Paul S. Calem

Federal Reserve Banks - Federal Reserve Bank of Philadelphia

Ten Independence Mall

Philadelphia, PA 19106-1574

United States

SCHOLARLY PAPERS

36

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5,060

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Top 8,056

in Total Papers Citations

128

CROSSREF CITATIONS

31

Scholarly Papers (36)

1.

Risk Based Capital Requirements for Mortgage Loans

Number of pages: 41 Posted: 09 Jan 2002
Paul S. Calem and Michael LaCour-Little
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal National Mortgage Association (Fannie Mae)
Downloads 986 (27,425)
Citation 18

Abstract:

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Capital, mortgage, risk, regulation

The Neighborhood Distribution of Subprime Mortgage Lending

Number of pages: 32 Posted: 12 Dec 2003
Paul S. Calem, Kevin Gillen and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania, Wharton and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 534 (61,818)
Citation 20

Abstract:

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Subprime lending, mortgage market, low-income households, minority households, mortgage lending patterns

The Neighborhood Distribution of Subprime Mortgage Lending

Posted: 10 Feb 2004
Paul S. Calem, Kevin Gillen and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania, Wharton and University of Pennsylvania - Wharton School, Department of Real Estate

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3.

Neighborhood Patterns of Subprime Lending: Evidence from Disparate Cities

Number of pages: 31 Posted: 02 Sep 2004
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 472 (72,801)
Citation 7

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Subprime mortgages, Mortgage lending and race, Mortgage lending and neighborhood

4.

Consumer Credit Scoring: Do Situational Circumstances Matter?

BIS Working Paper No. 146
Number of pages: 24 Posted: 20 Sep 2007
Robert B. Avery, Paul S. Calem and Glenn B. Canner
Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Board of Governors of the Federal Reserve System
Downloads 405 (87,285)
Citation 12

Abstract:

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Credit scoring, Consumer credit, Credit risk

5.

Does Credit Quality Matter for Homeownership?

Number of pages: 32 Posted: 14 Dec 2003
Government of the United States of America - Office of the Comptroller of the Currency (OCC), Federal Reserve Bank of Atlanta, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 283 (129,776)
Citation 12

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Credit quality, homeownership, barriers to homeownership, household credit rating, financial constraints and homeownership

6.

Switching Costs and Adverse Selection in the Market for Credit Cards: New Evidence

Journal of Banking and Finance, Vol. 30, No. 6, 2006, FRB Philadelphia Working Paper No. 05-16
Number of pages: 46 Posted: 09 Sep 2005 Last Revised: 22 Nov 2019
Paul S. Calem, Michael B. Gordy and Loretta J. Mester
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and Federal Reserve Banks - Federal Reserve Bank of Cleveland
Downloads 259 (142,176)
Citation 16

Abstract:

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Credit cards, Consumer switching costs, Adverse selection

7.

Sustainable Homeownership

Number of pages: 29 Posted: 22 Mar 2009
Paul S. Calem, Susan M. Wachter and Marsha Courchane
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania - Wharton School, Department of Real Estate and Charles River Associates (CRA)
Downloads 244 (150,831)
Citation 2

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Homeownership, Mortgage Lending, Subprime Lending

8.

Borrowing Constraints and Homeownership

American Economic Review, Vol. 106, No. 5, pp. 625-629, 2016
Number of pages: 9 Posted: 22 Jan 2016 Last Revised: 03 Aug 2016
University of Washington - College of Built Environments, Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 206 (177,163)
Citation 9

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borrowing constraints, homeownership, credit supply

Anatomy of a Fair-Lending Exam: The Uses and Limitations of Statistics

FEDS Working Paper No. 2000-15, FRB of Cleveland Working Paper No. 00-03R
Number of pages: 35 Posted: 12 Jul 2000 Last Revised: 18 Nov 2007
Paul S. Calem and Stanley D. Longhofer
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Wichita State University - W. Frank Barton School of Business
Downloads 185 (195,299)
Citation 5

