Variables

Description

Measurement

Mean/

Proportion

Source

Dependent:

Foreclosure Starts-All Loans

%

0.73%

MBAa

Foreclosure Starts-Prime Loans

%

0.40%

MBA

Foreclosure Starts-Subprime Loans

%

2.56%

MBA

Independent:

Pre-Sale Statutory Protections

ACR

Access to Court Review

1 = recourse; 0 = non-recourse

43.1%

NCLCb

LMRF

Loss Mitigation Requirement before Foreclosure

1 = statute; 0 = no statute

15.7%

NCLC

RCBA

Right to Cure before Acceleration

1 = statute; 0 = no statute

23.5%

NCLC

RRBS

Right to Restate before Sale

1 = statute; 0 = no statute

47.1%

NCLC

PSRCSN

Personal Service Requirement-Complaint/Sale Notice

1 = statute; 0 = no statute

33.3%

NCLC

HEAF

Housing Emergency Assistance Fund

1 = statute; 0 = no statute

23.5%

NCLC

Post-Sale Statutory Protections

RTR

Right to Redeem

1 = statute; 0 = no statute

41.2%

NCLC

DJ

Deficiency Judgments

1 = statute; 0 = no statute

68.6%

NCLC

ASP

Accounting of Sales Proceeds

1 = statute; 0 = no statute

80.4%

NCLC

PRS

Prompt Return of Surplus

1 = statute; 0 = no statute

31.4%

NCLC

Borrower Characteristics

CreditScore

Average State Credit Score (FICO)

numeric

683.82

Experianc

INCOME

Personal Income (000)

current $

$36,330

BEAd

FEMPCT

Primary Female-Borrowers Loans/Total Loans

%

7.19%

HMDAe

WPCT

White-Borrowers Loans/Total Loans

%

78.52%

HMDA

BPCT

Black-Borrowers Loans/Total Loans

%

5.54%

HMDA

HISPCT

Hispanic-Borrowers Loans/Total Loans

%

5.14%

HMDA

ASNPCT

Asian-Borrowers Loans/Total Loans

%

3.32%

HMDA

NTVPCT

Native American Borrowers Loans/Total Loans

%

0.53%

HMDA

Mortgage/Lending Characteristics

NIVPCT

No Income Verfication Loans/Total Loans

%

1.91%

HMDA

SPREAD

Loans with Spread/Total Loans

%

17.10%

HMDA

NONOCC

Non-Owner Occupied Loans/Total Loans

%

12.47%

HMDA

DENPCT

Denial Rate

%

22.30%

HMDA

PCTADJ

Adjustable Loans/Total Loans

%

15.55%

FHFAf

Economic Conditions

DELHPI

Change in House Price Index

%

3.89%

FHFAf

UNEMPL

Unemployment Rate

%

5.44%

BLSg

NBPERM

Number of Building Permits (000)

numeric

21800.83

BPSh