homeownership. In this paper we use property-level data to estimate the effect of government mortgage guarantees on homeownership … reduce the government's involvement in the mortgage market by reducing the CLLs …

Mortgage subsidies affect homeownership costs by reducing effective mortgage rates and increasing house prices. I show … analytically the role of mortgage subsidies in determining house price changes, economic incidence, and efficiency costs using a …-form sufficient statistics, which I use to measure the effects from eliminating mortgage deductions. My main results characterize 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 …