Consumer Credit

The feet of people standing in line, behind social distancing markers on the floor.

Report

The Crisis in November: Concerns Rise as Job and Income Recovery Slow

Tom Akana

December 2020

Fresh data collected in early November from Wave 6 of the survey confirm that, despite fewer respondents reporting job loss, respondents reported larger income declines and concerns about the future continuing to grow.

Featured Work

Consumer Credit

Article

Health Insurance and Individual Financial Outcomes

December 2020

CFI in Focus – Two recent CFI papers examine the financial outcomes for individuals affected by changes in health insurance coverage.

Consumer Credit

Report

The Lingering Economic Effects of COVID-19

Scientists are discovering that some patients infected with COVID-19 suffer from medical issues well after the virus is gone (Mayo Clinic Staff, 2020).

Consumer Credit

Report

CFI COVID-19 Survey of Consumers – Wave 5

Tom Akana

November 2020

This report shares results from Wave 5 of a national survey of consumers investigating COVID-19 impacts on job status, income, and personal financial security.

All Work

Consumer Credit

Report

The Crisis in November: Concerns Rise as Job and Income Recovery Slow

Tom Akana

December 2020

Mortgage Markets

Working Paper

Concentration in Mortgage Markets: GSE Exposure and Risk-Taking in Uncertain Times

Ronel Elul
Deeksha Gupta
David K. Musto

December 2020

WP 20-04R - When home prices threaten to decline, large mortgage investors can benefit from fostering new lending that boosts demand. We ask whether this benefit contributed to the growth in acquisitions of risky mortgages by the government-sponsored enterprises (GSEs) in the first half of 2007.

Consumer Credit

Article

Health Insurance and Individual Financial Outcomes

December 2020

CFI in Focus – Two recent CFI papers examine the financial outcomes for individuals affected by changes in health insurance coverage.

Consumer Credit

Report

The Lingering Economic Effects of COVID-19

Scientists are discovering that some patients infected with COVID-19 suffer from medical issues well after the virus is gone (Mayo Clinic Staff, 2020).

Consumer Credit

Report

CFI COVID-19 Survey of Consumers – Wave 5

Tom Akana

November 2020

This report shares results from Wave 5 of a national survey of consumers investigating COVID-19 impacts on job status, income, and personal financial security.

Consumer Credit

Working Paper

Missouri’s Medicaid Contraction and Consumer Financial Outcomes

November 2020

WP 20-42 - In July 2005, a set of cuts to Medicaid eligibility and coverage went into effect in the state of Missouri.

Mortgage Markets

Working Paper

The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market

Manuel Adelino
W. Ben McCartney
Antoinette Schoar

October 2020

WP 20-40 - The distribution of combined loan-to-value ratios (CLTVs) for purchase mortgages has been remarkably stable in the U.S. over the last 25 years. But the source of high-CLTV loans changed during the housing boom of the 2000s, with private securitization replacing FHA and VA loans directly guaranteed by the government.

Consumer Credit

Working Paper

A Quantitative Theory of the Credit Score

Satyajit Chatterjee
Dean Corbae
Kyle Dempsey
José-Víctor Ríos-Rull

September 2020

WP 20-39 - What is the role of credit scores in credit markets? We argue that it is a stand-in for a market assessment of a person’s unobservable type (which here we take to be patience).

Consumer Credit

Report

CFI COVID-19 Survey of Consumers — Wave 4 Tracks How the Vulnerable Are Affected More by Job Interruptions and Income Disruptions

Tom Akana

September 2020

In an effort to gain insights into the impact of COVID-19 on financial security in the U.S., the Consumer Finance Institute at the Federal Reserve Bank of Philadelphia is conducting a series of national surveys of consumers that focus on changes in job status, income levels, and personal financial security.

Consumer Credit

Discussion Paper

Deconstructing Mechanic’s Liens

August 2020

DP 20-04 - In this paper, we examine a new data set composed of mechanic’s lien complaints filed in the First Judicial District of Pennsylvania (Philadelphia County).

Consumer Credit

Working Paper

Financial Consequences of Identity Theft

August 2020

WP 20-33 - We examine how a negative shock from identity theft affects consumer credit market behavior. We show that the immediate effects of fraud on credit files are typically negative, small, and transitory.

Consumer Credit

Working Paper

The Credit Card Act and Consumer Debt Structure

Yiwei Dou
Julapa Jagtiani
Joshua Ronen
Raman Quinn Maingi

August 2020

WP 20-32 - We investigate whether the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 influenced the debt structure of consumers. By debt structure, we mean the proportion of total available credit from credit cards for each consumer.

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