Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the Federal Reserve Conference on REO and Vacant Property Strategies for Neighborhood Stabilization, Washington, D.C., September 2, 2010

Opening remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the conference, “Understanding the Housing Collapse: What is to Blame and What Can Be Done?”, co-sponsored by the Harvard Kennedy School's Rappaport Institute for Greater Boston,...

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the Federal Reserve Conference on REO and Vacant Property Strategies for Neighborhood Stabilization, Washington, D.C., September 2, 2010

Opening remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the conference, “Understanding the Housing Collapse: What is to Blame and What Can Be Done?”, co-sponsored by the Harvard Kennedy School's Rappaport Institute for Greater Boston,...

Housing foreclosure activity in the United States and New England increased dramatically at the beginning of the housing crisis in 2006 and remains elevated. Given their economic and social costs, policymakers have developed a number of policies designed to prevent foreclosures. In recent years,...

The authors evaluate laws designed to protect borrowers from foreclosure. They find that these laws delay but do not prevent foreclosures. They first compare states that require lenders to seek judicial permission to foreclose with states that do not. Borrowers in judicial states are no more...

This paper presents 12 facts about the mortgage market. The authors argue that the facts refute the popular story that the crisis resulted from financial industry insiders deceiving uninformed mortgage borrowers and investors. Instead, they argue that borrowers and investors made decisions that...

Millions of Americans have negative housing equity, meaning that the outstanding balance on their mortgage exceeds their home’s current market value. Our data show that the overwhelming majority of these households will not lose their homes. Our finding is consistent with historical evidence:...

In this note we discuss the findings in Piskorski, Seru, and Vig (2010), as well as the authors' interpretation of their results. First, we find that small changes to the set of covariates used by PSV significantly reduce the magnitude of the differences in foreclosure rates between securitized...