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Income Volatility and Residential Mortgage Delinquency: Evidence from 12EU Countries

Diaz-Serrano, Luis (2005) Income Volatility and Residential Mortgage Delinquency: Evidence from 12EU Countries. UNSPECIFIED. (Unpublished)

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Abstract

We Investigate the socio-economic determinants of mortgage delinquency in 12EU countries and observe that income volatility in income is high enough. From this result we can draw the following conclusions:i) mortgage protection insurance policies might be failing to cover those borrowers most in need; ii) the existence of credit market imperfection, and;iii) the inability for a number of borrowers most at income risk to accumulate precautionary savings in order to meet morgage payments when stocks in imcome rise.

Item Type: Other
Additional Information: Department of Economic Working Paper Series N153/02/05
Keywords: Income volatility, mortgage delinquency, mortgage insurance, homeownership, payment-to-income ratio, credit market imperfections, precautionary savings.
Subjects: Social Sciences > Economics
Item ID: 210
Depositing User: Ms Sandra Doherty
Date Deposited: 15 Mar 2005
Refereed: No
URI:

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