Mortgage cramdown enabled bankruptcy judges to discharge the underwater portion of a mortgage during Chapter 13 …

individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks …

equilibrium mortgage pricing model with heterogeneous borrowers and use it to show that equilibrium forces imply important cross …-subsidies from borrowers who rarely refinance to those who refinance often. Mortgage reforms can potentially reduce these regressive … example, many policies that lead to more frequent refinancing also increase equilibrium mortgage rates and thus reduce …

We use variation in mortgage modifications to disentangle the impact of reducing long-term obligations with no change …

linking income and mortgage default. Our central finding is that only 3 percent of defaults are caused exclusively by negative … mortgage defaults. Although this finding contrasts sharply with predictions from standard models, we show that it can be … rationalized in models with a high private cost of mortgage default …

We use survey data to study American households' propensity to default when the value of their mortgage exceeds the … value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing … the house. Yet, 17% of households would default, even if they can afford to pay their mortgage, when the equity shortfall …

reduce debtors' mortgage payments, i.e., introducing "cram-down" of mortgages in Chapter 13. <br> <br>We find that 96% of … Chapter 13 filers are homeowners and 79% of filers repay mortgage debt in their repayment plans; while just 9% of filers repay …