Changes in Personal Bankruptcy Protection Laws: The Impact to Home Mortgage Lending

Jason Damm, Masim Suleymanov
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Abstract

In the U.S., individuals who file for bankruptcy can protect a certain amount of property from creditor liquidation during the debt settlement process. Our analysis exploits changes in these laws to determine the impact on home mortgage lending. We find that the additional debtor protection reduces the likelihood of denial for home purchases and loan applications that are secured by a first lien. However, the denial rate of non-first lien purchases and home improvement loans increases as a result of higher exemption limits. We also find that applications in each affected census tract increase, leading to more approvals, loan issuance, and denials as a result of each change.
个人破产保护法的变化:对住房抵押贷款的影响
在美国,申请破产的个人可以在债务清算过程中保护一定数量的财产免受债权人的清算。我们的分析利用这些法律的变化来确定对住房抵押贷款的影响。我们发现,额外的债务人保护减少了拒绝购房和贷款申请的可能性,这是由第一留置权担保。然而,非第一留置权购买和住房改善贷款的拒绝率由于更高的豁免限制而增加。我们还发现,每个受影响的人口普查区的申请都增加了,每次变化都会导致更多的批准、贷款发放和拒绝。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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