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Housing and the Financial Crisis$
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Edward L. Glaeser and Todd Sinai

Print publication date: 2013

Print ISBN-13: 9780226030586

Published to Chicago Scholarship Online: January 2014

DOI: 10.7208/chicago/9780226030616.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 27 September 2021

A New Look at Second Liens

A New Look at Second Liens

(p.205) 5 A New Look at Second Liens
Housing and the Financial Crisis

Donghoon Lee

Christopher Mayer

Joseph Tracy

University of Chicago Press

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.

Keywords:   second lien, housing finance, mortgage

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