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Housing Subsidies : Effects on Housing Decisions, Efficiency, and Equity

Rosen, Harvey S. - 1983

This paper surveys the effects of two of the most important federal policies toward housing: the "implicit subsidy" for owner-occupied housing in the income tax code, and the provision of housing for low income families at rents below cost. Emphasis is placed on the methodological problems that...

Persistent link: https://www.econbiz.de/10012477940

Housing Finance in the United States in the Year 2001

Hendershott, Patric H. - 1981

This paper proceeds as follows. We first identify the essential services provided by a financial system and then derive the characteristics of the system that would exist in a technologically advanced society unfettered by nonneutral taxes and regulations. Next we consider how taxes and...

Persistent link: https://www.econbiz.de/10012478376

Deregulation, Savings and Loan Diversification, and the Flow of Housing Finance

Kane, Edward J. - 1981

This paper assesses the probable impact on S&Ls' profitability and participation in mortgage markets of The Depository Institutions Deregulation and Monetary Control Act of 1980. It tracks inflation-induced secular declines in the value of S&L mortgage holdings between 1965 and 1979 and...

Persistent link: https://www.econbiz.de/10012478481

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/10012480160

Mortgage Finance in the Face of Rising Climate Risk

Ouazad, Amine - 2019

screen and price mortgages for flood risk. Banks also retain the option to securitize some of these loans. In particular … securitized mortgages. This paper uses the impact of one such sharp rule, the conforming loan limit, on securitization volumes. We … estimate whether lenders' sales of mortgages with loan amounts right below the conforming loan limit increase significantly …

Persistent link: https://www.econbiz.de/10012480267

Why is Intermediating Houses so Difficult? Evidence from iBuyers

Buchak, Greg - 2020

We study the frictions in dealer-intermediation in residential real estate through the lens of "iBuyers," technology entrants, who purchase and sell residential real estate through online platforms. iBuyers supply liquidity to households by allowing them to avoid a lengthy sale process. They...

Persistent link: https://www.econbiz.de/10012482470

The Inefficiency of Refinancing : Why Prepayment Penalties Are Good for Risky Borrowers

Mayer, Christopher J. - 2010

prevents the mortgage pools from becoming disproportionately composed of the riskiest borrowers over time. Mortgages with … evidence from more than 21,000 non-agency securitized fixed rate mortgages is consistent with the key predictions of our model …

Persistent link: https://www.econbiz.de/10012462071

The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium

Favilukis, Jack - 2010

This paper studies a quantitative general equilibriummodel of the housing market where a large number of overlapping generations of homeowners face both idiosyncratic and aggregate risks but have limited opportunities to insure against these risks due to incomplete financial markets and...

Persistent link: https://www.econbiz.de/10012462665

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

Mian, Atif R. - 2009

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/10012463368

The Composition Matters : Capital Inflows and Liquidity Crunch during a Global Economic Crisis

Tong, Hui - 2009

International capital flows, while potentially beneficial, are said to increase a country's vulnerability to crisis - especially if they are skewed to non-FDI types. This paper studies whether the volume and composition of capital flows affect the degree of credit crunch faced by a country's...

Persistent link: https://www.econbiz.de/10012463442