mortgage losses triggered a broad-based financial crisis and severe recession, which, in turn, exacerbated the initial … should help many borrowers avoid foreclosure, as its key features—a standardized protocol, incentive fees for servicers, and … a requirement that the first lien mortgage payment be reduced to 31 percent of gross income—alleviate some of the …

their households after their mortgage has been foreclosed. We study the post-foreclosure experience of U.S. households using … a unique dataset based on the credit reports of a large panel of individuals to from 1999 to 2010. Although foreclosure … considerably raises the probability of moving, the majority of post-foreclosure migrants do not end up in substantially less …

While a substantial literature has examined the causes of mortgage foreclosure, there has been relatively little work … their mortgage foreclosure. Our analysis documents the substantial declines in credit scores that accompany foreclosure and … on the consequences of foreclosure for the borrowers themselves. Using a large sample of anonymous credit bureau records …