This paper analyzes the impact of the subprime crisis on urban neighborhoods in Massachusetts. The topic is explored using a dataset that matches race and income information from HMDA with property-level, transaction data from Massachusetts registry of deeds offices. With these data, we show...

Using a variety of datasets, we document some basic facts about the current subprime crisis. Many of these facts are applicable to the crisis at a national level, while some illustrate problems relevant only to Massachusetts and New England. We conclude by discussing some outstanding questions...

Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the Mortgage Relief Fund Press Conference, December 20, 2007

Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the Portland Regional Chamber of Commerce, Portland, Maine, October 10, 2007

Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for The Massachusetts Institute for a New Commonwealth (MassINC), Boston, Massachusetts, December 3, 2007

We document the fact that servicers have been reluctant to renegotiate mortgages since the foreclosure crisis started in 2007, having performed payment-reducing modifications on only about 3 percent of seriously delinquent loans. We show that this reluctance does not result from securitization:...

This module shows: The changing patterns in foreclosure rates and subprime mortgage originations across Massachusetts cities and towns over time; How movements in these rates compare with movements in house prices for any user-selected city or town; The association between foreclosure rates and...

This paper explores the question of whether market participants could have or should have anticipated the large increase in foreclosures that occurred in 2007 and 2008. Most of these foreclosures stem from loans originated in 2005 and 2006, leading many to suspect that lenders originated a large...