attention to the role of recent innovations such as non-prime mortgage securitization and reverse mortgages. The extent of …This chapter considers the structure of mortgage finance in the U.S., and its role in shaping patterns of homeownership … the design features of mortgage contracts that distinguish them from other loans, and that have important implications for …

disrupting the liquidity or stability of mortgage secondary markets. In the process, the programs have created a new financial … market for pricing and trading mortgage credit risk, which has grown in size and liquidity over time. The CRT programs … the CRT programs have been successful in reducing the exposure of the federal government to mortgage credit risk without …

covered bond market bears a number of similarities to U.S. agency securitization. In this paper we describe the key features … of the Danish mortgage finance system and compare and contrast it to the U.S. system. We also note characteristics of the … Danish model that may be of interest as the United States considers further mortgage finance reform. In particular, the …

increased mortgage nonpayment but also reduced delinquencies outside of forbearance. Part of the liquidity from forbearance was …We study how intermediaries-mortgage servicers-shaped the implementation of mortgage forbearance during the COVID-19 … varied widely across servicers. Small servicers and nonbanks, especially nonbanks with small liquidity buffers, facilitated …

from renting to owning using an FHA-insured mortgage. In addition to calculating the fraction of these borrowers whose FHA … their homeownership without the need for an FHA mortgage. Another 20 percent are either in their original home or have moved … but continue to use an FHA mortgage. …

is less than their outstanding mortgage balance. Our estimate of this gap suggests that the official homeownership rate …

Mortgage modifications have become an important component of public interventions designed to reduce foreclosures. In … this paper, we examine how the structure of a mortgage modification affects the likelihood of the modified mortgage re …

almost half of purchase mortgage originations were associated with investors. In part by apparently misreporting their …