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Journal Article
The impact of geographic deregulation on small banks
Calem, Paul S. (1994-11)
Business Review , Issue Nov , Pages 17-31

Working Paper
\"Cream-skimming\" in subprime mortgage securitizations : which subprime mortgage loans were sold by depository institutions prior to the crisis of 2007?
Henderson, Christopher; Calem, Paul S.; Liles, Jonathan (2010)
Depository institutions may use information advantages along dimensions not observed or considered by outside parties to "cream-skim," meaning to transfer risk to naive, uninformed, or unconcerned investors through the sale or securitization process. This paper examines whether "cream-skimming" behavior was common practice in the subprime mortgage securitization market prior to its collapse in 2007. Using Home Mortgage Disclosure Act data merged with data on subprime loan delinquency by ZIP code, the authors examine the bank decision to sell (securitize) subprime mortgages originated in ...
Working Papers , Paper 10-8

Working Paper
Switching costs and adverse selection in the market for credit cards: new evidence
Gordy, Michael B.; Calem, Paul S.; Mester, Loretta J. (2005)
To explain persistence of credit card interest rates at relatively high levels, Calem and Mester (AER, 1995) argued that informational barriers create switching costs for high-balance customers. As evidence, using data from the 1989 Survey of Consumer Finances, they showed that these households were more likely to be rejected when applying for new credit. In this paper, they revisit the question using the 1998 and 2001 SCF. Further, they use new information on card interest rates to test for pricing effects consistent with information-based switching costs. The authors find that informational ...
Working Papers , Paper 05-16

Journal Article
Joint ventures: meeting the competition in banking
Calem, Paul S. (1988-05)
Business Review , Issue May , Pages 13-21

Working Paper
Financing constraints and investment: new evidence from the U.S. hospital industry
Calem, Paul S.; Rizzo, John A. (1991)
Working Papers , Paper 91-4

Journal Article
The strange behavior of the credit card market
Calem, Paul S. (1992-01)
Business Review , Issue Jan , Pages 3-14

Working Paper
Foreclosure delay and consumer credit performance
Lang, William W.; Calem, Paul S.; Jagtiani, Julapa (2014-03-09)
Superseded by Working Paper 15-24.The deep housing market recession from 2008 through 2010 was characterized by a steep increase in the number of foreclosures. Foreclosure timelines ? the length of time between initial mortgage delinquency and completion of foreclosure ? also expanded significantly, averaging up to three years in some states. Most individuals undergoing foreclosure are experiencing serious financial stress. However, extended foreclosure timelines enable mortgage defaulters to live in their homes without making housing payments until the completion of the foreclosure process, ...
Working Papers , Paper 14-8

Journal Article
Trends in home purchase lending: consolidation and the Community Reinvestment Act
Canner, Glenn B.; Calem, Paul S.; Bostic, Raphael W.; Avery, Robert B. (1999-02)
Consolidation among banking institutions has substantially changed the structure of the banking industry. Between 1975 and 1997, the number of commercial banks and savings associations declined more than 40 percent. Over the same broad period, the market for home mortgage lending has also changed substantially. Notably, home mortgage lending is no longer primarily the province of banking institutions operating in the communities in which they have banking offices. In recent decades, mortgage and finance companies and banking organizations operating outside their local communities have gained ...
Federal Reserve Bulletin , Volume 85 , Issue Feb

Working Paper
The location and quality effects of mergers
Calem, Paul S. (1992)
Working Papers , Paper 92-5

Journal Article
The proconsumer argument for interstate branching
Calem, Paul S. (1993-05)
Business Review , Issue May , Pages 15-29

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