摘要：
Complex mortgages became a popular borrowing instrument during the bullish housing market of the early 2000s but vanished rapidly during the subsequent downturn. These non-traditional loans (interest only, negative amortization, and teaser mortgages) enable households to postpone loan repayment compared to traditional mortgages and hence relax borrowing constraints. We investigate the spatial and temporal evolution of complex contracts and focus on their relation with the level and volatility of house prices. We find that complex mortgages are geographically concentrated in areas of high house price levels and past appreciation. We document that complex mortgages were chosen by relatively high credit quality households seeking to purchase more expensive houses relative to their incomes. Borrowers of complex mortgages experience substantially higher ex post default rates than borrowers of traditional mortgages with similar characteristics. We further find that cities with higher shares of complex mortgages experience a subsequent increase in the cyclicality and volatility of house prices.
报告人信息
活动时间：星期二, 2011-07-26 13:30 - 17:00 
活动地点： 上海国际会议中心 上海厅 二区/三区（上海市浦东新区 陆家嘴 滨江大道2727号） 
活动演讲人： 努里尔·鲁比尼 
