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governmental mortgage guarantee plans, and greater reliance on private mortgage markets. The analysis also considers the likely … consequences of adopting alternative roles for government in the U.S. housing and mortgage markets. We start by reviewing the … history of the GSEs and their contributions to the operation of U.S. housing and mortgage markets, including the actions that …
Persistent link: https://www.econbiz.de/10013117213
We estimate holdings of highly-rated tranches of mortgage securitizations of American deposit-taking banks ahead of the …
Persistent link: https://www.econbiz.de/10013121733
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10013072878
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...
Persistent link: https://www.econbiz.de/10013151131
We use Census micro data to shed new light on how growth in house prices boosts US entrepreneurship. At the height of the 2007 real estate boom, 5% of self-employed individuals and 12% of employer-businesses used home equity to partly or wholly finance a new business. Despite this frequency,...
Persistent link: https://www.econbiz.de/10013017499
mortgage default factors associated with the economic cycle, such as negative equity, completely account for the foreclosure …
Persistent link: https://www.econbiz.de/10013021028
depends on how they affect local interest rates. In the United States, most borrowing occurs through the mortgage market and … variation in predictable default risk, GSE mortgage rates for otherwise identical loans do not vary spatially. In contrast, the …
Persistent link: https://www.econbiz.de/10013026795
Voters punish incumbent Presidential candidates for contractions in the local (county-level) supply of mortgage credit … during market-wide contractions of credit, but they do not reward them for expansions in mortgage credit supply in boom times …. Our primary focus is the Presidential election of 2008, which followed an unprecedented swing from very generous mortgage …
Persistent link: https://www.econbiz.de/10012922978
In this paper, we use city-level data to analyze the relationship between homeowner borrowing patterns and house-price dynamics. Our principal finding is that in cities where homeowners are more leveraged--i.e., have higher loan-to-value ratios--house prices react more sensitively to...
Persistent link: https://www.econbiz.de/10013233018
We show that the distribution of combined loan-to-value ratios (CLTVs) for purchase mortgages in the U.S. has been remarkably stable over the last 25 years. But there was a dramatic shift during the housing boom of the 2000s in the provision of high- CLTV loans through private sources, which...
Persistent link: https://www.econbiz.de/10013300131