mortgage crisis by studying the consequence of an unanticipated increase in the supply of housing (overbuilding shock). They …

Refinancing a first mortgage puts legal principles in conflict when other, junior, liens also exist. On one hand, the … principle that seniority follows time priority leaves the new refinancing mortgage junior to mortgages that were junior to the … original, refinanced first mortgage. On the other hand, the principle of equitable subrogation gives the refinancing mortgage …

The Federal Housing Administration (FHA), which provides insurance for residential mortgage loans, was established by … housing boom after World War II, FHA loans helped make mortgage credit more widely available to returning veterans. In recent …

), insures mortgage loans made by private lenders. All FHA-insured borrowers pay mortgage insurance as one of the terms of their … mortgage loan, and this insurance protects the lender against losses if the borrower defaults. In addition to providing a … mortgage guarantee, the FHA single-family loan program has features such as a low down payment and a low minimum credit score …

Reverse mortgage loans (RMLs) allow older homeowners to borrow against housing wealth without moving. In spite of …,000 per household; ex-post, low-income, low-wealth and poor-health households use them. Bequest motives, nursing-home moving …

This paper argues that the U.S. bankruptcy reform of 2005 played an important role in the mortgage crisis and the … unintended consequence of the reform was to cause mortgage default rates to rise. Using a large dataset of individual mortgages …, they estimate a hazard model to test whether the 2005 bankruptcy reform caused mortgage default rates to rise. Their major …

Refinancing a first mortgage puts legal principles in conflict when other, junior, liens also exist. On one hand, the … principle that seniority follows time priority leaves the new refinancing mortgage junior to mortgages that were junior to the … original, refinanced first mortgage. On the other hand, the principle of equitable subrogation gives the refinancing mortgage …

strategically as their home value falls below the mortgage value (exercise the put option to default on their first mortgage). While … current but stand behind a seriously delinquent first mortgage, are subject to a high risk of default. On the other hand … that the various mortgage loss mitigation programs also play a role in providing incentives for homeowners to default on …

The Federal Housing Administration (FHA), which provides insurance for residential mortgage loans, was established by … housing boom after World War II, FHA loans helped make mortgage credit more widely available to returning veterans. In recent …