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Mortgage Lending, Sample Selection and Default.(Statistical Data Included)
- Article from:
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Real Estate Economics
- Article date:
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December 22, 2000
- Author:
- Ross, Stephen L.
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Copyright informationCOPYRIGHT 2000 American Real Estate & Economics Association. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Stephen L. Ross [*]
Traditional models of mortgage default suffer from sample-selection bias because they do not control for the loan approval process. This paper estimates a sample-selection-corrected default model using the 1990 Boston Federal Reserve loan application sample and the 1992 Federal Housing Authority (FHA) foreclosure sample. A single-equation FHA default model appears to suffer from substantial selection bias, but the bias primarily arises from the omission of credit history and other variables that are only in the application sample. Therefore, default models that contain detailed information on applicants may not suffer from substantial selection bias. ...
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