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Housing and Development Resources: Housing Fiscal Crisis

The Crisis in New Jersey

New Jersey Foreclosure Fairness Act
P.L. 2009, CHAPTER 296, approved January 17, 2010.
New Jersey. Legislature. General Assembly. Financial Institutions and Insurance Committee. Public Hearing: Testimony on the Subprime Lending Crisis. Trenton, N.J., April 19, 2007.
Shadowed by the Shadow Inventory: A Newark, New Jersey Case Study of Stalled Foreclosures & Their Consequences
Linda Fisher. Seton Hall Public Law Research Paper no. 2284481. June 24, 2013. "This empirical project tests the extent to which bank stalling has contributed to foreclosure delays and property vacancies in Newark, New Jersey."
Foreclosures and Neighborhood Impacts in New Jersey
Kathe Newman. Draft. Prepared for presentation at the Cleveland Federal Reserve Conference: Moving Towards Solutions: Research and Policy on Vacancy and Abandonment. August 27, 2008. Columbus, Ohio.
"The New Economy and the City: Foreclosures in Essex County, New Jersey."
Kathe Newman. IN Subprime Cities: The Polical Economy of Mortgage Markets. Manuel B. Aalbers. Chichester, Wiley-Blackwell, 2012, pp. 219-241. Rutgers-restricted Access
New Jersey Mortgage Conditions
New Jersey Association of Realtors. April 2008.
Newman, Kathe and Wyly, Elvin K. " Geographies of Mortgage Market Segmentation: The Case of Essex County, New Jersey," Housing Studies 19(1), January 2004, 53-83.
Focusing on Newark and its surrounding suburbs, analyses the market penetration of subprime lending institutions, assesses the role of borrower characteristics, and analyses the patterns of mortgage 'pre-foreclosures.'  Rutgers-restricted access
 
 
 

Mortgages and Foreclosures

The Financial Crisis Inquiry Report
National Commission on the Causes of the Financial and Economic Crisis in the United States. Washington, DC., 2011.
Results of the investigation into causes of the financial crisis, including the role of collapsing mortgage-lending standards.
The Great American Housing Bubble: The Road to Collapse
Robert M. Hardaway. Santa Barbara, Calif., Praeger, 2011.
Looks to blame the crisis on five distinct causes. Rutgers-restricted Access
Regional Mortgage Conditions
Percentage of delinquent mortgages, New York and New Jersey by county, 2007-.
National Foreclosure Mitigation Counseling Program Evaluation: Final Report Rounds 1 and 2
Neil Mayer et al. Prepared for NeighborWorks America. Washington, DC, The Urban Institute, December 14, 2011.
Estimating the Effect of Mortgage Foreclosures on Nearby Property Values: A Critical Review of the Literature.
W. Scott Frame. June 2010
Comparing Patterns of Default Among Prime and Subprime Mortgages
Gene Amromin and Anna L. Paulson. Federal Reserve Bank of Chicago. Economic Perspectives 2Q/2009, pp. 18-37.
The Subprime Lending Crisis: The Economic Impact on Wealth, Property Values and Tax Revenues, and How We Got Here. October 2007.
Report and Recommendations by the Majority Staff of the Joint Economic Committee.
The Housing Crisis and What is Means for State and Local Governments
Audio of a panel discussion sponsored by the Tax Policy Center and the Lincoln Institute of Land Policy held at the Urban Institute on March 12, 2008.
What the Housing Crisis Means for State and Local Governments 
Tax Policy Center 2010 Report, by Kim S. Rueben and Serena Lei
Defaulting on the Dream: States Respond to America's Foreclosure Crisis
Pew Charitable Trusts report. April 2008.
Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures
Kristopher Gerardi, Adam Hale Shapiro, and Paul S. Willen. Federal Reserve Bank of Boston Working Papers no.07-15. December 3, 2007.
Racial Segregation and the American Foreclosure Crisis
Jacob S. Rugh and Douglas S. Massey. American Sociological Review 75(5), October 2010, pp. 629-651.
"We argue that residential segregation created a unique niche of minority clients who were differentially marketed risky subprime loans that were in great demand for use in mortgage-backed securities that could be sold on secondary markets.
Off-Campus Access Rutgers-restricted Access
The Municipal Cost of Foreclosures: A Chicago Case Study
William C. Apgar. A report prepared for the Homeownership Preservation Foundation. February 27, 2005.
Neighborhood Effects of Concentrated Mortgage Foreclosures
Jenny Schuetz, Vicki Been, and Ingrid Gould Ellen. Furman Center for Real Estate & Urban Policy. Working Paper 08-03. October 1, 2008.
Mortgage Market Channels and Fair Lending: An Analysis of HMDA Data
William Apgar, Amal Bendimerad, and Ren S. Essene. Harvard University, Joint Center for Housing Studies, April 25, 2007.
Using the 2004 Home Mortgage Disclosure Act (HMDA) data, this paper "seeks to better understand the rapid growth of subprime lending, the organization of U.S. capital markets, and the many distinct mortgage channels that link mortgage investors with mortgage borrowers."
Information on Recent Default and Foreclosure Trends for Home Mortgage and Associated Economic and Market Developments.
David G. Wood. Washington, DC, U.S. Government Accountability Office, 2007.
HUD Provided Local Level Data
County, Place, and Census Tract level foreclosure data (mortgages, foreclosures, 90-day residential vacancies). Part of the HUD Neighborhood Stabilization Program Data.
HUD Aggregated USPS Administrative Data on Address Vacancies
"HUD has entered into an agreement with the United States Postal Service (USPS) to receive quarterly aggregate data on addresses identified by the USPS as having been "vacant" or "No-Stat" in the previous quarter. HUD is making these data available for researchers and practitioners to explore their potential utility for tracking neighborhood change on a quarterly basis.
The Impact of Federal Preemption of State Anti-Predatory Lending Laws on the Foreclosure Crisis
Lei Ding et al. August 27, 2010.
"This paper examines whether or not the 2004 preemption of state laws by the Office of the Comptroller of the Currency (OCC) led to deterioration in the quality and performance of loans originated by the lenders it regulates."
Bostic, Raphael W. et.al. " State and Local Anti-Predatory Lending Laws: The Effect of Legal Enforcement Mechanisms," Journal of Economics and Business 60 (1-2), January-February 2008, pp. 47-66.  Rutgers-restricted access
 
The Impact of State Anti-Predatory Lending Laws: Policy Implications and Insights
Raphael W. Bostic et.al. February 2008.
Reforming the Law of Adhesion Contracts: A Judicial Response to the Subprime Mortgage Crisis
Shelley Smith. Draft, August 17, 2009
Mills, Edwin S. "Urban Land-Use Controls and the Subprime Mortgage Crisis" Independent Review 13, Spring 2009, pp. 559-565. 
"Mortgage Foreclosure Prevention Efforts."
Kristopher Gerardi and Wenli Li. Federal Reserve Bank of America Economic Review 95(2), 2010.
Includes a literature review

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