homeownership. In this paper we use property-level data to estimate the effect of government mortgage guarantees on homeownership … government guarantees, but find no robust effect on homeownership. This finding suggests that government guarantees could be … considerably reduced with modest effects on homeownership, which is relevant for housing finance reform plans that propose to …

many mortgage lenders. Fixed-COFI mortgages may help some renters gain access to homeownership. These renters may be, for …The 30-year fixed-rate fully amortizing mortgage (or "traditional fixed-rate mortgage") was a substantial innovation … accumulation, many lenders require large down payments. Second, in each monthly mortgage payment, homeowners substantially …

. From 2009:Q3 to 2011:Q3, aggregate household debt declined by about $1.5 trillion in real terms, with mortgage debt falling … individual credit records to better understand why mortgage debt has declined. I decompose changes in aggregate mortgage debt … over two-year periods spanning the past decade into inflows (from individuals whose mortgage debt increases during a given …

We construct a new measure of mortgage credit availability that describes the maximum amount obtainable by a borrower … of given characteristics. We estimate this "loan frontier" using mortgage originations data from 2001 to 2014 and show … that it reflects a binding borrowing constraint. Our estimates reveal that the expansion of mortgage credit during the …

have higher mortgage delinquency and charge-off rates and significantly higher probabilities of failure during the last … stronger capital buffers. Our results suggest that there is scope for improved measures of mortgage loan risk that could be …

support, we estimate an immediate and persistent increase in homeownership, with larger effects among those most financially … differences in subsequent years. Finally, effects on marriage and fertility lag homeownership. Altogether, the results appear to …

From 1999 to 2013, U.S. mortgage debt doubled and then contracted sharply. Our understanding of the factors driving … this volatility in the stock of debt is hampered by a lack of data on mortgage flows. Using comprehensive, individual …-level panel data on consumer liabilities, I estimate detailed mortgage inflows and outflows. During the boom, inflows from real …

Using a property-level data set of houses in Los Angeles County, I estimate that 30% of the recent surge in mortgage …

We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions … the model using unique data sets that contain information on borrowers' mortgage payment history, their broad balance … the delinquency rates. We find that automatic modification mortgage designs under which the monthly payment or the …