individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks …

the Federal Home Ownership and Equity Protection Act (HOEPA) by including home purchase and open end mortgage credit, by …

played changes in demographic factors and innovations in the mortgage market which lessened downpayment requirements. To … generation model with housing. We find that the long-run importance of the introduction of new mortgage products for the …