This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables … using a tractable, searchtheoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model …

mortgage lock-in over the lifecycle. We find that younger home buyers are disproportionately affected by mortgage lock … that on average mortgage lock-in reduces household listing probabilities by 21 percent to 23 percent, increases time on the …

) explicit modelling of repayment and interest-only CWMs; (b) closed form formulae for mortgage payment and mortgage balance of a … repayment CWM; (c) a closed form formula for the actuarially fair mortgage rate of an interest-only CWM. For repayment CWMs we …

This paper studies the Continuous Workout Mortgage (CWM), a two in one product: a fixed rate home loan coupled with … that mortgage values and payments should be linked to housing prices and adjusted downward to prevent negative equity. We … within amortizing mortgage context. We derive new closed-form and new analytical approximation methodologies which apply both …

) explicit modelling of repayment and interest-only CWMs; (b) closed form formulae for mortgage payment and mortgage balance of a … repayment CWM; (c) a closed form formula for the actuarially fair mortgage rate of an interest-only CWM. For repayment CWMs we …

increase with the mortgage interest rate. These theoretical results are supported by empirical analysis, which also shows that …

socio-economic groups? What is the impact of mortgage debt on access to homeownership and wealth accumulation, and on debt … questions: i) How is homeownership and housing tenure distributed across the population along various socio … across socio-economic groups? ii) What is the incidence of mortgage debt across households and how does this vary across …

conditions required by the banking system to grant a mortgage. The authors find that easier access to credit inflates housing …