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Discussion Paper
Student loans part 1: get the numbers right
Journal Article
Texas Housing and Mortgage Update
Texas and other areas in the Eleventh District did not experience a drastic home appreciation or expansion of exotic mortgages in the lead-up to the recent recession; therefore, the region did not get into a mortgage crisis as severe as in some other parts of the nation (Figure 1). However, the region has not been immune to the consequences of the financial system turmoil and the economic slowdown.
Diverse, Resilient Houston Looking at Moving Beyond Traditional Energy Base
Dallas Fed President Lorie K. Logan met with Houston business and community leaders earlier this month in the first of 12 stops on her 360° in 365 Listening Tour.Di
Journal Article
Texas enterprise zone benefits for poor prove elusive
The Texas Enterprise Zone Program does not appear to benefit the financial well-being of residents. An examination of the state program suggests that at best, there is a modest positive impact on the repayment of retail loans.
Journal Article
Texans Help Drive National Increase in Auto Loan Debt
Despite strong economic growth in recent years, Texas auto loan delinquency rates have risen to levels approaching those seen just after the Great Recession. A recent drop in the subprime share of auto loan originations? typically involving less-creditworthy buyers? suggests delinquency rates are likely to fall. However, risks remain elevated because of factors including longer loan duration and young borrowers? increasing student loan indebtedness.
Biden Student Loan Relief Plan Allows Increased Borrowing, Less Repayment
The Biden plan is expected to boost participation in the income-driven repayments that lower the payment burden. Imposing a cap on a borrower’s income to qualify for cancellation or increasing the cancellation amount for low-income borrowers could alleviate the regressive nature of broad loan cancellation.
Working Paper
Distant Lending, Specialization, and Access to Credit
Small business lending has historically been very local, but distances between small businesses and their lenders have steadily increased over the last forty years. This paper investigates a new lending strategy made possible by distant small business lending: industry specialization. Using data on all Small Business Administration 7(a) loans from 2001-2017, we document a substantial increase in remote, specialized small business lenders, i.e., lenders that originate many distant loans and concentrate these loans within a small number of industries. These lenders target low-risk industries ...
Journal Article
Residential Foreclosures in Texas Depart from National Trends
Since 2005, mortgage delinquencies and foreclosures across the U.S. have escalated from historically low levels. In Texas, the number of foreclosures has been among the highest in the nation. However, Texas has the second-largest population among the 50 states and a large number of home mortgages. Its foreclosure rate as a percentage of total mortgages has not ranked high.
Journal Article
High Texas Student Loan Delinquency Rates Underscore Deeper Challenges
Texas student loan borrowers have lower debt balances but higher delinquencies than the national average. Debt loads have increased in recent years, further challenging Texas students, who are already more likely than their counterparts nationally to work while in school.
Working Paper
Reentering asset poverty after an exit: evidence from the PSID
In order to be successful at improving household's financial self-sufficiency and stability, asset-building policies must be designed to prevent households from falling back into asset poverty once they exit it. This paper uses the Panel Study of Income Dynamics data from 1994 to 2007 to analyze the influence of life events, demographics and financial behaviors on the duration out of asset poverty. We find evidence that suggests there are structural barriers to asset acquisition. Asset accumulation at levels equal to nine months worth of income at the income poverty level or greater is ...