-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the …

economic value of these assets in savings and loan associations' portfolios varies from one form of mortgage to another. For … either of the fixed interest rate contracts, the cash flow from the mortgage is constant as long as it has not been prepaid … mortgage holders resulting from interest rate changes. Our estimate is based on a sample of 4,000 mortgages issued in …

In this paperwe examine the household's option to prepay or call a standard fixed-rate mortgage. Results based on … in mortgage contract design on the value of the prepayment option are encouraging. For example, our estimate of the …

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 …

We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions … the model using unique data sets that contain information on borrowers' mortgage payment history, their broad balance … the delinquency rates. We find that automatic modification mortgage designs under which the monthly payment or the …

in total mortgage issuance. Using a nine-country panel and instrumental variables methods, we present evidence that near …-term (one-year) rational expectations of future movements in ARM rates do affect mortgage choice, particularly in more recent …

mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with … policy. Designs that raise mortgage payments in booms and lower them in recessions do better than designs with fixed mortgage … reductions over the life of the mortgage. Front-loading alleviates household liquidity constraints in states where they are most …

Federal mortgage modification initiatives, targeting millions of borrowers, are intended to prevent foreclosures of …

We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following … the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their … historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We …