Similar Search Results

The Inefficiency of Refinancing : Why Prepayment Penalties are Good for Risky Borrowers

Mayer, Christopher J. - 2010

prevents the mortgage pools from becoming disproportionately composed of the riskiest borrowers over time. Mortgages with … evidence from more than 21,000 non-agency securitized fixed rate mortgages is consistent with the key predictions of our model …

Persistent link: https://www.econbiz.de/10013135393

The Future of the Government Sponsored Enterprises : The Role for Government in the U.S. Mortgage Market

Jaffee, Dwight M. - 2011

organizations, and the evidence from Western European countries for the efficacy of private mortgages markets …

Persistent link: https://www.econbiz.de/10013117213

Collateral Valuation and Borrower Financial Constraints : Evidence from the Residential Real Estate Market

Agarwal, Sumit - 2013

mediated through a broker. Mortgages with inflated valuations default more often; however, lenders partly account for the …

Persistent link: https://www.econbiz.de/10013073558

The Macroeconomic Effects of Government Asset Purchases : Evidence from Postwar Us Housing Credit Policy

Fieldhouse, Andrew - 2017

We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy changes leading to expansions or contractions in agency mortgage holdings. Based on those regulatory...

Persistent link: https://www.econbiz.de/10012963173

The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium

Favilukis, Jack Y - 2015

This paper studies a quantitative general equilibriummodel of the housing market where a large number of overlapping generations of homeowners face both idiosyncratic and aggregate risks but have limited opportunities to insure against these risks due to incomplete financial markets and...

Persistent link: https://www.econbiz.de/10013038824

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

Mian, Atif R. - 2010

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

The Composition Matters : Capital Inflows and Liquidity Crunch During a Global Economic Crisis

Tong, Hui - 2010

International capital flows, while potentially beneficial, are said to increase a country's vulnerability to crisis - especially if they are skewed to non-FDI types. This paper studies whether the volume and composition of capital flows affect the degree of credit crunch faced by a country's...

Persistent link: https://www.econbiz.de/10013151647

Mortgage Broker Regulations that Matter : Analyzing Earnings, Employment, and Outcomes for Consumers

Kleiner, Morris M. - 2007

consumer market for mortgages. We find that one typical regulation--the requirement in many states that mortgage brokers … slightly higher broker earnings, fewer brokers, fewer subprime mortgages, higher foreclosure rates, and a greater percentage of … high-interest-rate mortgages. Although we do not provide a full causal interpretation of these results, we take seriously …

Persistent link: https://www.econbiz.de/10012775475

The Tradeoff between Mortgage Prepayments and Tax-Deferred Retirement Savings

Huang, Jennifer C. - 2010

We show that a significant number of households can perform a tax arbitrage by cutting back on their additional 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...

Persistent link: https://www.econbiz.de/10012760667

Houses as Atms? Mortgage Refinancing and Macroeconomic Uncertainty

Chen, Hui - 2016

We estimate a structural model of household liquidity management in the presence of long-term mortgages. Households …

Persistent link: https://www.econbiz.de/10013007166