Integration of the Mortgage Market into the National Capital Markets: 1963–1993

Rudolph, Patricia M.; Griffith, John M.

doi:10.1006/jhec.1997.0207

Cited by 18 publications

(9 citation statements)

References 12 publications

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“…Abebayehu and Kuchler, 1993;Rudolph and Griffiths, 1997). Rudolph and Griffiths (1997) use cointegration analysis to test if many of the institutions formed in the secondary mortgage markets during the 1963-1993 period and the accompanying deregulation led to a closer relationship between the mortgage market and national capital markets. They also analyse three sub-periods within this time frame.…”

Section: Brief Motivation On the Use Of Cointegration Techniquesmentioning

confidence: 99%

GCC equity market indices integration

Chaudhry

Boldin

2011

Applied Financial Economics

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Integration linkages between the five financial equity market indices located in the Gulf Cooperation Council (GCC) countries are empirically analysed. Using methodologies that account for idiosyncratic factors in the data, evidence of linkages between the GCC countries are found. The findings have implications for hedging or diversification strategies, particularly in the long-run. For example, the presence of cointegration between the GCC countries provides opportunities for investor crosshedging, especially if markets differ in liquidity.

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Section: Brief Motivation On the Use Of Cointegration Techniquesmentioning

confidence: 99%

GCC equity market indices integration

Chaudhry

Boldin

2011

Applied Financial Economics

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“…Housing starts are no longer predicted by the indicia of mortgage credit availability but by Treasury rates and mortgage interest rates (McGarvey and Meador, 1991). Mortgage rates themselves have converged greatly over geographic regions (Rudolph and Griffith, 1997), and regional variations in residential investment have diminished (Browne, 2000).…”

Section: Broader Effects On the Economymentioning

confidence: 99%

Federal Credit and Insurance Programs: Housing

Quigley¹

2006

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“…There is a long literature on the integration of the mortgage market with national capital markets, which limits the dispersion in mortgage interest rates paid by US households. A classic reference isRudolph and Griffith (1997) and a more recent paper isHurst et al (2016).20 In some cases, the back-end ratio could rise to 42 percent. The normal limits for these ratios was 28 and 36 percent.…”

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confidence: 99%

Technological Innovation in Mortgage Underwriting and the Growth in Credit: 1985–2015

2018

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The application of information technology to finance, or "fintech," is expected to revolutionize many aspects of borrowing and lending in the future, but technology has been reshaping consumer and mortgage lending for many years. During the 1990s, computerization allowed mortgage lenders to reduce loanprocessing times and largely replace human-based assessments of credit risk with default predictions generated by sophisticated empirical models. Debt-to-income ratios at origination add little to the predictive power of these models, so the new automated underwriting systems allowed higher debt-toincome ratios than previous underwriting guidelines would have allowed. In this way, technology brought about an exogenous change in lending standards that was especially relevant for borrowers with low current incomes relative to their expected future incomes-in particular, young college graduates. By contrast, the data suggest that the credit expansion during the 2000s housing boom was an endogenous response to widespread expectations of higher future house prices, as average mortgage sizes rose for borrowers across the entire income distribution.

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Integration of the Mortgage Market into the National Capital Markets: 1963–1993

Cited by 18 publications

References 12 publications

GCC equity market indices integration

GCC equity market indices integration

Federal Credit and Insurance Programs: Housing

Technological Innovation in Mortgage Underwriting and the Growth in Credit: 1985–2015

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