attention to the role of recent innovations such as non-prime mortgage securitization and reverse mortgages. The extent of …This chapter considers the structure of mortgage finance in the U.S., and its role in shaping patterns of homeownership … the design features of mortgage contracts that distinguish them from other loans, and that have important implications for …

Fixed-rate mortgages (FRMs) dominate the U.S. mortgage market, with important consequences for monetary policy … mortgages are difficult to securitize. Our analysis exploits plausibly exogenous variation in access to liquid securitization …

The sensitivity of housing demand to mortgage rates and available leverage is key to understanding the effect of … scenarios. We vary mortgage rates, down payment constraints, and non-housing wealth. We find that a relaxation of down payment … credit-constrained borrowers. On the other hand, changing the mortgage rate by 2 percentage points only changes WTP by about …

This paper provides updated estimates of the impact of three financial frictions — negative equity, mortgage lock … percent, and $1,000 of additional mortgage or property tax costs reduces household mobility by 10 to 16 percent. Schulhofer …

defaulting on their mortgages, unable to keep up with home payments, and greatly contributing to the onset of the deepest …

lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical …, and the fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing …