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Article

The Coming Crisis in Credit Availability

Laurie S. Goodman, Roger Ashworth, Brian Landy and Lidan Yang
The Journal of Structured Finance Fall 2012, 18 (3) 37-49; DOI: https://doi.org/10.3905/jsf.2012.18.3.037
Laurie S. Goodman
is a senior managing director at Amherst Securities Group LP in New York, NY.
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  • For correspondence: lgoodman@amherst.com
Roger Ashworth
is a vice president at Amherst Securities Group LP in New York, NY.
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  • For correspondence: rashworth@amherst.com
Brian Landy
is a senior vice president at Amherst Securities Group LP in New York, NY.
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  • For correspondence: blandy@amherst.com
Lidan Yang
is a senior vice president at Amherst Securities Group LP in New York, NY.
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  • For correspondence: lyang@amherst.com
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Abstract

Credit availability was too loose in the 2005–early 2007 period. Borrowers were able to buy homes with low (or no) down payments and very little documentation of income and assets. In an over-reaction, credit availability is now too tight; it is increasingly difficult for borrowers who are “outside the credit box” to qualify for a mortgage, as the authors quantify with their Credit Availability Index. The authors’ concern is that the new regulatory actions, many of which are spawned by Dodd–Frank, have the potential to make credit even tighter. They focus on the Qualified Mortgage (QM) Rule, the Qualified Residential Mortgage (QRM) Rule, the High Cost Mortgage Rules (HOEPA) and “disparate impact.” They believe the interaction among these rules is being ignored, as different regulatory agencies preside over each one.

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The Journal of Structured Finance: 18 (3)
The Journal of Structured Finance
Vol. 18, Issue 3
Fall 2012
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The Coming Crisis in Credit Availability
Laurie S. Goodman, Roger Ashworth, Brian Landy, Lidan Yang
The Journal of Structured Finance Oct 2012, 18 (3) 37-49; DOI: 10.3905/jsf.2012.18.3.037

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The Coming Crisis in Credit Availability
Laurie S. Goodman, Roger Ashworth, Brian Landy, Lidan Yang
The Journal of Structured Finance Oct 2012, 18 (3) 37-49; DOI: 10.3905/jsf.2012.18.3.037
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  • Article
    • Abstract
    • HISTORICAL REVIEW—CREDIT AVAILABILITY (WITH NUMBERS!!!)
    • LOOSENING CREDIT AVAILABILITY: 2004–2007
    • TIGHTENING CREDIT AVAILABILITY 2008–PRESENT
    • THE REGULATORY LANDSCAPE
    • CONCLUSION
    • ENDNOTES
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  • PDF (Subscribers Only)

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