We assess the credit market impact of allowing mortgage "strip-down" as a foreclosure-prevention measure, where strip … effective foreclosure-prevention program, because it would have only small and transient effects on the supply of mortgage loans. …

This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be … empirical evidence supporting the hypothesis that the efficiency of foreclosure for investors is a more plausible explanation …

This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be … show, both theoretically and empirically, that the efficiency of foreclosure for investors is a more plausible explanation …