NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

A New Look at Second Liens

Donghoon Lee, Christopher Mayer, Joseph Tracy

Chapter in NBER book Housing and the Financial Crisis (2013), Edward L. Glaeser and Todd Sinai, editors (p. 205 - 234)
Conference held November 17-18, 2011
Published in August 2013 by University of Chicago Press
© 2013 by the National Bureau of Economic Research

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.

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This paper was revised on August 14, 2012

Machine-readable bibliographic record - MARC, RIS, BibTeX

This chapter first appeared as NBER working paper w18269, A New Look at Second Liens, Donghoon Lee, Christopher J. Mayer, Joseph Tracy
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