| 000 -LEADER |
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| fixed length control field |
01491pab a2200181 454500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
180718b2001 xxu||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Blaackman, Allen |
| 245 ## - TITLE STATEMENT |
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| Title |
Location-efficient mortgages: is the rationale sound? |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. |
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| Date of publication, distribution, etc. |
2001 |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
p.633-49 |
| 362 ## - DATES OF PUBLICATION AND/OR SEQUENTIAL DESIGNATION |
|---|
| Dates of publication and/or sequential designation |
Fall |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc. |
Location efficient mortgage (LEM) programs are an increasingly popular approach to combating urban sprawl. LEMs allow families who want to live in densely populated, transit-rich communities to obtain a larger mortgage with a smaller down payment than traditional underwriting guidelines allow. LEMs are premised on the proposition that homeowners in such "location-efficient" areas can safely be allowed to breach underwriting guidelines designed to prevent mortgage default because they have lower than average auatomobile-related transportation expenses and more income available for mortgage payments. This paper employs records of more than 8000 FHA-insured mortgages matched with data on various measures of location efficiency to test this proposition. The results suggest that it does not hold and that LEMs - like other low-down-payment mortgage programs - will raise mortgage default rates. This cost must be weighed against any potential anti-sprawl benefits LEMs may have. - Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name entry element |
Urban development - United States |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name entry element |
Urban development |
| 700 ## - ADDED ENTRY--PERSONAL NAME |
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| Personal name |
Krupnick, Alan |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
Journal of Policy Analysis and Management |
| 909 ## - |
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| -- |
50441 |
