题目：The Political Economy of Loan Modication

主讲人：姚文雄，乔治亚州立大学

时间：2018年7月5日，13:30-15:00

地点：中惠楼106B会议室

主讲人简介：

姚文雄，乔治亚州立大学罗宾逊商学院副教授（终身教职）及该校房地产研究中心主任。 2004年博士毕业于纽约州立大学奥尔巴尼分校, 曾任美国阿肯色大学小石城分校助理教授，美国房利美公司风险分析总监及信用投资组合策略总监。他的研究领域包括房地产金融、住房政策、家庭金融、信用风险管理等，研究成果已在Journal of Financial Economics, Management Science, Journal of Urban Economics, Journal of Real State Finance and Economics, Journal of Financial Intermediation 等国际一流期刊发表。

Abstract:

This paper documents that mortgage servicers increased modification rates by approximately 8 percent for delinquent loans located in a district whose representative was a member of the Financial Services Committee in the U.S. House of Representatives during the 111th Congress. We document that the difference in modification rates persists after the passage of the Dodd-Frank Act in 2010 and continues through the term of the 112th Congress. The paper’s findings are consistent with lenders making politically motivated decisions in their allocation of loan modifications.Furthermore, we find little evidence that these higher modification rates benefited borrowers orthe local economy.