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 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 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 …

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 …

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 …

Households who wish to extract home equity through refinancing their mortgage face a hidden transaction cost. The real … value of the fixed nominal mortgage payment declines over time with inflation. The change in the real value of the mortgage … payments from taking on a new mortgage is positive and an increasing function of inflation; higher inflation thus discourages …