Using data from the Panel Study of Income Dynamics, this paper examines how households’ home equity extraction during the previous decade affected their spending and saving behavior. The study makes use of recently released 2009 housing and wealth data as well as the extensive data on...

There are more young adults today with either no credit history or insufficient credit history to be scored by one of the major credit bureaus than there were before the Great Recession−a reality that is likely an unintended outcome of the CARD Act of 2009. In regressions that include a rich...