% of the U.S. mortgage market. Exploiting within-servicer variation in these data, we find that bank-held loans are 26% to …

The meltdown in residential real-estate prices that commenced in 2006 resulted in unprecedented mortgage delinquency … following modifications. While modification terms are more favorable for weaker borrowers, greater reductions in mortgage … point decline in mortgage interest rate is associated with a nearly 4 percentage point decline in default probability. This …

emphasis on the US mortgage markets, as they were the epicenter of this crisis. We synthesize the insights the literature …