债务减免中的中介摩擦:CARES 法案》宽限措施的证据

IF 10.4 1区 经济学 Q1 BUSINESS, FINANCE Journal of Financial Economics Pub Date : 2024-06-07 DOI:10.1016/j.jfineco.2024.103873
You Suk Kim , Donghoon Lee , Tess Scharlemann , James Vickery
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引用次数: 0

摘要

我们研究了在 COVID-19 大流行期间,中介机构--抵押贷款服务机构--如何影响抵押贷款宽限期的实施,并利用服务机构层面的变化来追踪宽限期对借款人的因果影响。不同的服务机构提供的暂缓贷款差别很大。小型服务机构、非银行,尤其是流动性缓冲较小的非银行,提供的暂缓贷款较少,与暂缓贷款相关的投诉也较多。更容易获得暂缓偿付大大增加了抵押贷款的未偿还率,但也减少了暂缓偿付之外的拖欠率。延期偿付的部分流动资金被用于减少信用卡债务,但大部分被储蓄或用于非耐用消费。
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Intermediation frictions in debt relief: Evidence from CARES Act forbearance

We study how intermediaries – mortgage servicers – shaped the implementation of mortgage forbearance during the COVID-19 pandemic and use servicer-level variation to trace out the causal effects of forbearance on borrowers. Forbearance provision varied widely across servicers. Small servicers, nonbanks, and especially nonbanks with small liquidity buffers, facilitated fewer forbearances and saw a higher incidence of forbearance-related complaints. Easier access to forbearance substantially increased mortgage nonpayment but also reduced delinquencies outside of forbearance. Part of the liquidity from forbearance was used to reduce credit card debt, but most was saved or used for nondurable consumption.

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来源期刊
CiteScore
15.80
自引率
4.50%
发文量
192
审稿时长
37 days
期刊介绍: The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.
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