WP 23-01 – Occupancy fraud has been suggested as a contributor to the housing bubble. We show it was pervasive and remains present. Fraudulent investors accounted for an outsize share of defaults in the bust and pose a risk should prices decline.
To gain insights into the impact of the COVID-19 pandemic on financial security in the U.S., the Consumer Finance Institute at the Federal Reserve Bank of Philadelphia conducted a series of national surveys of consumers beginning in April 2020 and concluding in April 2022.
We study credit and payment markets to understand how they affect consumers and the economy.
In this Q&A, Tom Akana of our Consumer Finance Institute shares what we learned after two years tracking consumer well-being during the pandemic, why it’s important, and where we go from here.
Since the early 2010s, the rise of so-called cryptocurrencies has received significant attention from financial market participants, policymakers, and academics. Cryptocurrencies are digital or virtual currencies (such as bitcoin, Ethererum, Litecoin, and many others) in which transactions are verified and records are maintained by a decentralized, distributed ledger system using cryptography, rather than by a centralized authority.
Federal Reserve Bank of Philadelphia
WP 22-39 – Modeling advances create credit scores that predict default better overall, but raise concerns about their effect on protected groups.
WP 22-36 – This paper studies how past experiences with privacy shocks affect individuals' take-up of precautionary behavior when faced with a new privacy shock in the context of credit markets.
Get the Philadelphia Fed’s latest information, resources, and research on the coronavirus pandemic's impact on businesses, households, and communities.
We regularly invite outside experts in consumer finance and payments to conduct independent research, collaborate with our staff economists and analysts, and participate in our events.
WP 22-35 – We study how forcing financially distressed consumer debtors to repay a larger fraction of debt can lead them to misreport data fraudulently.