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Anatomy of a Fair Lending Exam: The Uses and Limitations of Statistics

Posted: 23 Apr 2002
Paul S. Calem and Stanley D. Longhofer
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Wichita State University - W. Frank Barton School of Business

Abstract:

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mortgage discrimination, fair lending, bank regulation

Prudential Policies and Their Impact on Credit in the United States

BIS Working Paper No. 635
Number of pages: 58 Posted: 07 Jun 2017
Paul S. Calem, Ricardo Correa and Seung Jung Lee
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 122 (275,446)

Abstract:

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bank stress tests, CCAR, Home Mortgage Disclosure Act (HMDA) data, jumbo mortgages, leveraged lending, macroprudential policy, Shared National Credit (SNC) data, Interagency Guidance on Leveraged Lending, syndicated loan market

Prudential Policies and Their Impact on Credit in the United States

FRB International Finance Discussion Paper No. 1186
Number of pages: 57 Posted: 19 Dec 2016
Paul S. Calem, Ricardo Correa and Seung Jung Lee
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 31 (559,883)
Citation 5

Abstract:

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Bank stress tests, CCAR, Home Mortgage Disclosure Act (HMDA) data, Jumbo mortgages, Leveraged lending, Macroprudential policy, Shared National Credit (SNC) data, Interagency Guidance on Leveraged Lending, Syndicated loan market

11.

Subprime Mortgages and the Housing Bubble

FRB of Philadelphia Working Paper No. 11-12
Number of pages: 47 Posted: 07 Mar 2011
University of California, Irvine - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 153 (229,668)
Citation 13

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12.

Credit Cycle and Adverse Selection Effects in Consumer Credit Markets - Evidence from the HELOC Market

FRB of Philadelphia Working Paper No. 11-13
Number of pages: 42 Posted: 10 Mar 2011
Paul S. Calem, Matthew Cannon and Leonard I. Nakamura
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, CoreLogic and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 120 (277,543)
Citation 3

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13.

'Cream-Skimming' in Subprime Mortgage Securitizations: Which Subprime Mortgage Loans Were Sold by Depository Institutions Prior to the Crisis of 2007?

FRB of Philadelphia Working Paper No. 10-8
Number of pages: 51 Posted: 25 Mar 2010
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, affiliation not provided to SSRN and affiliation not provided to SSRN
Downloads 113 (289,658)
Citation 6

Abstract:

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14.

Borrowing Constraints and Homeownership Over the Recent Cycle

Number of pages: 27 Posted: 14 Mar 2016
University of Washington - College of Built Environments, Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 106 (302,925)
Citation 4

Abstract:

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borrowing constraints, homeownership, credit supply

15.
Downloads 105 (304,858)
Citation 1

Information Losses in Home Purchase Appraisals

FRB of Philadelphia Working Paper No. 15-11
Number of pages: 37 Posted: 07 Mar 2015
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 64 (414,035)
Citation 1

Abstract:

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Information, Mortgage, Regulation, Appraisal

Information Losses in Home Purchase Appraisals

FRB of Philadelphia Working Paper No. 15-11
Number of pages: 37 Posted: 18 Aug 2015
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 41 (506,994)
Citation 1

Abstract:

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Information, Mortgage, Regulation, Appraisal

16.

Credit Impairment and Housing Tenure Choice

U of Penn, Inst for Law & Econ Research Paper No. 08-31
Number of pages: 43 Posted: 02 Dec 2008
Paul S. Calem, Simon Firestone and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Board of Governors of the Federal Reserve System and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 105 (304,858)

Abstract:

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real estate, housing, barriers to homeownership, underwriting standards, credit history, low-income homeownership, choice of property tenure, property forms

House-Price Expectations, Alternative Mortgage Products, and Default

FRB of Philadelphia Working Paper No. 15-01
Number of pages: 44 Posted: 23 Jan 2015
University of California, Irvine - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 36 (531,927)

