mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with … policy. Designs that raise mortgage payments in booms and lower them in recessions do better than designs with fixed mortgage … concentrate them in recessions outperform designs that spread payment reductions over the life of the mortgage. Front …

expansion of U.S. homeownership using an equilibrium model of tenure choice. In the model, home buyers have access to a menu of … mortgage choices to finance the acquisition of a house. The government also provides special programs through provisions of the ….S. economy and is capable of accounting for the boom in homeownership in 1960. The decomposition suggests that government …

divergence between the theory and data. First, it is critical to distinguish between home equity wealth and mortgage debt, as … mortgage debt that is orthogonal to unobserved determinants of portfolios. We estimate a model that permits home equity and … mortgage debt to have different effects on portfolio shares. We isolate plausibly exogenous variation in home equity and …

increased 1940 median home values and homeownership rates, but not new home building …

This paper documents a number of key facts about the evolution of mortgage debt, homeownership, debt burden and … subsequent delinquency during the recent housing boom and Great Recession. We show that the mortgage expansion was shared across … mortgage expansion was especially pronounced in areas with increased house prices, and the speed at which houses turned over …