Using proprietary loan-level data, we examine the ability of the government to impact mortgage refinancing activity and … mortgage market …

Using loan-level mortgage data merged with consumer credit records, we examine the ability of the government to impact … mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP). The policy … interventions, pass-through of monetary policy through household balance-sheets and design of the mortgage market …

their option value by delaying resolution or modifying the loan. In the mortgage market, a conflict of interest (“holdup … holdup servicers are able to delay action on the first-lien mortgage. When they do act, servicers are more likely to choose …

competitiveness affects mortgage interest rates. Our paper exploits a discontinuity in the competitive landscape introduced by the … in mortgage interest rates precisely at the HARP eligibility threshold. Our results suggest that limiting competition … results are distinct from documented effects of consolidation and capacity reduction in mortgage lending and are robust to a …