In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale … mortgage distress on house prices. …

done to stop it. We use an economic model to focus on two key decisions: the borrower's choice to default on a mortgage and … illustrate that unaffordable loans, defined as those with high mortgage payments relative to income at origination, are unlikely …

stabilization of the homeowner’s net wealth, price the instruments, and quantify the expected decrease in the mortgage default risk …

mortgage finance. We describe the special features of these two companies and their roles in the mortgage markets. We then …

This paper examines two major forces that may soon increase competition in the U.S. secondary conforming mortgage … market: 1) the expansion of Federal Home Loan Bank mortgage purchase programs, and 2) the adoption of revised risk …

insurance against aggregate shocks to mortgage default risk. We use this model to evaluate aggregate and distributional impacts …-sponsored enterprises. We construct a model with competitive housing and mortgage markets in which the government provides banks with … equilibrium housing investment, higher mortgage default rates, and lower welfare. The welfare effects of this policy vary …