that entered foreclosure. The CFPLs had minimal adverse side effects on the availability of mortgage credit for new … time costs of foreclosure. We estimate that the California Foreclosure Prevention Laws (CFPLs) prevented 250,000 California … foreclosures (a 20% reduction) and created $300 billion in housing wealth. The CFPLs boosted mortgage modifications and reduced …

We provide new evidence that credit supply shifts contributed to the U.S. subprime mortgage boom and bust. We collect … original data on both government and private mortgage insurance premiums from 1999-2016, and document that prior to 2008 …

The liquidity strains that contributed to the meltdown of the mortgage market in the Global Financial Crisis (GFC) re …-emerged in the Coronavirus 2019 (COVID-19) Crisis. Some of these strains were acute. For example, the dependence of mortgage real … pressures had only minor repercussions for the overall mortgage market because of reforms since the GFC, a heavy government …

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 …

We examine the evolution of mortgage modification terms obtained by distressed subprime borrowers during the recent …-modification mortgage outcomes. We find that principal reductions are particularly effective at improving loan outcomes, as high loan …-to-value ratios are the single greatest contributor to re-default and foreclosure. However, any modification that reduces total …

The boom in the subprime mortgage market yielded many loans with high LTV ratios. From a large proprietary database on … subprime mortgages, we find that choice of mortgage rate type is not linear in loan sizes. A fixed rate mortgage contract is a … adjustable rate mortgage contracts. However, when LTV reaches a certain level, borrowers start to switch back to fixed rate …

policy. We look for this special role by examining the business strategies of banks as it relates to mortgage funding and … mortgage lending. "Traditional banks" have a large supply of excess core deposits and specialize in information …-intensive lending to borrowers (which is proxied here using mortgage lending in subprime communities), whereas "market-based banks" are …

The U.S. mortgage crisis that began in 2007 generated questions about the role played by Fannie Mae and Freddie Mac … the UAG on the GSEs' whole single-family mortgage purchases during peak years for the subprime mortgage market. Under the …

The U.S. mortgage crisis that began in 2007 generated questions about the role played by Fannie Mae and Freddie Mac … the UAG on the GSEs' whole single-family mortgage purchases during peak years for the subprime mortgage market. Under the …

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 …