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 …

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 …

We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets … in agency mortgage holdings. Based on those regulatory events that we classify as unrelated to short-run cyclical or … credit market shocks, we find that an increase in mortgage purchases by the agencies boosts mortgage lending, in particular …

As the role of mortgage brokers in mortgage origination grew from insignificant in the 1980s to dominant in recent … regulated the business, largely by creating and tightening occupational licensing requirements for mortgage brokers. The … question of whether increased occupational licensing of mortgage brokers improves consumer outcomes is theoretically ambiguous …

mortgage payments and increasing their contributions to tax-deferred accounts (TDA). Using data from the Survey of Consumer … Finances, we show that about 38% of U.S. households that are accelerating their mortgage payments instead of saving in tax …

leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default …