asymptotically normal. Applying my estimator to the subprime mortgage crisis, I quantify what caused the foreclosure rate to triple … standards, with a 10% decline in home prices increasing subprime mortgage default rates by 50% …

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

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

Under-refinancing limits the transmission of accommodative monetary policy to the household sector and costs mortgage … likelihood mortgage holders are attentive by over 60%, from 24% to 39%. A conservative back-of-the-envelope cost …

This paper argues that the U.S. bankruptcy reform of 2005 played an important role in the mortgage crisis and the … consequence of the reform was to cause mortgage default rates to rise …We estimate a hazard model to test whether the 2005 bankruptcy reform caused mortgage defaults to rise, using a large …

. I find that the federal government's means-tested mortgage modification plan creates a massive implicit tax that may be … of a public policy that left mortgage modification to lenders, subject to a requirement that modification would not be …