One overlooked consequence of America's foreclosure crisis is the impact it had on school segregation. Using data on Florida schools, we find that the crisis reduced the racial segregation of elementary schools by opening up affordable housing opportunities to black families in predominantly...

This paper investigates the relationship between home equity and household mobility. We first develop a simple theoretical model that suggests a non-unidirectional mobility-equity relationship. We test this hypothesis using a dataset from Florida that allows us to construct home equity measures...

Previous research has shown that relative to White borrowers, Black and Hispanic borrowers taking out mortgages at the height of the early-2000s housing boom experienced significantly higher delinquency rates. In this paper we attempt to gain a better understanding of the mechanisms that gave...

Activity in the U.S. market for mortgage servicing rights has increased in recent years. Incumbent servicers are at a significant informational advantage relative to potential buyers of these servicing rights, introducing the possibility of adverse selection. This paper marks the first...

In this paper we argue that because of non-linear depreciation schedules, appraisal complications, and homebuilders' significant bargaining power, loans collateralized by new construction are more likely to go into default relative to purchase loans for existing homes. Using loan-level mortgage...

This study develops estimates of expected loss severities on mortgage exposures using data from Florida during the Great Recession. This paper marks the first attempt at addressing sample selectivity in the context of loss models. We also construct measures of home equity that are more accurate...