This chapter considers the structure of mortgage finance in the U.S., and its role in shaping patterns of homeownership … the design features of mortgage contracts that distinguish them from other loans, and that have important implications for … issues presented in the rest of the chapter. We then explain how mortgage finance interacts with public policy, particularly …

and 2007 nonprime vintages becomes more understandable. -- Housing ; mortgage default ; subprime mortgages …

and rising mortgage interest rates on household mobility. We find that both factors lead to lower, not higher, mobility … misplaced. It does indicate that, in the past, the mortgage lock-in effects of these two factors were dominant over time …. Policymakers may wish to begin considering the consequences of mortgage lock-in and reduced household mobility because they are …

Mortgage modifications have become an important component of public interventions designed to reduce foreclosures. In … this paper, we examine how the structure of a mortgage modification affects the likelihood of the modified mortgage re … through principal forgiveness as opposed to lower interest rates. -- Mortgage modifications ; subprime …

this model are consistent with preserving the “to-be-announced,” or TBA, market – particularly if the fixed-rate mortgage … remains a focus of public policy. -- GSE ; MBS ; mortgage …

This paper provides updated estimates of the impact of three financial frictions - negative equity, mortgage lock … percent, and $1,000 of additional mortgage or property tax costs reduces household mobility by 10 to 16 percent. Schulhofer …