The federal mortgage policy, the conforming loan limit (CLL), was spatially uniform before the recent financial crisis … declines, lenders raise jumbo loan approval rates, extend credit to riskier borrowers, lower mortgage rates to defend short …

A model of mortgage defaults is built into the standard incomplete markets model. Households face income and house … the risk of default. The model accounts for the observed patterns of housing consumption, mortgage borrowing, and defaults …. Default-prevention policies are evaluated. The mortgage default rate, housing demand, households' ability to self-insure, and …

We study the impact of loan-to-value regulation on supply and demand for unregulated debt that is used for home … acquisition. In our setting, part of the dwelling price is in the form of pre-existing debt exempt from the regulation. Variations … in the latter prior to the LTV regulation generated exogenous variation in the regulatory requirements across buildings …