Financial Literacy and Subprime Mortgage Delinquency
By:Kristopher Gerardi
Published on 2010-10 by DIANE Publishing
This paper investigates whether a particular aspect of borrowers' financial literacy ¿ their numerical ability ¿ may have played a role in the subprime mortgage delinquency. The authors measure several aspects of financial literacy and cognitive ability in a survey of subprime mortgage borrowers who took out mortgages in 2006 or 2007 and match these measures to objective data on mortgage characteristics and repayment performance. They find a large and statistically significant negative correlation between numerical ability and various measures of delinquency and default. These results raise the possibility that limitations in certain aspects of financial literacy played an important role in the subprime mortgage crisis. Charts and tables.
This Book was ranked at 5 by Google Books for keyword Mortgage.
Book ID of Financial Literacy and Subprime Mortgage Delinquency's Books is 6f9XpEi-vo4C, Book which was written byKristopher Gerardihave ETAG "cED78rAq33o"
Book which was published by DIANE Publishing since 2010-10 have ISBNs, ISBN 13 Code is 9781437935189 and ISBN 10 Code is 1437935184
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