Who Selected Adjustable-Rate Mortgages? Evidence from the 1989-2007 Surveys of Consumer Finances" 
Harvard Business School Finance Working Paper No. 10-083
Harvard Business School Finance Working Paper No. 10-083
DANIEL BERGSTRESSER, Harvard Business School
Email: dbergstresser@hbs.edu
JOHN BESHEARS, National Bureau of Economic Research (NBER)
Email: beshears@nber.org
We find evidence that households selecting adjustable-rate mortgages (ARMs) during the recent decade were disproportionately those who were less suspicious or who may have had difficulty understanding complicated ARM features that became commonplace prior to the financial crisis.
No comments:
Post a Comment