.S. household leverage from 2002 to 2006 and the increase in defaults from 2006 to 2008. Employing land topology-based housing …

We introduce a reduced-form modeling framework for mortgage-backed securities in which we solve for the implied …, turnover represents prepayments for exogenous reasons like employment-related moves, household income shocks, and foreclosures … actual prepayments, providing direct evidence of significant prepayment risk premia in mortgage-backed security prices. We …

We estimate a structural model of household liquidity management in the presence of long-term mortgages. Households … leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default … accounts for the run-up in household debt and consumption boom prior to the financial crisis, their subsequent collapse, and …

reductions over the life of the mortgage. Front-loading alleviates household liquidity constraints in states where they are most …How can mortgages be redesigned to reduce housing market volatility, consumption volatility, and default? How does … mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with …

) cycle cannot be accounted for by the liberalization, and subsequent tightening, of credit standards in mortgage markets …

study of household finance is challenging because household behavior is difficult to measure accurately, and because …

Second mortgages accounted for 10.8% of the stock of outstanding mortgage debt at the end of 1987, up from 3.6% at the … beginning of the 198Os. This paper investigates the determinants of second mortgage borrowing and the characteristics of second … mortgage borrowers. We first calculate the outstanding stock of home equity that remains to be borrowed against on tax …

We study the relationship between homebuyers' beliefs about future house price changes and their mortgage leverage … choices in the U.S. housing market. Our data combine mortgage financing information and a housing market expectations survey …