lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical …, and the fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing …

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

The sensitivity of housing demand to mortgage rates and available leverage is key to understanding the effect of … financing scenarios. We vary down payment constraints, mortgage rates, and non-housing wealth. We find that a relaxation of down … poorer and more credit-constrained borrowers. On the other hand, changing the mortgage rate by 2 percentage points only …

and 2007 nonprime vintages becomes more understandable. -- Housing ; mortgage default ; subprime mortgages …

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 … through principal forgiveness as opposed to lower interest rates. -- Mortgage modifications ; subprime …

year while remaining seriously delinquent on their first mortgage. By comparison, about 40 percent of credit card borrowers … and 70 percent of auto loan borrowers will continue making payments a year after defaulting on their first mortgage …. -- mortgage ; second lien …

We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following … the end of the Federal Reserve's expansionary cycle in June 2003, mortgage rates failed to rise according to their … historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We …