How does working in a finance profession affect mortgage delinquency? |
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| Institution: | 1. McDonough School of Business, Room 427, Georgetown University, 3700 O Street NW, Washington DC, 20057, USA;2. Office of the Comptroller of the Currency, Washington DC, USA;3. School of Finance, Nankai University, 38 Tongyan Road, Tianjin, China 300071 |
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| Abstract: | This paper uses a dataset from a leading American subprime lender, which contains detailed information on borrower and loan characteristics. We find that financial professionals are less likely to become delinquent. This effect cannot be explained by borrower characteristics, such as income, education, loan terms, property characteristics, geographic effects, or strategic default. We also find variation in the effect of working in a financial profession across borrowers of different ages and income levels. We discuss explanations for these results. |
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