                      麻省理工大学斯隆管理学院    金融学博士

【时  间】3月16日 中午12:00
【地  点】明德主楼714室

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报告人简介：
    黄博士于2003年获得麻省理工学院斯隆管理学院金融学博士学位。她现任德克萨斯大学奥斯汀分校麦库姆斯商学院金融系副教授（终身教职），长江商学院访问副教授。她的研究兴趣包括流动性和资产定价、共同基金、内部资产配置以及税收问题。她的研究成果发表在众多国际顶尖学术期刊上，如Journal of Financial Economics, Review of Financial Studies, Journal of Finance, Journal of Public Economics等等。

中国人民大学汉青经济与金融高级研究院