The introduction of the direct reduction (fully-amortized) loan contract to the U.S. residential mortgage market is an … reduced the costs of adoption, leading to moderate use by the 1920s. The poor performance of traditional contracts during the … introduced direct reduction lending by the 1920s. The B&L transition in mortgage contracts occurred primarily in the conventional …

;L crisis on interest rates is small, the increased cost of financing the public debt adds significantly to the total costs …

Households that fail to refinance their mortgage when interest rates decline can lose out on substantial savings. Based …

This paper explores the practice of mortgage refinancing in a dynamic competitive lending model with risky borrowers … prevents the mortgage pools from becoming disproportionately composed of the riskiest borrowers over time. Mortgages with … prepayment penalties allow lenders to lower mortgage rates and extend credit to the least creditworthy, with the largest benefits …

We estimate holdings of highly-rated tranches of mortgage securitizations of American deposit-taking banks ahead of the …

conventional interpretation, but consistent with empirical findings, increases in current or future profitability reduce the …