Abstract:

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Mortgages, Mortgage Loans

House-Price Expectations, Alternative Mortgage Products, and Default

FRB of Philadelphia Working Paper No. 15-1
Number of pages: 44 Posted: 18 Aug 2015
University of California, Irvine - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 33 (548,507)
Citation 1

Abstract:

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Mortgage loans, Mortgages

House-Price Expectations, Alternative Mortgage Products, and Default

FRB of Philadelphia Working Paper No. 13-36
Number of pages: 33 Posted: 16 Sep 2013
University of California, Irvine - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 28 (578,374)
Citation 7

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Mortgages, Backloading

18.

Credit Cycle and Adverse Selection Effects in Consumer Credit Markets – Evidence from the Heloc Market

European Banking Center Discussion Paper No. 2011-021, CentER Working Paper Series No. 2011-086
Number of pages: 42 Posted: 11 Aug 2011
Paul S. Calem, Matthew Cannon and Leonard I. Nakamura
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, CoreLogic and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 96 (323,309)
Citation 1

Abstract:

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home equity loan, adverse selection, liquidity, consumption, housing finance

19.

Implications of the Housing Market Bubble for Sustainable Homeownership

THE AMERICAN MORTGAGE SYSTEM: RETHINK AND REFORM, Susan Wachter and Marty Smith, eds., University of Pennsylvania Press, Forthcoming, U of Penn, Inst for Law & Econ Research Paper No. 10-27
Number of pages: 33 Posted: 03 Nov 2010
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 91 (334,448)

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Mortgage, High Risk Mortgage, High Risk Lending, Securitization, Risk Transfer, Housing Bubble

20.

Appraising Home Purchase Appraisals

FRB of Philadelphia Working Paper No. 17-23
Number of pages: 57 Posted: 07 Sep 2017
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 72 (383,902)
Citation 1

Abstract:

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Information, Mortgage, Regulation, Appraisal, Mortgage Default, Foreclosure

21.

Borrowing Constraints during the Housing Bubble

Number of pages: 29 Posted: 07 Mar 2013 Last Revised: 21 Dec 2013
Irina Barakova, Paul S. Calem and Susan M. Wachter
Government of the United States of America - Office of the Comptroller of the Currency (OCC), Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 60 (422,037)
Citation 1

Abstract:

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tenure choice, borrowing constraint, credit constraint, mortgage supply, homeownership, credit bubble

22.
Downloads 56 (436,167)
Citation 1

Foreclosure Delay and Consumer Credit Performance

FRB of Philadelphia Working Paper No. 15-24/R
Number of pages: 40 Posted: 18 Jul 2015
Paul S. Calem, Julapa Jagtiani and William W. Lang
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Promontory Financial Group
Downloads 56 (442,927)
Citation 1

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Mortgage Default, Foreclosure, Foreclosure Delay, Credit Card Default

Foreclosure Delay and Consumer Credit Performance

FRB of Philadelphia Working Paper No. 14-8
Posted: 20 Mar 2014 Last Revised: 24 Jul 2015
Paul S. Calem, Julapa Jagtiani and William W. Lang
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Promontory Financial Group

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Mortgage Default, Foreclosure, Foreclosure Delay, Credit Card Default

Redefault Risk in the Aftermath of the Mortgage Crisis: Why Did Modifications Improve More than Self-Cures?

FRB of Philadelphia Working Paper No. 18-2
Number of pages: 46 Posted: 25 Jan 2018 Last Revised: 29 Apr 2020
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 41 (506,994)

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mortgage modification, mortgage default, mortgage servicing

Redefault Risk in the Aftermath of the Mortgage Crisis: Why Did Modifications Improve More than Self-Cures?

FRB of Philadelphia Working Paper No. 18-26
Number of pages: 46 Posted: 27 Nov 2018 Last Revised: 29 Apr 2020
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 13 (689,040)

Abstract:

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mortgage modification, mortgage default, mortgage servicing

24.

