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Papers by Paul Calem
Journal of Economics and Business, 2016
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Zell Lurie Center Working Papers, 1998
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ABSTRACT
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O,'ver the past two and a half years, interest rates on Treasury bills, commercial loans, ce... more O,'ver the past two and a half years, interest rates on Treasury bills, commercial loans, certificates of deposit, and other money and capital market instruments have declined substantially. Between May 1989 and November 1991, the prime rate charged by ...
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ABSTRACT
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ABSTRACT The deep housing market recession from 2008 through 2010 was characterized by a steep in... more ABSTRACT The deep housing market recession from 2008 through 2010 was characterized by a steep increase in the number of foreclosures. Foreclosure timelines — the length of time between initial mortgage delinquency and completion of foreclosure — also expanded significantly, averaging up to three years in some states. Most individuals undergoing foreclosure are experiencing serious financial stress. However, extended foreclosure timelines enable mortgage defaulters to live in their homes without making housing payments until the completion of the foreclosure process, thus providing a liquidity benefit. This paper tests whether the resulting liquidity was used to help cure nonmortgage credit delinquency. The authors find a significant relationship between longer foreclosure timelines and household performance on nonmortgage consumer credit during and after the foreclosure process. Their results indicate that a longer period of nonpayment of housing-related expenses results in higher cure rates on delinquent nonmortgage debts and improved household balance sheets. Foreclosure delay may have mitigated the impact of the economic downturn on credit card default. However, credit card performance may deteriorate in the future as the current foreclosure backlog is cleared and the affected households once again incur housing expenses.
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The Journal of Real Estate Finance and Economics, Feb 1, 2004
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Journal of Real Estate Finance and Economics, 2002
In this paper, we examine how statistical analysis is used to help conduct fair lending complianc... more In this paper, we examine how statistical analysis is used to help conduct fair lending compliance examinations. We present a case study of an actual fair lending examination of a large mortgage lender, illustrating how statistical techniques are used to focus examiner efforts. Our case also highlights the limitations inherent in statistical analysis of discrimination. The study suggests that statistical
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... The Effects of the Community Reinvestment Act on Local Communities * Robert B. Avery Paul S. ... more ... The Effects of the Community Reinvestment Act on Local Communities * Robert B. Avery Paul S. Calem Glenn B. Canner** ... Page 2. ABSTRACT This paper seeks to address questions about the effects of the Community Reinvestment Act on local communities. ...
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Federal Reserve Bulletin, Feb 1, 1996
... 11. See, for example, Wilson Thompson, ''A Model of... more ... 11. See, for example, Wilson Thompson, ''A Model of FHA's Origination Process and How it ... Private mortgage insurers, for example, while backing loans with high loan-to-value ratios, generally ... and Freddie Mac Industry Letter from Michael K. Stamper, ''The Predictive Power of ...
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Working Papers, 1994
ABSTRACT We show that bank branching tends to mitigate localized market power by broadening the g... more ABSTRACT We show that bank branching tends to mitigate localized market power by broadening the geographic scope of competition among banks, even though branch banking allows banks to differentiate themselves through their choices of branch locations. Banking services at peripheral locations will be priced more competitively when those locales are served by branch networks. We develop a theoretical model in support of this view and offer empirical evidence. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technolog
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ABSTRACT
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Journal of Economics and Business, 2016
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Zell Lurie Center Working Papers, 1998
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ABSTRACT
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O,'ver the past two and a half years, interest rates on Treasury bills, commercial loans, ce... more O,'ver the past two and a half years, interest rates on Treasury bills, commercial loans, certificates of deposit, and other money and capital market instruments have declined substantially. Between May 1989 and November 1991, the prime rate charged by ...
Bookmarks Related papers MentionsView impact
Bookmarks Related papers MentionsView impact
ABSTRACT
Bookmarks Related papers MentionsView impact
ABSTRACT The deep housing market recession from 2008 through 2010 was characterized by a steep in... more ABSTRACT The deep housing market recession from 2008 through 2010 was characterized by a steep increase in the number of foreclosures. Foreclosure timelines — the length of time between initial mortgage delinquency and completion of foreclosure — also expanded significantly, averaging up to three years in some states. Most individuals undergoing foreclosure are experiencing serious financial stress. However, extended foreclosure timelines enable mortgage defaulters to live in their homes without making housing payments until the completion of the foreclosure process, thus providing a liquidity benefit. This paper tests whether the resulting liquidity was used to help cure nonmortgage credit delinquency. The authors find a significant relationship between longer foreclosure timelines and household performance on nonmortgage consumer credit during and after the foreclosure process. Their results indicate that a longer period of nonpayment of housing-related expenses results in higher cure rates on delinquent nonmortgage debts and improved household balance sheets. Foreclosure delay may have mitigated the impact of the economic downturn on credit card default. However, credit card performance may deteriorate in the future as the current foreclosure backlog is cleared and the affected households once again incur housing expenses.
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The Journal of Real Estate Finance and Economics, Feb 1, 2004
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Journal of Real Estate Finance and Economics, 2002
In this paper, we examine how statistical analysis is used to help conduct fair lending complianc... more In this paper, we examine how statistical analysis is used to help conduct fair lending compliance examinations. We present a case study of an actual fair lending examination of a large mortgage lender, illustrating how statistical techniques are used to focus examiner efforts. Our case also highlights the limitations inherent in statistical analysis of discrimination. The study suggests that statistical
Bookmarks Related papers MentionsView impact
... The Effects of the Community Reinvestment Act on Local Communities * Robert B. Avery Paul S. ... more ... The Effects of the Community Reinvestment Act on Local Communities * Robert B. Avery Paul S. Calem Glenn B. Canner** ... Page 2. ABSTRACT This paper seeks to address questions about the effects of the Community Reinvestment Act on local communities. ...
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Bookmarks Related papers MentionsView impact
Federal Reserve Bulletin, Feb 1, 1996
... 11. See, for example, Wilson Thompson, ''A Model of... more ... 11. See, for example, Wilson Thompson, ''A Model of FHA's Origination Process and How it ... Private mortgage insurers, for example, while backing loans with high loan-to-value ratios, generally ... and Freddie Mac Industry Letter from Michael K. Stamper, ''The Predictive Power of ...
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Working Papers, 1994
ABSTRACT We show that bank branching tends to mitigate localized market power by broadening the g... more ABSTRACT We show that bank branching tends to mitigate localized market power by broadening the geographic scope of competition among banks, even though branch banking allows banks to differentiate themselves through their choices of branch locations. Banking services at peripheral locations will be priced more competitively when those locales are served by branch networks. We develop a theoretical model in support of this view and offer empirical evidence. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technolog
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ABSTRACT
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