A New Look at Second Liens
Chapter in NBER book Housing and the Financial Crisis (2013), Edward L. Glaeser and Todd Sinai, editors (p. 205 - 234)
This chapter considers several issues regarding second liens using information from Equifax credit reports and Dataquick deeds records. It examines the growth of second liens, including the credit quality of the borrowers; where second liens were originated and how they might have contributed to (over) leverage during the boom; and how second liens perform relative to first liens. In particular, it considers why some borrowers choose to pay their second lien even as they are delinquent on their first lien.
This paper was revised on April 9, 2015A New Look at Second Liens, Donghoon Lee, Christopher J. Mayer, Joseph Tracy
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