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Concentrations of Subprime Lending Activities, Equity Risk Factors, and Bankruptcy Filings

Abstract High levels of bankruptcy filings in Utah along with high concentrations of subprime originated and refinanced mortgage loans raised the question of whether or not these two indicators were related. Aggregate level studies of subprime market activities have suggested the spatial nature of lending, but they have not tested it in relation to bankruptcy filings. Using multivariate analysis it was shown that the aggregated subprime market activity and equity-related risk factors, such as the use of second mortgages and estimations of the risk-related investments in real estate at the local level, had important and statistically significant effects on aggregate bankruptcy filings. Results from the model suggested that about 32% of the variance in Utah bankruptcy filings in 2003 was accounted for by housing-related predictors.