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 …

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 …

We study how a mortgage reform that exogenously increased access to credit had an impact on entrepreneurship, using …

increased 1940 median home values and homeownership rates, but not new home building. …

This paper explores the causes and consequences of cross-country variation in mortgage market structure. It draws on …. It discusses lessons from the credit boom, the challenges of mortgage modification in the aftermath of the boom, consumer … financial protection, and alternative mortgage forms and funding models. The paper argues that the US has much to learn from …