What Explains the Post–2011 Trends of Longer Maturities and Rising Default Rates on Auto Loans?

FRB of Philadelphia Payment Cards Center Discussion Paper No. 20-02
Number of pages: 46 Posted: 29 Apr 2020
Paul S. Calem, Chellappan Ramasamy and Jenna Wang
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, affiliation not provided to SSRN and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 37 (515,126)

Abstract:

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longer-term borrowings, census tract, observable characteristics, default risk, mortgage, unemployment, student loans, household debt, auto lenders, credit cards, longer maturities, HELOC, origination vintages, auto loans

25.

Appraising Home Purchase Appraisals

FRB of Philadelphia Working Paper No. 18-28
Number of pages: 56 Posted: 02 Jan 2019 Last Revised: 29 Apr 2020
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 37 (515,126)
Citation 2

Abstract:

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information, mortgage, regulation, appraisal, mortgage default, foreclosure

26.

First-Time Homebuyers: Toward a New Measure

FRB of Philadelphia Working Paper No. 17-36
Number of pages: 17 Posted: 24 Oct 2017
University of Washington - College of Built Environments, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 28 (562,738)
Citation 2

Abstract:

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first-time homebuyer, homeownership, credit access, housing market trends

27.

Bankcard Performance During the Great Recession: A Consumer-level Analysis

Journal of Credit Risk, Vol. 16, No. 4, 2020
Number of pages: 42 Posted: 19 Jan 2021
Paul S. Calem, Julapa Jagtiani and Loretta J. Mester
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Cleveland
Downloads 1 (762,467)
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credit card default, credit risk model, consumer credit performance, credit card balance, payment priority, Great Recession

28.

Is the CRA Still Relevant to Mortgage Lending?

Number of pages: 22 Posted: 06 Sep 2019
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate
Downloads 1 (762,467)

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Mortgages, Community Reinvestment Act, CRA, FHA

29.

Why Mortgage Borrowers Persevere: An Explanation of First and Second Lien Performance Mismatch

Real Estate Economics, Vol. 45, Issue 1, pp. 28-74, 2017
Number of pages: 47 Posted: 20 Jan 2017
Paul S. Calem and Robert Sarama
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Board of Governors of the Federal Reserve System
Downloads 1 (762,467)
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30.

Regulatory Capital Arbitrage and the Potential Competitive Impact of Basel II in the Market for Residential Mortgages

Journal of Real Estate Finance and Economics, Vol. 35, No. 2, 2007
Posted: 25 Mar 2007
Paul S. Calem and James R. Follain
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Home Loan Mortgage Corporation (FHLMC)

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Basel II, mortgages, competition, capital

31.

The Impact of Capital-Based Regulation on Bank Risk-Taking

Posted: 26 Jan 2000
Paul S. Calem and Rafael Rob
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Department of Economics

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32.

Community Reinvestment and Credit Risk: Evidence from an Affordable Home Loan Program

Posted: 21 Jan 1999
Paul S. Calem and Susan M. Wachter
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Wharton School, Department of Real Estate

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33.

Branch Banking and the Geography of Bank Pricing

Posted: 25 Aug 1998
Paul S. Calem and Leonard I. Nakamura
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia

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34.

The Simple Analytics of Observed Discrimination in Credit Markets

95-7
Posted: 22 Jul 1998
Paul S. Calem and Michael J. Stutzer
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Colorado at Boulder - Leeds School of Business

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35.

Consumer Behavior and the Stickiness of Credit Card Interest Rates

94-14
Posted: 14 Jul 1998
Paul S. Calem and Loretta J. Mester
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Cleveland

Abstract:

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36.

The Impact of Capital-Based Regulation on Bank Risk-Taking: A Dynamic Model

Posted: 19 May 1998
Paul S. Calem and Rafael Rob
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Pennsylvania - Department of Economics

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