Does homeownership counseling affect the prepayment and default behavior of affordable mortgage borrowers?

The lack of industrywide data on homeownership education and counseling (HEC) programs has severely limited evaluation. In particular, very little evidence exists on the relationship between HEC completion and loan prepayment, an outcome of interest to both mortgage lenders and consumer advocates. Where mortgage prepayment directly influences the sustainability of affordable mortgage products, it also reflects the ability of underserved borrowers to access lower‐cost credit through refinancing. This study uses a uniquely rich data set to examine the impact of HEC completion on prepayment and defaultamongborrowers receivingHECfrom a variety of providers across 42 states. The loans, originated between 1999 and 2003, are observed through the first quarter of 2006, a period in which strong housing appreciation and decreasing interest rates generated substantial refinancing activity. Using a competing risks model of mortgage prepayment and default, we find that HEC programs based on classroom instruction and individual counseling improve a borrower's exercise of the mortgage prepayment option, but that programs based on home study or telephone counseling did not affect borrower behavior. Counseling shows no effect on default propensities. © 2008 by the Association for Public Policy Analysis and Management.     

Living Near Violence and Feeling Safe: What is the Role of Active Guardianship in the Home Territory?

Journal of Quantitative Criminology - Living in close proximity to recent, violent crime may undermine sense of safety in the home territory by increasing perceived crime risk. Yet it is also...     

Global uncertainty,economic governance institutions and foreign direct investment inflow in Africa

Economic Change and Restructuring - Based on the fact that Africa has not fared well in attracting foreign direct investments in the last decade compared to other regions of the world, especially...     

China’s rise: what about a transatlantic dialog?

Asia Europe Journal - This essay examines and evaluates China’s global rise and the state of the transatlantic discussions about this issue. Since 2010, the rise of China has been accompanied...     

Competing Narratives in a Case Biography: A Tale of Two Citadels

This article is the fourth in a series introducing the reader to methods and theories relevant to advancing socio-legal research. They are written for the curious rather than the expert reader and provide illustrations of how the theories, methods, and frameworks have been employed and might be used in your work. This article explores the use of case biography methods for socio-legal studies. Drawing on ‘paths to justice’ studies, network analysis, and legal archaeology, we develop a case study of AC v.Berkshire West Primary Care Trust. We show how the judicial determination of the case suppressed a transgender rights narrative construction of the dispute in favour of one about health care law. Our case biography analysis explores how competing narratives can be traced not only through legal argument and literature, but also through the personnel involved, in ways that are obscured by formal records. Paying attention to biographical features leads to a richer understanding of cases, including the importance of pre- and post-judicial decision-making aspects.