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Help for unemployed borrowers: lessons from the Pennsylvania Homeowners’ Emergency Mortgage Assistance Program
Orr, James; Sporn, John; Tracy, Joseph; Huang, Junfeng - In: Current Issues in Economics and Finance 17 (2011) Apr
modifications to help delinquent homeowners pay their mortgages. While it is too soon to assess the effectiveness of these …
Persistent link: https://www.econbiz.de/10008917671
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Housing busts and household mobility: an update
Ferreira, Fernando; Gyourko, Joseph; Tracy, Joseph - Federal Reserve Bank of New York - 2011
This paper provides updated estimates of the impact of three financial frictions—negative equity, mortgage lock-in, and property tax lock-in—on household mobility. We add the 2009 wave of the American Housing Survey (AHS) to our sample and also create an improved measure of permanent moves...
Persistent link: https://www.econbiz.de/10009366986
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Real estate investors, the leverage cycle, and the housing market crisis
Haughwout, Andrew; Lee, Donghoon; Tracy, Joseph; … - Federal Reserve Bank of New York - 2011
We explore a mostly undocumented but important dimension of the housing market crisis: the role played by real estate investors. Using unique credit-report data, we document large increases in the share of purchases, and subsequently delinquencies, by real estate investors. In states that...
Persistent link: https://www.econbiz.de/10009320710
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Housing busts and household mobility: an update
Ferreira, Fernando; Gyourko, Joseph; Tracy, Joseph - In: Economic Policy Review (2012) Nov, pp. 1-15
Interest in the relationship between household mobility and financial frictions, especially frictions associated with negative home equity, has grown following the recent boom and bust in U.S. housing markets. With prices falling 30 percent nationally, negative equity greatly expanded across...
Persistent link: https://www.econbiz.de/10011027141
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The capital structure and governance of a mortgage securitization utility
Mosser, Patricia C.; Tracy, Joseph; Wright, Joshua - Federal Reserve Bank of New York - 2013
We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government reinsurance for systemic or “tail” risk. The structure we propose for the replacement of the GSEs focuses on aligning incentives for appropriate pricing and transfer of...
Persistent link: https://www.econbiz.de/10011027203
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Payment changes and default risk: theimpact of refinancing on expected credit losses
Tracy, Joseph; Wright, Joshua - Federal Reserve Bank of New York - 2012
' monthly mortgage payments for a large sample of prime adjustable-rate mortgages. Applying a 26 percent average monthly payment … conforming adjustable-rate mortgages with loan-to-value ratios above 80 percent declines by 3.8 percentage points. If we assume … per dollar of balance for mortgages that refinance under HARP. …
Persistent link: https://www.econbiz.de/10010552107
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A new look at second liens
Lee, Donghoon; Mayer, Christopher; Tracy, Joseph - Federal Reserve Bank of New York - 2012
We use data from credit reports and deed records to better understand the extent to which second liens contributed to the housing crisis by allowing buyers to purchase homes with small down-payments. At the top of the housing market, second liens were quite prevalent: As many as 45 percent of...
Persistent link: https://www.econbiz.de/10010570543
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The homeownership gap
Haughwout, Andrew; Peach, Richard; Tracy, Joseph - Federal Reserve Bank of New York - 2009
After rising for a decade, the U.S. homeownership rate peaked at 69 percent in the third quarter of 2006. Over the next two and a half years, as home prices fell in many parts of the country and the unemployment rate rose sharply, the homeownership rate declined by 1.7 percentage points. An...
Persistent link: https://www.econbiz.de/10008636198
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Subprime mortgage pricing: The impact of race, ethnicity, and gender on the cost of borrowing
Haughwout, Andrew; Mayer, Christopher; Tracy, Joseph - 2009
information on subprime borrowers with information on the mortgages they took out. In a sample of more than 75,000 adjustable …-rate mortgages, we find no evidence of adverse pricing by race, ethnicity, or gender in either the initial rate or the reset margin …, and the data do not indicate whether borrowers might have qualified for less expensive conforming mortgages. …
Persistent link: https://www.econbiz.de/10010283533
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The homeownership gap
Haughwout, Andrew; Peach, Richard; Tracy, Joseph - 2009
After rising for a decade, the U.S. homeownership rate peaked at 69 percent in the third quarter of 2006. Over the next two and a half years, as home prices fell in many parts of the country and the unemployment rate rose sharply, the homeownership rate declined by 1.7 percentage points. An...
Persistent link: https://www.econbiz.de/10010287021