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Diaz-Serrano, Luis (2005) Income Volatility and Residential Mortgage Delinquency: Evidence from 12EU Countries. UNSPECIFIED. (Unpublished)
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Abstract
We Investigate the socio-economic determinants of mortgage delinquency in 12EU countries and observe that income volatility in income is high enough. From this result we can draw the following conclusions:i) mortgage protection insurance policies might be failing to cover those borrowers most in need; ii) the existence of credit market imperfection, and;iii) the inability for a number of borrowers most at income risk to accumulate precautionary savings in order to meet morgage payments when stocks in imcome rise.
| Item Type: | Other |
|---|---|
| Additional Information: | Department of Economic Working Paper Series N153/02/05 |
| Keywords: | Income volatility, mortgage delinquency, mortgage insurance, homeownership, payment-to-income ratio, credit market imperfections, precautionary savings. |
| Academic Unit: | Faculty of Social Sciences > Economics, Finance and Accounting |
| Item ID: | 210 |
| Depositing User: | Ms Sandra Doherty |
| Date Deposited: | 15 Mar 2005 |
| Refereed: | No |
| Use Licence: | This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here |
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