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Papers by Paul Calem

Research paper thumbnail of Regulating consumer credit

Journal of Economics and Business, 2016

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Research paper thumbnail of Community Reinvestment and Credit Risk: Evidence from an Affordable Home Loan Program

Zell Lurie Center Working Papers, 1998

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Research paper thumbnail of Financing constraints and investment: new evidence from the U.S. hospital industry

ABSTRACT

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Research paper thumbnail of An Examination of How the Proposed Bifurcated Implementation of Basel II in the U.S. May Affect Competition among Banking Organizations for Residential Mortgages

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Research paper thumbnail of The strange behavior of the credit card market

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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Research paper thumbnail of Trends in home purchase lending: consolidation and the Community Reinvestment Act

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Research paper thumbnail of Financing constraints and investment: new evidence from hospital industry data

ABSTRACT

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Research paper thumbnail of Foreclosure delay and consumer credit performance

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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Research paper thumbnail of The impact of branch banking on pricing and service availability: theory and evidence

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Research paper thumbnail of The Neighborhood Distribution of Subprime Mortgage Lending: Subprime Lending: Empirical Studies (Guest Editor: Michael E. Staten and Anthony M. Yezer

The Journal of Real Estate Finance and Economics, Feb 1, 2004

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Research paper thumbnail of Anatomy of a Fair Lending Exam: The Uses and Limitations of Statistics

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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Research paper thumbnail of The effects of the Community Reinvestment Act on local communities

... 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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Research paper thumbnail of The distribution of credit scores: findings and implications for the provision of financial services

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Research paper thumbnail of Credit risk, credit scoring, and the performance of home mortgages

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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Research paper thumbnail of Mortgage brokers and fair lending

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Research paper thumbnail of Credit report accuracy and access to credit

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Research paper thumbnail of Branch banking and the geography of bank pricing

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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Research paper thumbnail of The Impact of a Liquidity Shock on Bank Lending: The Case of the 2007 Collapse of the Private-Label RMBS Market

ABSTRACT

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Research paper thumbnail of The Potential Competitive Impacts of Basel II in the U.S. Market for Residential Mortgages Statement before the U.S. House of Representatives Subcommittees on Financial Institutions and Consumer Credit and on Domestic and International Monetary Policy

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Research paper thumbnail of Agglomeration economies and technical change in urban manufacturing

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Research paper thumbnail of Regulating consumer credit

Journal of Economics and Business, 2016

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Community Reinvestment and Credit Risk: Evidence from an Affordable Home Loan Program

Zell Lurie Center Working Papers, 1998

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Financing constraints and investment: new evidence from the U.S. hospital industry

ABSTRACT

Bookmarks Related papers MentionsView impact

Research paper thumbnail of An Examination of How the Proposed Bifurcated Implementation of Basel II in the U.S. May Affect Competition among Banking Organizations for Residential Mortgages

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The strange behavior of the credit card market

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

Research paper thumbnail of Trends in home purchase lending: consolidation and the Community Reinvestment Act

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Financing constraints and investment: new evidence from hospital industry data

ABSTRACT

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Foreclosure delay and consumer credit performance

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.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The impact of branch banking on pricing and service availability: theory and evidence

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The Neighborhood Distribution of Subprime Mortgage Lending: Subprime Lending: Empirical Studies (Guest Editor: Michael E. Staten and Anthony M. Yezer

The Journal of Real Estate Finance and Economics, Feb 1, 2004

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Anatomy of a Fair Lending Exam: The Uses and Limitations of Statistics

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

Research paper thumbnail of The effects of the Community Reinvestment Act on local communities

... 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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Research paper thumbnail of The distribution of credit scores: findings and implications for the provision of financial services

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Credit risk, credit scoring, and the performance of home mortgages

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 ...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Mortgage brokers and fair lending

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Credit report accuracy and access to credit

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Branch banking and the geography of bank pricing

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

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The Impact of a Liquidity Shock on Bank Lending: The Case of the 2007 Collapse of the Private-Label RMBS Market

ABSTRACT

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The Potential Competitive Impacts of Basel II in the U.S. Market for Residential Mortgages Statement before the U.S. House of Representatives Subcommittees on Financial Institutions and Consumer Credit and on Domestic and International Monetary Policy

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Agglomeration economies and technical change in urban manufacturing

Bookmarks Related papers MentionsView impact

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