National Bureau of Economic Research researchers Christopher J. Mayer, Edward Morrison, Tomasz Piskorski and Arpit Gupta investigate whether homeowners responded strategically to news of mortgage modification programs. They exploited plausibly exogenous variation in modification policy induced by U.S. state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers with subprime mortgages throughout the country.Source: Texas Insider
12:41 pm CST June 22, 2011
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