mortgage tax from being levied on borrowers to being levied on banks; (ii) some areas, for historical reasons, were exempt from … smaller number of lending relationships, not working for the lender, or facing less banks in their zip-code, thereby …-full tax pass-through, the tax shift increases banks' risk-taking. More affected banks reduce costly mortgage insurance in case …

, which are free from CRA obligations, to banks in need of CRA-eligible mortgages. Our findings underscore the pitfalls of a …

System as a provider of subsidized general liquidity to its members, including the very largest commercial banking …

This paper analyses how borrower liquidity constraints and home equity relate to the realized loss given default (LGD … liquidity constraints and positive equity are explaining cure, while negative equity explains non-zero loss. However, a … relationship between borrower liquidity constraints and the non-zero LGD is not economically meaningful. Our findings support to …

for HHF assistance because they lived in a non-HHF state. By 48 months after the start of assistance, receipt of HHF is … default rate of 57 percent. In support of the liquidity hypothesis, we find that the HHF effect is not driven by a reduction …

asset class on banks' balance sheets — they do not take into account bias arising from small samples or non-Gaussian risk … factors. Adjusting for these biases using a non-Gaussian, non-linear state space model I find that the Basel calibration is …