Homebuilders, Affiliated Financing Arms, and the Mortgage Crisis

May 29th, 2014
in econ_news

from the Federal Reserve Bank of Chicago

Nearly a third of all families purchasing new homes in 2006 obtained a mortgage from a financing company owned by or affiliated with a large homebuilder. Eighty percent of these loans were made by financing companies associated with one of the ten largest homebuilders in the country. In addition to accounting for a large share of new home sales and financing, homebuilders were particularly active in areas of the country where the subprime crisis was most acute (Arizona, California, Florida, and Nevada).

Follow up:

[click on image below to read this study]

Source: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/2014/2Q2014_part1_agarwal_etal.pdf

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