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Toward a General Model of Consumer Empowerment and Welfare in Financial Markets with an Application to Mortgage Servicers
Policy makers and consumer advocates suggest that mortgage servicers are prone to mistakes and predatory practices that negatively impact consumer financial well-being. Using this industry as a case study, a general model of consumer empowerment and welfare is developed integrating theoretical conce...
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Published in: | The Journal of consumer affairs 2008-06, Vol.42 (2), p.165-188 |
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container_title | The Journal of consumer affairs |
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description | Policy makers and consumer advocates suggest that mortgage servicers are prone to mistakes and predatory practices that negatively impact consumer financial well-being. Using this industry as a case study, a general model of consumer empowerment and welfare is developed integrating theoretical concepts related to market structure, firm orientation, and consumer information processing. The model illuminates the most distinctive characteristics of mortgage servicing: high switching costs faced by consumers and mortgage servicers' inability to negotiate with some borrowers. Additionally, the model posits that the most common remedy in the financial services industry, information disclosure, is unlikely to directly improve consumer welfare. |
doi_str_mv | 10.1111/j.1745-6606.2008.00103.x |
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Summer 2008</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c6423-9f0e7ff5ce154c444e25bfa3b6bab01f698cd38c9fe1e6af94a191008e4d64103</citedby><cites>FETCH-LOGICAL-c6423-9f0e7ff5ce154c444e25bfa3b6bab01f698cd38c9fe1e6af94a191008e4d64103</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.proquest.com/docview/195907773/fulltextPDF?pq-origsite=primo$$EPDF$$P50$$Gproquest$$H</linktopdf><linktohtml>$$Uhttps://www.proquest.com/docview/195907773?pq-origsite=primo$$EHTML$$P50$$Gproquest$$H</linktohtml><link.rule.ids>315,786,790,11715,11933,21406,21415,21422,27899,27957,27958,33646,33912,34020,36085,36095,43768,43915,43983,44396,44398,50923,51032,58593,58826,74578,74754,74825,75250,75252</link.rule.ids></links><search><creatorcontrib>BONE, PAULA FITZGERALD</creatorcontrib><title>Toward a General Model of Consumer Empowerment and Welfare in Financial Markets with an Application to Mortgage Servicers</title><title>The Journal of consumer affairs</title><addtitle>Journal of Consumer Affairs</addtitle><description>Policy makers and consumer advocates suggest that mortgage servicers are prone to mistakes and predatory practices that negatively impact consumer financial well-being. Using this industry as a case study, a general model of consumer empowerment and welfare is developed integrating theoretical concepts related to market structure, firm orientation, and consumer information processing. The model illuminates the most distinctive characteristics of mortgage servicing: high switching costs faced by consumers and mortgage servicers' inability to negotiate with some borrowers. Additionally, the model posits that the most common remedy in the financial services industry, information disclosure, is unlikely to directly improve consumer welfare.</description><subject>Analysis</subject><subject>Consumer information</subject><subject>Consumer loans</subject><subject>Consumer protection</subject><subject>Consumerism</subject><subject>Consumers</subject><subject>Customer satisfaction</subject><subject>Customers</subject><subject>Delinquency</subject><subject>Empowerment</subject><subject>Financial institutions</subject><subject>Financial markets</subject><subject>Financial services</subject><subject>Financial services industries</subject><subject>Flood insurance</subject><subject>Foreclosure</subject><subject>Home ownership</subject><subject>Homeowners</subject><subject>Homeowners insurance</subject><subject>Influence</subject><subject>Information Processing</subject><subject>Insurance</subject><subject>Loan payments</subject><subject>Loans</subject><subject>Mortgage companies</subject><subject>Mortgage loans</subject><subject>Mortgage servicing</subject><subject>Mortgages</subject><subject>Predatory lending</subject><subject>Principals</subject><subject>Property taxes</subject><subject>Secondary markets</subject><subject>Secondary mortgage market</subject><subject>Securities 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Affairs</addtitle><date>2008-06-01</date><risdate>2008</risdate><volume>42</volume><issue>2</issue><spage>165</spage><epage>188</epage><pages>165-188</pages><issn>0022-0078</issn><eissn>1745-6606</eissn><notes>http://dx.doi.org/10.1111/j.1745-6606.2008.00103.x</notes><notes>istex:10AB5EB1DE7ECB0A0EE5A9F8E6040FC68C9749B8</notes><notes>ark:/67375/WNG-5WBQ1VZH-K</notes><notes>ArticleID:JOCA103</notes><abstract>Policy makers and consumer advocates suggest that mortgage servicers are prone to mistakes and predatory practices that negatively impact consumer financial well-being. Using this industry as a case study, a general model of consumer empowerment and welfare is developed integrating theoretical concepts related to market structure, firm orientation, and consumer information processing. The model illuminates the most distinctive characteristics of mortgage servicing: high switching costs faced by consumers and mortgage servicers' inability to negotiate with some borrowers. Additionally, the model posits that the most common remedy in the financial services industry, information disclosure, is unlikely to directly improve consumer welfare.</abstract><cop>Malden, USA</cop><pub>Malden, USA : Blackwell Publishing Inc</pub><doi>10.1111/j.1745-6606.2008.00103.x</doi><tpages>24</tpages><oa>free_for_read</oa></addata></record> |
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source | EconLit s plnými texty; EBSCOhost Business Source Ultimate; ABI/INFORM Collection; Wiley; ABI/INFORM Global; Politics Collection; Social Science Premium Collection (Proquest) (PQ_SDU_P3); PAIS Index; JSTOR; Education Collection |
subjects | Analysis Consumer information Consumer loans Consumer protection Consumerism Consumers Customer satisfaction Customers Delinquency Empowerment Financial institutions Financial markets Financial services Financial services industries Flood insurance Foreclosure Home ownership Homeowners Homeowners insurance Influence Information Processing Insurance Loan payments Loans Mortgage companies Mortgage loans Mortgage servicing Mortgages Predatory lending Principals Property taxes Secondary markets Secondary mortgage market Securities markets Studies Taxes Welfare |
title | Toward a General Model of Consumer Empowerment and Welfare in Financial Markets with an Application to Mortgage Servicers |
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