113 posts on "Credit"
January 17, 2018
Did Import Competition Boost Household Debt Demand?
In the years preceding the Great Recession, the United States experienced a dramatic rise in household debt and an unprecedented increase in import competition. In a recent staff report, we outline a link between these two seemingly unrelated phenomena. We argue that the displacement of workers exposed to import competition fueled their demand for mortgage credit, which left many households more vulnerable to the eventual downturn in the housing market.
September 6, 2017
What Drives International Bank Credit?
A major question facing policymakers is how to deal with slumps in bank credit.
Posted at 7:00 am in Bank Capital, Banks, Credit, Crisis, Financial Markets, International Economics | Permalink
August 23, 2017
At the New York Fed: The Appropriate Government Role in U.S. Mortgage Markets
While the U.S. mortgage finance system was at the center of the recent financial crisis, it remains largely untouched by legislative reforms. At the center of these conversations are Fannie Mae and Freddie Mac—both of which were placed into federal conservatorship in September 2008.
August 15, 2017
Just Released: More Credit Cards, Higher Limits, and . . . an Uptick in Delinquency
Today the New York Fed’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit for the second quarter of 2017.
May 17, 2017
Household Borrowing in Historical Perspective
Today, the New York Fed’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit for the first quarter of 2017.
May 15, 2017
Do Credit Markets Watch the Waving Flag of Bankruptcy?
Paul Goldsmith-Pinkham explores how the lifting of bankruptcy flags affects borrowers’ credit scores and credit outcomes.
April 3, 2017
At the N.Y. Fed: Press Briefing on Household Borrowing with Close‑Up on Student Debt
An examination of recent developments in household borrowing was the focus of a press briefing held this morning at the New York Fed.
March 27, 2017
Being Up Front about the FHA’s Up‑Front Mortgage Insurance Premiums
The Federal Housing Administration (FHA) played a significant role in maintaining mortgage credit availability following the onset of the subprime mortgage crisis and through the Great Recession.
March 1, 2017
When Debts Compete, Which Wins?
When faced with financial hardship, borrowers might choose to repay some debts while falling behind on others—potentially going into default.
February 15, 2017
Houses as ATMs No Longer
Housing equity is the primary form of collateral that households use for borrowing. This makes it a potentially important source of consumption funding, especially for younger households. In a previous post we showed that owner’s equity in residential real estate has finally, thanks to increasing home prices, rebounded to and essentially re-attained its 2005 peak level. Yet in spite of a gain of more than $7 trillion in housing equity since 2012, so far homeowners haven’t been tapping this equity at anything like the pace we witnessed during the housing boom that ended in 2006. In this post, we analyze the changes in equity withdrawal.
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