expensive properties, and not to reduce their mortgage debt and house price risk exposure. A counterfactual study of homebuyers …

The mortgage market has played a central role in the global financial crisis. One particularly pressing question … surrounds the conditions under which mortgage borrowers enter distress, ie get into arrears or default. This paper develops a … novel micro dataset from residential mortgage loans which UK banks and building societies have pre-positioned with the Bank …

risk composition channel of income inequality. Following a rise in income inequality house prices and mortgage debt decline …

We study the link between mortgage debt and entrepreneurship using a model of occupational choice and housing tenure in … a setting where homeowners do not default on their debt. Our model predicts that, as long as the mortgage interest rate … exceeds the rate of interest on liquid wealth: (i) mortgage debt, by amplifying risk aversion, diminishes the likelihood of …

Using matched microdata for the UK, I estimate two distinct channels via which credit supply shocks affect mortgage … constrained borrowers are amplified by a simultaneous loosening in mortgage spreads and in credit availability at high loan to …

In understanding the determinants of mortgage default, the consensus has moved from an ‘option theory' model to the … the determinants of mortgage default across five European countries, using a large dataset of over 2.3 million active … mortgage loans originated between 1991 and 2013 across over 150 banks. The analysis finds support for both elements of the …

This paper presents an approach to modelling the flow and the stock of mortgage debt, using loan‑level data. Our …-looking view about potential risks stemming from the distribution of mortgage debt, as well as assess the impact of potential …

risks arising from stressed mortgage markets to financial and economic stability. Having disaggregated information on the …

Intertemporal Substitution (EIS). In the United Kingdom, the mortgage interest rate schedule features discrete jumps — notches — at … and sharp bunching below every notch, which translates into sizable interest elasticities of mortgage debt, between 0 …