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Mortgage Design in an Equilibrium Model of the Housing Market

Guren, Adam M. - 2018

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 …

Persistent link: https://www.econbiz.de/10012923712

Continuous Workout Mortgages

Shiller, Robert J. - 2011

Continuous Workout Mortgage (CWM) balance and payments are indexed using market-observable house price index in an …) closed form formulas for mortgage payment and mortgage balance of a repayment CWM; (c) a closed form formula for the … actuarially fair mortgage rate of an interest-only CWM. For repayment CWMs we extend our analysis to include two negotiable …

Persistent link: https://www.econbiz.de/10013125584

Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies

Kuttner, Kenneth N. - 2013

Using data from 57 countries spanning more than three decades, this paper investigates the effectiveness of nine non-interest rate policy tools, including macroprudential measures, in stabilizing house prices and housing credit. In conventional panel regressions, housing credit growth is...

Persistent link: https://www.econbiz.de/10013071797

The Housing Market(S) of San Diego

Landvoigt, Tim - 2012

This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a lifecycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by...

Persistent link: https://www.econbiz.de/10013112837

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

Mortgage Default, Foreclosure, and Bankruptcy

Li, Wenli - 2009

In this paper we examine the relationship between homeowners' bankruptcy decisions and their mortgage default decisions …

Persistent link: https://www.econbiz.de/10013155027

House Price Beliefs and Mortgage Leverage Choice

Bailey, Michael - 2017

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 …

Persistent link: https://www.econbiz.de/10012941960

Home Equity Insurance

Shiller, Robert J. - 2010

Home equity insurance policies, policies insuring homeowners against declines in the price of their homes, would bear some resemblance both to ordinary insurance and to financial hedging vehicles. A menu of choices for the design of such policies is presented here, and conceptual issues are...

Persistent link: https://www.econbiz.de/10012763566

Credit Supply and Housing Speculation

Mian, Atif R. - 2018

label mortgage securitization in 2003 fueled a large expansion in mortgage credit supply by lenders financed with non …

Persistent link: https://www.econbiz.de/10012914707

How Do Foreclosures Exacerbate Housing Downturns?

Guren, Adam M. - 2019

This paper uses a structural model to show that foreclosures played a crucial role in exacerbating the recent housing bust and to analyze foreclosure mitigation policy. We consider a dynamic search model in which foreclosures freeze the market for non-foreclosures and reduce price and sales...

Persistent link: https://www.econbiz.de/10012863685

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