| Budget Amount *help |
¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
Fiscal Year 2011: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2010: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2009: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Research Abstract |
First, by analyzing the micro data of mortgage lending, I proved the fact that the concentration on the high risk subprime mortgage typically occurred in the independent finance companies, and the default rate of subprime mortgage was remarkably high in the area where these companies had predominant share in the mortgage market. Second, on the basis of the field research at State of California and the analysis of the sales data of foreclosed units, I proved the fact that one of the chief causes of the long-term depression of housing market is the bulk buying of foreclosed units by the investors for the purpose of speculation.
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