This article discusses how macroeconomic arguments should shape the design of mortgage contracts. Mortgage recourse … systems, by discouraging default, magnify the impact of nominal rigidities and cause deeper and more persistent recessions …. Default mitigates liquidity traps because it redistributes wealth towards the borrowers with the highest marginal propensity …

The U.S. residential housing market collapse illustrates the consequences of ignoring risk while funding mortgage … divorced risk from reward. Increased mortgage capital availability, unmitigated by proper risk allocation, led to real estate … price inflation. Social trends and government policies exacerbated both the mortgage capital over-supply and the risk …

observed college success gaps by race, it does point toward pre-college interventions as being better targeted at their …

This paper shows that currency arrangements impact on credit available through default incentives. To this end we build …-border purchases. We show that for a high enough level of this cost, currency integration may magnify default incentives, leading to …

lending guidelines, and demand in housing construction and mortgage lending has plummeted. Against this background, the paper …

determinants of access to mortgage finance. It also examines whether mortgage holders were more likely to suffer financial distress … compared with non-mortgage holders in the period before the global financial crisis. The analysis does not find any systematic … evidence that mortgage holders are financially more vulnerable than renters or outright owners; in fact, the incidence of …

Mortgages constitute the largest part of household debt. An essential choice when taking out a mortgage is between …-country study has analyzed what determines household demand for mortgage types, a task that this paper takes up using new data for … how the easing of monetary policy during the financial crisis affected mortgage holders. It shows that the resulting …

This paper traces the history of mortgage law in the US. I explore the history of foreclosure procedures, redemption … aspects of mortgage law stem from case law rather than statute. In particular, the ability of creditors to foreclose …, the aspects of mortgage law developed through statute change more frequently. This finding calls into question whether …